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MARKHAM, ON, May 31, 2021 /CNW/ - Pond Technologies
Holdings Inc. (the "Corporation" or
"Pond") (TSXV: POND) an ESG company addressing global
sustainability challenges of climate change and nutrition, is
pleased to announce that the unaudited interim condensed
consolidated financial statements of the Corporation for the three
months ended March 31, 2021 and the
related management's discussion and analysis have been filed and
are available for review on the SEDAR website at www.sedar.com or
on the Corporation's website at www.pondtech.com.
Q1 2021 Highlights
- 58% Increase in Pond Naturals Revenue – Pond
Naturals revenue for the three months ended March 31, 2021 was $1,487,000 (2020: $943,000). The $544,000 (58%) increase is a result of increases
in revenue in both the sale of ingredients and Regenurex
astaxanthin products.
- Successful Production of Recombinant Proteins –
Pond completed a research contract which successfully produced
recombinant proteins using Pond's growth platform. Pond plans to
begin commercial production of recombinant proteins for diagnostic
applications, following final testing of a new bioreactor
design.
- Positive Working Capital of $532,000 – Pond's working capital balance
improved from an opening deficiency of $5,093,000 at December 31,
2020 to a positive working capital balance of $532,000 during Q1. The Q1 $5,625,000 improvement is primarily a result of
the $3,500,000 cash raised from the
issuance of 10,000,000 units, $746,000 from the exercise of 2,927,600 warrants
and amendments to the Crystal Wealth term loan which included an
extension of the term of the loan to June
30, 2023.
- Decrease in Net Loss – The Q1 net loss of
$1,042,000 (2020: $1,073,000) was $31,000 lower as compared to 2020. If stock-based
compensation is excluded, the net loss was lower by $257,000 ($758,000
vs $1,015,000 in 2020).
"We are extremely pleased with the progress being made across
the organization as we prepare ourselves for sustained growth
through 2021," commented CEO, Grant
Smith. "Pond Naturals continues to experience strong
tailwinds driving sales growth, with consumers searching for
natural astaxanthin in their daily lives. With our recent white
label order, and upcoming launch of our new powdered Astaxanthin,
Pond Naturals is in excellent position to continue the growth
trajectory. As for Pond Biotech, we are excited with the execution
on a research contract, in which we successfully produced
recombinant proteins using Pond's growth platform. We expect the
success on this contract to lead to larger commercial agreements in
the near future. At Pond Tech, we continue to have meaningful
negotiations with multinational companies, and hope to announce new
disruptive partnerships in the food and feed sector, where algae
from Pond's technology is an ingredient with significant advantages
over incumbents. Lastly, I would like to thank the entire team for
the continued efforts to make Pond a leader in global
sustainability."
About Pond Technologies Holdings Inc.:
Located in Markham, Ontario,
Pond is a technology company that provides profitable solutions to
the global health and wellness challenges of climate change and
nutrition. Pond's proprietary growth platform, including patented
advanced photonics, optimizes key growth inputs in order to provide
a controlled environment that maximizes the growth of algae and
other organisms. This enables industrial emitters to generate new
revenue streams from the transformation of underutilized CO2 to
valuable algae-based products, such as protein for animal feed and
nutraceutical products like Chlorella, Spirulina, and Astaxanthin
for human consumption. For more information visit
https://www.pondtech.com/.
Forward Looking Statements
This press release contains forward–looking statements within
the meaning of applicable securities laws, including statements
regarding anticipated growth and related revenue generation,
operating efficiency, development of strategic business
relationships, the filing of patents, potential sale and licensing
arrangements, and anticipated development of technological
advances. Such forward–looking statements are based on certain key
expectations and assumptions made by Pond, including, among others,
assumptions regarding the continued legislative (including tax)
regime in which Pond operates, the successful negotiation of
binding agreements to give effect to partnership and licensing
arrangements currently under negotiation, availability of
cost–effective labour and supplies, the proper functioning of
Pond's technology, the quality of the algae produced, the demand
for Pond's technology, the ability of Pond to successfully compete
against its competitors, cash flow and expenses, and obtaining and
maintaining intellectual property protection. Although Pond
believes that the expectations and assumptions on which such
forward–looking statements are based are reasonable, undue reliance
should not be placed thereon and Pond can give no assurance that
they will prove to be correct. By its nature, such forward–looking
statements are subject to various risks and uncertainties, which
could cause the actual results and expectations to differ
materially from the anticipated results or expectations expressed,
including the risks set forth in Pond's management's discussion and
analysis of financial condition and results of operations for its
year ended December 31, 2020,
available on Pond's profile on SEDAR at www.sedar.com. Readers are
cautioned not to place undue reliance on this forward–looking
information, which is given as of the date hereof, and to not use
such forward–looking information for anything other than its
intended purpose. Pond does not undertake any obligation to update
publicly or revise any forward–looking information, whether as a
result of new information, future events or otherwise, except as
required by law.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Pond Technologies Holdings Inc.
