GUELPH, ON, Nov. 10, 2011 /PRNewswire/ - BIOREM Inc. (TSX-V:
BRM) ("Biorem" or "the Company") announced it has finalized two
orders totalling $3.3 million in
biogas and energy from waste projects in the last few weeks.
The projects will purify methane from anaerobic digesters for
use in electrical power generation from four different waste water
treatment plant sites in North
America. Previously, the company accepted an order on
an energy-from-waste project, funded under the Ontario Power
Authority renewable energy program, for which Biorem will treat
odour from the methane generation process. These and
other projects bring year to date biogas market sector orders to
$5.1 million which have significantly
exceeded our biogas sales targets for FY 2011.
"With our desulphurization technology and our excellent partners
in the alternative energy market we have far exceeded our market
entry targets for 2011" says Peter
Bruijns, President and CEO of Biorem. "We are at the early
stages of developing a solid position in the emerging alternative
energy market. This market is providing growth that we anticipate
may offset the market slowdown in our traditional odour control
markets."
In addition, Biorem has entered into a term loan agreement with
B47 Investment Fund I, LLC for biogas project financing purposes in
the amount of $637,500 which is due
on May 8, 2012. The effective
annual interest rate on the loan is 17.75%.
The company made a management practice decision during the 3rd
Quarter to improve liquidity by significantly shortening its order
fulfillment cycle. In doing so, Unbilled Revenue (and Work In
Process) would be decreased as WIP converted to shipments and
customer invoicing. The net effect of this is a significant
reduction in Revenues to $1million
for Q3 resulting in a Comprehensive Loss exceeding $1.2 million. The positive impacts of
this are to improve the Balance Sheet by lowering AP, increasing AR
leading to a stronger Cash position and a higher backlog of
$16million.
About BIOREM Inc.
Biorem is a leading clean technology company that designs,
manufactures and distributes a comprehensive line of
high-efficiency air emissions control systems used to eliminate
odors, volatile organic compounds (VOCs), and hazardous air
pollutants (HAPs). With sales and manufacturing offices across the
continent, a dedicated research facility, a worldwide sales
representative network and more than 600 installed systems
worldwide, Biorem offers state-of-the-art technology-based products
and peace of mind for municipalities, industrial companies and
their surrounding communities. Additional information on Biorem is
available on our website at www.biorem.biz.
Neither 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.
Forward-Looking Statements
This press release contains forward-looking statements based on
current expectations. These forward-looking statements contain
various risks and uncertainties that could cause actual results to
differ materially from those reflected in the forward-looking
statements. Risks and uncertainties about the Company's business
are more fully discussed in the disclosure materials, financial
statements and MD&A filed with the securities regulatory
authorities in Canada on
www.sedar.com.
"Order Bookings" and "Order Backlog" do not have any
standardized meaning prescribed by Canadian generally accepted
accounting principles ("GAAP") and may not be comparable to
measures presented by other companies.
Order Bookings and Order Backlog are non-IFRS measures that the
Company uses to evaluate its sales performance. Order Bookings are
those binding contracts that the Company enters into with a third
party for the delivery of our products or services. As Order
Bookings are received, the contract value (before any associated
sales taxes) is included in the Order Backlog. The Order Backlog is
reduced by the revenue that is recognized on each project and then
adjusted for any currency changes.
SOURCE Biorem Inc.