TORONTO, ON / ACCESSWIRE / December 2, 2019 / SusGlobal Energy Corp. (OTCQB:SNRG), the developer of SusGro®, a revolutionary pathogen-free organic liquid fertilizer, announced financial results for the third quarter ended September 30, 2019 and provided an update on its operational progress.
The Company is committed to exercise the 'Additional Lands Option' under the terms of the Share Purchase Agreement ('SPA') acquisition of 1684567 Ontario Inc. which closed May 28, 2019. The details of the SPA are found in the Current Report on Form 8-K that the Company filed with the Securities and Exchange Commission on May 30, 2019.
The Company renewed the Region of Peel Purchase Order in November 2019
The Company was awarded the Northumberland County Source Separated Organics contract in October 2019
Revenue increased by over 39% during the third quarter of 2019 compared to the third quarter of 2018
'We continued to work with customers and bring further products to market, while pursuing regulatory certifications. We believe we are making the necessary strategic steps to capture the immense opportunity of processing organic waste streams and diverting them from landfills, while producing regenerative products. We expect to see increasing tipping fees and compost sales in 2020,' said Marc Hazout, Executive Chairman, President and CEO of SusGlobal Energy Corp. 'Our goal is to drive revenue and cash flow as quickly as possible as we focus on bringing new processing sites into operation.'
Unaudited 2019 Third Quarter Financial Results
For the third quarter ended September 30, 2019, SusGlobal recorded:
Revenue of $390,723
Cost of sales of $235,723
Operating expenses of $583,405 (GAAP), comprised of $85,000 of stock-based compensation, $152,952 of interest expense and $345,453 in various other expenses including professional fees, office and administration, amortization of financing costs and other operating expenses
Net loss of $428,405, or $0.01 loss per basic and diluted share
Adjusted EBITDA (a non-GAAP financial measure) income of $7,070
$5,191,623 in total assets at the end of the third quarter, with debt of $6,726,038
About SusGlobal Energy Corp.
SusGlobal Energy Corp. (OTCQB: SNRG) the developer of SusGro™, a revolutionary pathogen-free organic liquid fertilizer is a renewables company focused on acquiring, developing and monetizing a portfolio of proprietary technologies in the waste to energy and regenerative products application globally. It is management's objective to grow SusGlobal into a significant sustainable waste to energy and regenerative products provider, as Leaders in The Circular Economy™. For more information, please visit the Company's website at: www.susglobalenergy.com
Safe Harbor Statement
This news release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's objectives. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects,' 'plans,' 'anticipates,' 'believes,' 'intends,' 'estimates,' 'projects,' 'aims,' 'potential,' 'goal,' 'objective,' 'prospective,' and similar expressions, or that events or conditions 'will,' 'would,' 'may,' 'can,' 'could' or 'should' occur. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, lack of sufficient financial resources; variations in market conditions, currency and our stock; the Company's ability to obtain any necessary permits, approvals, consents or authorizations required for its activities; the Company's ability to produce energy, biogas, compost or organic fertilizer from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies and other risk factors described in the Company's filings with the U.S. Securities and Exchange Commission, which may be viewed at www.sec.gov.