TORONTO, Aug. 30, 2024 (GLOBE NEWSWIRE) -- CHAR Technologies ("CHAR Tech" or the "Company") (TSXV:YES), a leader in sustainable energy solutions, today announced results for the fiscal 2024 third quarter ended June 30, 2024. The full third quarter ended June 30, 2024 financial statements and MD&A are available on SEDAR+.
CHAR Tech Q3 2024 highlights include:
- Revenue for the quarter of $1,163,919, up 172% from Q3 2023 $427,383.
- Revenue for the fiscal 9 months ending June 30th, 2024, of $2,457,551, up 85% from the fiscal 9 months ending June 30th, 2023, of $1,327,925.
- Increase to CHAR Tech's Thorold facility Property Plant and Equipment of $3,495,288 over 9 months ending June 30th, 2024.
- Cash inflow of $941,904 over 9 months ending June 30th, 2024 in deferred grant income from previously announced Government programs.
- Installation and commissioning of biocarbon agglomeration equipment at CHAR's Thorold facility for the previously announced 500 tonnes production run
Andrew White, CEO of CHAR Tech, "As we reflect on the accomplishments of Q3, we are proud to report significant progress in key areas of our business. Our strategic initiatives are not only driving growth but also positioning us for long-term success. We remain committed to our vision and are confident that our continued focus on innovation and operational excellence will enable us to meet and exceed our goals."
As identified in the Q3 financial statements the following subsequent events have occurred:
- Management Changes: On July 12, 2024, the company announced changes in the senior management team, including the appointment of Anton Szpitalak as the new Chief Development Officer and the departure of Lewis Smith (Chief Commercial Officer) and Robert Sinyard (Chief Operating Officer).
- Loan Agreements: On July 16, 2024, the company entered into loan agreements with lenders for a total amount of CAD $850,000, repayable within 90 days. This loan will be used for short-term working capital purposes, and the lenders include existing shareholders and current and former directors, executive officers, business associates, and employees.
- Issuance of Bonus Warrants: As part of the loan agreements, the company agreed to issue 850,000 non-transferable share purchase warrants, each exercisable into one common share at a strike price of CAD $0.38 per share for a period of one year.
- Government Reimbursement Program: The company is in the process of completing its claims for a portion of the previously announced $6.6 million allocation from a government reimbursement program.
- As previously press released on July 4th, 2023, on August 28th, 2022, CHAR Biocarbon Inc. ("CHAR Biocarbon"), a wholly owned subsidiary of the Company, served advanced written notice to terminate its Exclusive License Agreement with Actinon Pte. Ltd (the parent company of Anergy Pte. Ltd, a Singapore based supplier of kiln equipment to the Company) dated August 18th, 2021 (the "License Agreement"). On June 30th, 2023, CHAR Biocarbon received a notice of immediate termination effective July 1st, 2023, in respect of, and an allegation of additional license fees owing under, the license agreement. Subsequently, CHAR Biocarbon has received a claim from Actinon Pte Ltd in respect of the foregoing. The Company views the claim as frivolous unparticularized damages, continues to vigorously dispute Actinon's claim of additional license fees owing under the license agreement, and will take such action as it deems appropriate to protect its rights and interest. All options are being considered and CHAR Biocarbon will respond in due course.
About CHAR Tech
CHAR Tech (TSXV:YES) first-in-kind high temperature pyrolysis (HTP) technology processes unmerchantable wood and organic wastes to simultaneously generate two renewable energy revenue streams, renewable natural gas (RNG) or green hydrogen and a solid biocarbon that is a carbon neutral drop-in replacement for metallurgical steel making coal.
CHAR's HTP is an ideal waste to energy solution that aligns with the global green energy transition by diverting waste from landfills and generating sustainable clean energy to decarbonize heavy industry.
For further information, please contact:
| Andrew White Chief Executive Officer CHAR Technologies Ltd. E: andrew.white@chartechnologies.com T: 866 521-3654 | Galen Cranston Director of Stakeholder Relations CHAR Technologies Ltd. E: gcranston@chartechnologies.com T: 647-546-5633 | |||
Website: www.chartechnologies.com
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Forward-Looking Statements
Statements contained in this press release contain "forward-looking information" within the meaning of Canadian securities laws ("forward-looking statements") about CHAR and its business and operations. The words "may", "would", "will", "intend", "anticipate", "expect" and similar expressions as they relate to CHAR, are intended to identify forward-looking information. Forward-looking statements include, but are not limited to, statements relating to the Offering, the anticipated benefits of, and rationale for, the Offering, statements regarding the intended use of proceeds of the Offering, expectations regarding the offtake agreement, future plans, operations and activities, expectations regarding the scale up of production, the anticipated development of additional project sites on an expedited basis, and other statements that are not historical facts. Such statements reflect CHAR's current views and ?intentions with respect to future events, and current information available to CHAR, and are subject to ?certain risks, uncertainties and assumptions, including, among others, the timing and ability of CHAR to obtain final approval of the Offering from the TSX Venture Exchange and those risk factors discussed or referred to in CHAR's disclosure documents filed with the securities regulatory authorities in certain provinces of Canada, including the Management Discussion & Analysis dated February 27th, 2024 for the quarter ended December 31, 2023, and available under CHAR's profile on www.sedar.com. Any such forward-looking information is expressly qualified in its ?entirety by this cautionary statement. Moreover, CHAR does not assume responsibility for the accuracy or ?completeness of such forward-looking information. The forward-looking information included in this press release ?is made as of the date of this press release and CHAR undertakes no obligation to publicly update or revise ?any forward-looking information, other than as required by applicable law.
