BioteQ Environmental Technologies Inc. (TSX:BQE), which specializes in industrial wastewater treatment technology, posted another net loss in 2011 – a trend the company’s CEO promises to address with a greater focus on sales and business development in 2012.
According to the company’s 2011 annual financial report, BioteQ posted revenue of $7.4 million in 2011, down from $8.7 million in 2010.
However, the company’s net loss was lower in 2011 than 2010 at $5.1 million ($0.07 per share), compared with $10.9 million ($0.16 per share) in 2010.
Markets reacted negatively to the news that BioteQ continues to lose money. The company’s shares dropped to a new low of $0.16 on March 27.
That’s a considerable slide from July 11, 2007, when the company’s stock reached a high of $4.62. More recently, shares were selling for $0.92 on May 31, 2011.
Jonathan Wilkinson, who took over as CEO in October 2011, said that his company will focus more on sales and distribution in 2012. He projects revenue will increase by at least $10 million in 2012. The company anticipates closing sales on two new BioteQ plants in 2012.
BioteQ technology, which is used to remove heavy metals and other toxic waste from effluent, is used in the U.S., China, Turkey and Mexico.
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Tags: BioteQ Environmental Technologies Inc.,TSX:BQE, Jonathan Wilkinson
