BioLargo Inc (OTCQB:BLGO) announced Tuesday that it has paid off $650,000 in debt, the bulk of which was scheduled to mature in August 2021.
In a statement, the company said that, aside from the debt carried by its partially owned subsidiary Clyra Medical, only SBA loans and fixed-price convertible debt remain on BioLargo’s balance sheet.
Of the SBA loans, management said it expects all but the $150,000 EIDL 30-year 3.75% APR loan to be forgiven. Of the fixed price convertible debt, $100,000 will convert to equity automatically at the April 20, 2021 maturity date, the $406,000 due in August 2021 may be converted by the investors at a fixed price of $0.14 at any time.
READ: BioLargo set to answer US President Joe Biden’s call to remove per and polyfluoroalkyl chemicals (PFAS) from drinking water
BioLargo said these actions are directly in line with the company’s goals to aggressively reduce or eliminate its convertible debt instruments in favor of equity-based transactions and eliminate costly interest expenses.
“Our cash position is particularly strong, and we are confident in the progress of our business operations and expanding opportunities,” said CEO Dennis Calvert in a statement. “Paying off this debt now helps reduce expense interest expense, as well as eliminate uncertainty of how the debt would be managed as it matures and comes due.”
Meanwhile, BioLargo noted several recent commercial milestones:
- An AOS water treatment unit was recently delivered to a municipal wastewater operation in Quebec for pilot testing, and the company is on track for the commencement of the AOS zero liquid discharge system project at a poultry farm in Alberta, Canada, estimated to generate a half-million dollars in revenue
- BioLargo’s engineering subsidiary continues to win major contracts with industrial clients, building a backlog of pending projects totaling more than $2 million over the next 12 months. The group remains busy supporting BioLargo’s emerging commercial activities for the AEC and AOS water treatment systems
- BioLargo is exploring ways to expand its work with national water services company Garratt-Callahan beyond the development of a proprietary water treatment system
- Management is actively engaged with the EPA to expand its regulated claims for a series of products, including Clyraguard
- Expanded CupriDyne Clean misting system installations to municipal-owned solid-waste handling operations
- Readying for trials of the PFAS treatment solution (the BioLargo AEC) with multiple potential clients
Calvert added: “We have solidified our reputation as a reliable innovator and solutions provider for sustainable high-value targets like clean water, clean air and a cleaner planet. We believe that our future revenue growth will accelerate dramatically through partnerships for large-scale manufacturing, distribution, and through marketing alliances. We have a strong foundation of technology, highly qualified team members and a driving purpose on which to build.”
Contact the author: [email protected]
Follow him on Twitter @PatrickMGraham
Story by ProactiveInvestors
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
pathogens and gives you more
energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video)
Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.