BRITISH COLUMBIA

BioteQ Environmental expects to meet 2012 revenue growth target, slow cash drain

01/23/2013 08:50 EST | Updated 03/25/2013 05:12 EDT
VANCOUVER - BioteQ Environmental Technologies Inc. (TSX:BQE) says it's on track to achieve its 2012 financial targets, which called for significant growth in revenue and a smaller drain on its cash resources.

The company's outlook called for this year's annual revenue to rise 30 per cent above the $7.4 million generated in 2011, and for cash usage to drop by at least 40 per cent to less than $1.5 million.

In the fourth quarter, the Vancouver-based company had three active water treatment plants that recovered a total of 288,000 pounds of copper.

BioteQ said its plant in Raglan, Que., which didn't produce metals during the quarter, treated 241,000 cubic meters of water in the quarter and 864,000 cubic meters for the full year — somewhat less than forecast due to low precipitation.

Its U.S. plant in Bisbee, Arizona, produced 123,000 pounds of copper during the quarter, bringing the 2012 total to 492,000 pounds — up from 330,000 pounds in 2011.

It's plant in Dexing, China, produced 165,000 pounds of copper during the quarter, bringing the 2012 total to two million pounds — up from 1.7 million pounds in 2011.