CVW Cleantech Announces Q1 2023 Results and Participation IN Inaugaral Canadian Climate Investor Conference
CVW CLEANTECH ANNOUNCES Q1 2023
RESULTS AND PARTICIPATION IN
INAUGARAL CANADIAN CLIMATE INVESTOR
CONFERENCE
CALGARY, AB
,
May 30, 2023
/CNW/ -
CVW CleanTech Inc. (the "Company" or "CVW
CleanTech")
(
TSXV
:
CVW
)
is pleased to announce its operating and financial results for the three
month period ended March 31, 2023. For complete details, please refer to the Condensed Interim
Financial Statements and associated Management Discussion and Analysis for the first quarter of
2023, available on SEDAR: (
www.sedar.com
) or on the Company's website:
www.CVWCleanTech.com
.
Highlights
Cash on hand as at
March 31, 2023
was
$6.9 million
. The Company's capital position and
liquidity has remained consistent with Q4 2022.
A net increase in cash and cash equivalents was achieved primarily by maintaining financial
prudence with operating expenses and cash generated through the exercise of stock options.
Net loss for the period was
$1,047,000
and the net loss per share was
$0.01
(basic and
diluted).
Non-cash charges recognized for stock-based compensation expense totaled
$553,000
in Q1 2023.
A key priority for the business and a continuing focus is to ensure that commercial scale deployment
of CVW
TM
technologies in the oil sands mining sector moves ahead in a timely fashion and delivers
value to CVW CleanTech's shareholders.
CVW CleanTech is also actively reviewing diversification
opportunities to enhance our technology portfolio and identify additional value add opportunities.
These include examining how the Company's technologies and resources could be more broadly
applied in the clean technology industry. Diversifying in this fashion, while retaining a focus on clean
technology and the role it plays within decarbonization and the circular economy, has the potential to
accelerate the growth of the business across multiple sectors and geographies while transforming
the company into a leader in the clean technology space.
CVW CleanTech's CEO,
Akshay Dubey
said: "Our Company continues to progress towards
commercialization of CVW
TM
technologies and we are actively engaged in discussions with the major
mining oil sands operators. We are excited at the prospect of deploying our technology to drive
meaningful environmental change, while also recovering valuable commodities including critical
minerals and hydrocarbons currently lost in waste streams. We are also keenly reviewing other
opportunities to create shareholder value by utilizing our platform to further drive positive change with
a goal of creating a more sustainable world."
Participation in Inaugural Canadian Climate Investor Conference
CVW CleanTech, is also pleased to announce its participation as a founding member at the inaugural
Canadian Climate Investor Conference, taking place on
June 8, 2023
, in-person at the Hyatt
Regency Toronto.
The conference will bring together growth oriented, publicly traded clean energy and technology
companies, and climate conscious investors, to share ideas and to discover ways to accelerate the
deployment of capital needed to build a more sustainable future for Canadians. The conference
welcomes climate and impact focused institutional investors, financial institutions, portfolio managers,
retail investors, advisors, and professionals to learn and discuss directly with companies on solutions
to create a clean and secure future, address critical climate mitigation issues, and increasing clean
energy and technology investments.
Entry to the conference is free for investors and registration is required in advance. To learn more
about the 2023 Canadian Climate Investor Conference and to register, please visit:
https://www.eventbrite.ca/e/canadian-climate-investor-conference-tickets-609825182537
About CVW CleanTech Inc.
CVW CleanTech Inc. is a clean technology innovator, working to develop sustainable technology
solutions. The Company has developed a suite of technologies called Creating Value from
Waste™ ("CVW™") that recovers bitumen, solvents, critical minerals and water from oil sands
froth treatment tailings while significantly reducing their emissions and enhancing tailings
management.
Disclosure regarding forward-looking information
This news release contains forward-looking statements and information within the meaning of
applicable Canadian securities laws (collectively, "forward-looking information") that reflect the
current expectations of management about the future results, performance, achievements,
prospects, or opportunities for CVW CleanTech.
Forward-looking statements are frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or
statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved.
The forward-looking statements may include statements regarding the results of deployment
of
CVW
TM
technologies and its business plan, potential diversification opportunities and other future
opportunities, statements regarding the benefits and implications of the implementation of our
technologies
or other statements that are not statements of fact. Forward-looking statements are
statements about the future and are inherently uncertain, and actual achievements of the Company
may differ materially from those reflected in forward-looking statements due to a variety of risks,
uncertainties and other factors. For the reasons set forth above, investors should not place undue
reliance on forward-looking statements. Important factors that could cause actual results to differ
materially from the Company's expectations include: uncertainties in the timing and receipt of
regulatory and exchange approvals; uncertainties involved in disputes and litigation; fluctuations in
interest rates, commodity prices, currency exchange rates, and other financial conditions, and the
resultant effect on viability of investments; changes in the availability, and cost, of technical labour
required for our business; price escalation and/ or inflationary pressures affecting the cost of
equipment and material required to commercialize our projects; the uncertainty of estimates of
capital and operating costs; the need to obtain additional financing and uncertainty as to the
availability and terms of future financing; the impact on the Company of increasing inflation; and
other risks and uncertainties disclosed in other information released by the Company from time to
time and filed with the appropriate regulatory agencies.
All forward looking statements are based on the Company's beliefs and assumptions which are
based on information available at the time these assumptions are made. The Company has made
the following assumptions in relation to the forward-looking statements in this press release: the
expected environmental and economic benefits to be achieved from CVW™ technologies; the ability
of the Company to successfully access various government funding programs; the details of
government funding programs and that such programs will be implemented (and not change) as
expected; that the Company will continue to be able to protect its intellectual property; assumptions
as to various market and commercial opportunities for the Company and its technologies; and the
ability of the Company to continue to develop and commercialize its technologies. The forward-
looking statements contained herein are as of the date set out above and are subject to change
after this date, and the Company assumes no obligation to publicly update or revise the statements
to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Although management believes that the expectations represented by such forward-looking
information or statements are reasonable, there is significant risk that the forward-looking
information or statements may not be achieved, and the underlying assumptions thereto will not
prove to be accurate. Actual results or events could differ materially from the plans, intentions and
expectations expressed or implied in any forward-looking information or statements, including the
underlying assumptions thereto, as a result of numerous risks, uncertainties and factors including:
failure to obtain regulatory approvals; the possibility that opportunities will arise that require more
cash than the Company has or can reasonably obtain; dependence on key personnel; dependence
on corporate collaborations; potential delays; uncertainties related to early stage of technology and
product development; uncertainties as to fluctuation of the stock market; uncertainties as to future
expense levels and the possibility of unanticipated costs or expenses or cost overruns; and other
risks and uncertainties which may not be described herein.
For further information, please contact:
Akshay Dubey
Joshua Grant
CEO
403.460.8135
CFO
403.460.8135
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE
CVW CleanTech Inc
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%SEDAR: 00003982E
CO: CVW CleanTech Inc
CNW 08:34e 30-MAY-23