216 0 Kommentare BioLargo 2019 Annual Report Highlights Record Revenues, New Channel Partnerships, and Commercialization Milestones

Iodine Solutions in the Works to Help Combat COVID-19 Crisis

Westminster, CA, March 31, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BioLargo, Inc. (OTCQB:BLGO), an innovator of technology-based products and environmental engineering solutions provider, filed with the SEC its 2019 Annual Report on Form 10-K (www.biolargo.com/sec-filings). Highlights from the annual report are provided here along with commentary on how the company is working to help combat the COVID-19 crisis through the development and deployment of hand sanitizers, design for a low cost emergency ventilator (answering the call for innovation from the Department of Defense), and exploring expanded uses for its FDA 510(k) cleared Wound Irrigation Solution and other iodine-based product opportunities.

Key financial highlights from the 2019 annual report include:

New $10 million equity line of credit with initial $250,000 investment from Lincoln Park Capital.
$350,000 investment from South Korean leading wastewater treatment company BKT Tech Co. Ltd. in conjunction with the formation of our first international joint venture to manufacture and distribute CupriDyne Clean based products in South Korea and the region (in the same transaction, BioLargo invested $100K into the newly formed joint venture).
Achieved record revenue in 2019 (>$1.8 million), growing total revenue by 37% over prior year.
Achieved record revenue in Q4 of 2019 (>$560,000).
Senior management continued to forego cash salary by taking stock in the company (40% of compensation due in 2019, over 60% in first quarter 2020), believing in and supporting its long-term success.

Key commercial, operational, and developmental highlights include:

Odor-No-More

South Korean joint venture to commercial CupriDyne Clean formed, funded and is about to begin operations. The company is working to leverage its Joint Venture to secure distribution into additional Asian countries. The company is also pursuing additional partnership opportunities with multinational water and wastewater companies to offer CupriDyne Clean.
Executed a 5-year white label distribution agreement with Cannabusters, Inc. to supply odor and VOC control products to the cannabis and hemp industries, considered to be an emerging and high-growth odor and VOC control market.
Expanded infrastructure, obtained a general contractor’s, plumbing, and electrical licenses to support ongoing work to serve customers with expanded design, build, service, install, and maintenance support.
Added two industry experts to its team to support sales growth, each with more than 25 years’ experience in the construction, service, sales, and management in the waste handling industry.
Validated that its odor and VOC control product CupriDyne Clean effectively breaks down hydrogen sulfide (H2S), to assist in managing one of industry’s most common air contaminants, as well as terpenes, the odorous VOC air contaminants generated by cannabis production and processing.