VANCOUVER, BC / ACCESSWIRE / July 11, 2023 / EnviroMetal Technologies Inc. ("EnviroMetal" or the "Company"), (CSE:ETI)(OTCQB:EVLLF)(FSE:7N2) reports the completion of the closure of the Company's electronic waste processing facility, EnviroCircuit, and the sale of related equipment and surplus assets. The closure of EnviroCircuit marks an important milestone in the Company's previously announced strategy to focus on developing a high margin business through licensing its patented metal recovery technology (the "EnviroMetal Process") to gold miners.
As part of the Company's business shift, during the six-month period ended June 30, 2023, all electronic processing equipment, and related assets at the EnviroCircuit facility in Surrey BC were sold through direct sales and auction. Any equipment applicable for the continued development of the EnviroMetal Process or for processing gold ores and concentrates were retained and relocated to the Company's primary facility located in Burnaby BC.
The Company realized over CA $1,000,000 in net proceeds from equipment sales related to the closure of EnviroCircuit. Management is pleased to report these proceeds have funded ongoing operations and deferred the need for an equity financing, as previously announced on November 22, 2022.
The closure of EnviroCircuit will allow Management to focus on the Company's core business of licensing the EnviroMetal Process while significantly reducing costs. The elimination of EnviroCircuit related expenses is expected to reduce the Company's burn rate by approximately $85,000 per month compared to 2022. These reductions will enable the Company to allocate capital from future financings directly to commercializing the EnviroMetal Process through demonstration programs, licensing agreements, and expanding the client pipeline.
EnviroMetal management thanks its shareholders for their support since we announced our business transition last year. We would like to acknowledge the positive feedback, recommendations, and suggestions we have received from shareholders and partners. We look forward to reporting on future progress toward the commercialization of the EnviroMetal Process.
About EnviroMetal Technologies Inc.
EnviroMetal Technologies is commercializing environmentally friendly and highly effective precious metal recovery technologies. EnviroMetal's proprietary non-cyanide, water-based, neutral pH and closed-circuit treatment process has been proven to extract precious metals from ores and concentrates at lab and pilot scale. The Company is engaging with mining companies that are seeking to reduce their costs and the environmental impact of their mining operations. For more information please visit: https://EnviroMetal.com
Contact Information:
Jason Leikam
VP Corporate Development
EnviroMetal Technologies Inc.
[email protected]
(604) 428-2400 x 104
Forward-Looking Statements
This News Release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and the United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information concerning our Research and Development activities, the accuracy of our capital and operating cost estimates; production and processing estimates; the results, the adequacy of EnviroMetal's financial resources, and timing of development of ongoing research and development projects, costs and timing of future revenues or profits and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning future revenue or earnings estimates may also be deemed to constitute forward-looking information. Any statements that express or involve discussions concerning predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties, and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information. Forward-looking information is based on the expectations and opinions of EnviroMetal's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events, or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information. The CSE has not approved or disapproved of the information contained herein.
SOURCE: EnviroMetal Technologies Inc