BioLargo Inc ((OTCQB:BLGO) CEO Dennis P Calvert said Tuesday that the company would “strive to maintain revenue” despite the coronavirus (COVID-19) pandemic, after it clocked a 37% jump in full-year 2019 revenue driven by new channel partnerships and commercial milestones.
In a letter to shareholders accompanying the Westminster, California-based company’s annual report, Calvert said: “This is a time in our shaken world when we believe that our commitment and unique tools to deliver solutions to some of the pressing issues of our time will allow our company to shine at its brightest.”
He added: “When the COVID-19 crisis hit, our DNA kicked in. Our team is fired up to work together to see how we might provide solutions to aspects of the COVID crisis…Our science team in Alberta, Canada is highly suited to formulate a hand sanitizer to assist in the crisis, and we are assembling the assets to produce those.”
READ: BioLargo sets up JV with South Korea’s BKT and Tomorrow Water for CupriDyne Clean products
Calvert explained that in the early days of BioLargo, the company in essence, was an iodine-focused tech shop that came up with innovative ideas to solve environmental and medical problems. In recent years the company has evolved into a full environmental engineering solutions provider and cleantech product company.
“Still – in our very DNA – we are a company that delivers creative scientific solutions to tough emerging problems,” Calvert pointed out.
“We also quickly realized that our CupriDyne Clean products featuring our novel iodine chemistry may be a powerful tool to help protect people during the crisis. We are actively exploring all potential uses and applicable regulatory pathways that would apply to our products in these important uses,” he added.
BioLargo’s Odor-No-More division’s main product is CupriDyne Clean Industrial Odor and VOC Eliminator, which is aimed at the solid waste/landfill/compost, wastewater and oil & gas industries. The non-toxic, eco-friendly, non-pesticide product eliminates odor-causing compounds rather than masking them.
The BioLargo boss said that both it's California and Tennessee based operations were evaluating their resources to begin development and production of solutions to help fight the coronavirus crisis.
For the year ended December 31, 2019, the environmental engineering company posted a 37% rise in revenue to more than $1.8 million.
Key highlights from the group's 2019 annual report include:
- New $10 million equity line of credit with an initial $250,000 investment from Lincoln Park Capital
- A $350,000 investment from South Korean leading wastewater treatment company BKT Tech Co Ltd in conjunction with the formation of its first international joint venture to manufacture and distribute CupriDyne Clean based products in South Korea and the region
- For the fourth quarter ended December 31, 2019, the company posted revenue of more than $560,000
- Senior management continued to forego cash salaries by taking stock in the company as a sign of support in BioLargo’s long-term success
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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