CVW Cleantech Announces Q3 2023 Results
CVW CLEANTECH ANNOUNCES Q3 2023
RESULTS
CALGARY, AB
,
Nov. 15, 2023
/CNW/ -
CVW CleanTech Inc. (the "Company" or "CVW
CleanTech")
(TSXV: CVW) is pleased to announce its operating and financial results for the three
and nine months ended
September 30, 2023
. For complete details, please refer to the Condensed
Interim Financial Statements and associated Management Discussion and Analysis for the third
quarter of 2023, available on SEDAR+:
www.sedarplus.com
or on the Company's website:
www.CVWCleanTech.com
.
Highlights
Cash on hand as at
September 30, 2023
was
$6.24 million
. The Company's capital position and
liquidity has remained relatively consistent throughout 2023.
Net loss for the three month period ended
September 30, 2023
was
$1,165,000
and the net
loss per share was
$0.01
(basic and diluted) for the same period. Non-cash charges recognized
for stock-based compensation expense totaled
$666,000
for the three month period ended
September 30, 2023
.
Net loss for the nine month period ended
September 30, 2023
was
$3,264,000
and the net loss
per share was
$0.03
(basic and diluted) for the same period. Non-cash charges recognized for
stock-based compensation expense totaled
$1,799,000
for the nine month period ended
September 30, 2023
.
On
September 12, 2023
the Company held a virtual Annual and Special Meeting of Shareholders.
Both the presentation and webcast are available on the Company's website which can be accessed
using the following link:
https://cvwcleantech.com/investors/investor-overview/#presentations
.
The Company continues to engage with all the oil sands mining operators to highlight our
technology's alignment with their business and ESG objectives. A key priority for the business is to
ensure that commercial scale deployment of the Creating Value from Waste
TM
("CVW
TM
")
technology in the oil sands mining sector moves ahead in a timely fashion and delivers value to
shareholders. As such the Company released its Process and Technology Overview in the quarter
which details multiple development approaches to balance upfront capital costs and economic
benefits. The Process and Technology Overview can be found using the following link:
https://cvwcleantech.com/technology/process-and-technology-overview/
.
CVW CleanTech's CEO,
Akshay Dubey
, said: "We have taken a fresh approach to stakeholder
engagement, being very proactive in building support behind the development of our first CVW
TM
project. We have an active dialogue with a number of commercial lenders providing the Company
with a high degree of certainty around financing a potential CVW
TM
implementation. We are also in
the early stages of meeting with Indigenous groups in the region and are excited about the
opportunity of these groups becoming advocates and partners in our technology."
Mr. Dubey continued "These efforts are in addition to our engagement with large multinational
insurance providers to secure technology deployment insurance, and ongoing discussions with
potential engineering, procurement, and construction partners to understand their capabilities and
economic risk sharing models, reducing the risk to the Company and its operating partners. These
comprehensive efforts will create positive momentum behind commercialization of the Company's
CVW
TM
technology."
The Company continues to review other opportunities to create shareholder value. Diversifying, while
retaining a focus on clean technology and the role it plays within decarbonization and the circular
economy, has the potential to accelerate the Company's growth across multiple sectors and
geographies while transforming the company into a leader in the clean technology space.
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™ 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 08:00e 15-NOV-23