Earth Alive Reports Strong 2019 Year-End Financial Results
MONTREAL, April 28, 2020 (GLOBE NEWSWIRE) — Earth Alive Clean Technologies Inc. (TSXV: EAC) (“Earth Alive” or the “Company”), a Canadian soil health company that develops and manufactures advanced microbial technology products, filed its consolidated financial statements for the year ended December 31, 2019. All amounts are in Canadian dollars unless otherwise indicated.
Highlights of the Fiscal Year Ended December 31, 2019Sales totalled $2,177,950 in 2019 compared to sales of $1,432,287 in 2018, representing an increase of 152%.Relaunch of the Infrastructure and Maintenance division instituted in early 2018 is paying off with 2019 sales totalling $1,521,316 for the 12 months ended December 31 compared to $568,634 for the same period in 2018.As at December 31, 2019 the Company recorded working capital of $2,302,106 and positive equity of $2,480,449.“We are confident that in 2020 we will not only surpass 2019 sales but continue to build our course toward increased profitability for 2021 and beyond. Our dynamic team is working diligently to achieve this goal,” said Michael Warren, President and Chief Executive Officer. “In fact, our preliminary first quarter 2020 results represent approximately 50% of our total annual sales in 2019.”Commenting on the Company’s year-end results, Chairman Robert Blain said, “Earth Alive is demonstrating improved revenues from quarter to quarter as a result, in part, of the changes made to its operating model under the restructuring process initiated in early 2018. I believe that the Company is well positioned to capitalize on the growth opportunities as we see a global shift to environmental protection and sustainability.”Earth Alive Consolidated Financial Statements and Management’s Discussion and Analysis for the fourth quarter and year ended December 31, 2019 are available on SEDAR at www.sedar.com and on our website at www.earthalivect.com.Subsequent EventsOn March 17, 2020, Earth Alive signed an agreement with a major mining company in northern Chile to test its EA1TM dust suppressant. This test is in addition to those already underway at mining sites in Mexico, South Africa and Brazil.On April 7, 2020, Earth Alive announced a $215,000 sales agreement for its EA1TM dust suppressant with a major mining company in Brazil. This is a second on-site test of our EA1TM product with the same company that is part of a major international mining conglomerate.The COVID-19 pandemic evolved rapidly during the first quarter of 2020, necessitating Earth Alive to take exceptional measures to address this international crisis. We are pleased to report that our employees are safe, and our production facilities continue to operate without interruption.About Earth Alive Clean TechnologiesEarth Alive is a soil health company and an industry leader in microbial technologies. Earth Alive’s innovative products contribute to regenerative agriculture, natural dust suppression with minimal water use and industrial cleaning that is ecological and human friendly. For additional information, please visit: www.earthalivect.com.Forward-Looking Information: Certain information in this press release contains forward-looking information and forward-looking statements, which reflect the current view of management with respect to the Company’s objectives, plans, goals, strategies, outlook, results of operations, financial and operating performance, prospects and opportunities. Wherever used, the words “may”, “will”, “anticipate”, “intend”, “estimate”, “expect”, “plan”, “believe” and similar expressions identify forward-looking information and forward-looking statements. Forward-looking information and forward-looking statements should not be regarded as a guarantee of future events, performance or results, and will not necessarily be an accurate indication of whether, or the times at which, such events, performance or results will be achieved. All of the information in this press release containing forward-looking information or forward-looking statements is qualified by these cautionary statements. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and forward-looking statements and are cautioned not to place undue reliance on such information and statements. The Company does not undertake to update any such forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.