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CVW CleanTech Inc. announced its operating and financial results for the year ended December 31, 2023. For complete details, please refer to the fiscal year 2023 Annual Audited Financial Statements and associated Management Discussion and Analysis, available on SEDAR+: www.sedarplus.com or on the Companys website: www.CVWCleanTech.com.
Highlights
Cash on hand as at December 31, 2023 was $6.0 million. Throughout 2023, the Company demonstrated prudent cash management, focusing resources on key deliverables to advance the commercial opportunities for its proprietary Creating Value From Waste™ ("CVW™") technology. Net loss for the year ended December 31, 2023 was $3.7 million 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 $1.6 million for the year ended December 31, 2023. The Company continues to engage with all oil sands mining operators to highlight our technologys alignment with their business and ESG objectives. A key priority and a continuing focus for the business is to ensure that commercial scale deployment of the CVW™ technology in the oil sands mining sector moves ahead to deliver value to CVW CleanTechs shareholders.
CVW CleanTechs CEO, Akshay Dubey, said: "We continue to action on our stakeholder engagement strategy to proactively build support behind the development of our first CVW™ project. During the quarter we completed our initial dialogue with several financial institutions which culminated in the receipt of five non-binding expressions of interest for project financing. This result provides the Company with a high degree of certainty around financing a potential CVW™ implementation. We have strengthened relationships with the business teams of the Indigenous communities in the Athabasca region and are excited about the benefits which could be achieved through partnering."
Mr. Dubey continued, "During the quarter, we completed the initial phases of our engagement with large multinational insurance providers to secure a non-binding indication of insurance for technology performance insurance. We also completed initial discussions with Tier 1 Engineering, Procurement, and Construction ("EPC") companies to confirm their capabilities and interest in supporting the Company and potential operating partners. We believe these comprehensive efforts will create positive momentum behind commercialization of the Companys CVW™ technology."
CVW CleanTech is also actively reviewing opportunities to diversify our technology portfolio by identifying additional value-add transactions which would enhance shareholder returns. These efforts include examining how the Companys resources could be applied more broadly within the clean technology industry to create a diversified platform. Diversifying in this manner, while retaining a focus on clean technology and the role it plays within decarbonization and the circular economy, has the potential to accelerate the growth of the business across multiple sectors and geographies while transforming the Company into a leader in the clean technology space. |
