Fri, 27 Nov 2020

TORONTO, ON / ACCESSWIRE / November 18, 2020 / SusGlobal Energy Corp. ('SusGlobal') or (the 'Company') (OTCQB:SNRG), the developer of SusGro, a revolutionary pathogen-free organic liquid fertilizer and LEADERS IN THE CIRCULAR ECONOMY®, today announced financial results for the third quarter ended September 30, 2020 and provided an update on its operational progress.

Recent Highlights

  • On July 16, 2020, the Company received a Certificate of Registration from the United States Patent and Trademark Office ('USPTO') for the trademark LEADERS IN THE CIRCULAR ECONOMY (the 'Mark'). The Mark was registered under Registration Number 6,098,063 on July 7, 2020 on the Supplemental Register. The registration will be in effect for an initial term of ten years, expiring on July 7, 2030, with the option of renewing the registration for successive ten-year terms. Now that the Mark is registered, it is permitted to use indicia of registration (e.g. ®, or phrases such as 'Reg. U.S. Pat. and T.M. Office').
  • On September 30, 2020, the Company was chosen by The Finnish Innovation Fund Sitra ('Sitra'), as one of 39 inspiring circular economy solutions from around the globe during the World Circular Economy Forum Online ('WCEFonline'), September 29-30, 2020. Sitra compiled a list of inspiring circular economy innovations from around the world to inspire organizations and businesses to take part in the circular transition. The result is an extensive list containing 39 inspiring circular economy solutions. With examples from six continents, these solutions range from circular fashion to magnetic ink and from upcycling solar panel waste to podcasts and games demonstrating a circular economy in practice, including SusGlobal.
  • On November 12, 2020, the Company through its wholly-owned real property subsidiary, 1684567 Ontario Inc. ('1684567'), acquired the additional lands described in the share purchase agreement of 1684567 from May of 2019 (the 'SPA') which includes a 6.60-acre licensed gravel pit and a .20-acre right of way totaling 6.8 acres of property (the 'Property') located at 704 Phillipston Road, in Belleville, Ontario, Canada. SusGlobal is now the owner of a 49-acre land parcel at its Belleville, Ontario facility and will continue producing its Earth's Journey® Organic Compost by processing 70,000 tonnes per annum of organic waste, with an additional 50,000 tonnes per annum organic waste processing and transfer site approved under the existing Environmental Compliance Approval (the 'ECA') and Site Plan.
  • Revenue increased by 12.49% during the third quarter of 2020 to $439,507 compared to the third quarter of 2019 in the amount of $390,723, from increased business from the Company's organic waste processing and composting facility.

'We continue to process municipal organic waste streams, diverting them from landfills, while producing regenerative products such as Earth's Journey® Organic Compost, as part of our Circular Economy model. We have confidence in a revenue ramp up for next year,' said Marc Hazout, Executive Chairman, President and CEO of SusGlobal Energy Corp. 'Our goal is to increase revenue and cash flow to fund further growth, increasing shareholder value with an objective to up-list to a major exchange.'

Unaudited 2020 Third Quarter Financial Results

For the third quarter ended September 30, 2020, SusGlobal recorded:

  • Revenue of $439,507.
  • Cost of sales of $307,665.
  • Operating expenses of $561,879 (GAAP), comprised of $258,796 of interest expenses, $102,769 of professional fees, $56,637 in directors' compensation, $51,812 of management compensation, $33,473 of foreign exchange income, and $125,338 of other expenses, including, office and administration, rent and occupancy, amortization of financing fees and other operating expenses.
  • Net loss of $429,046, or $0.01 loss per share- basic and diluted.
  • Adjusted EBITDA (a non-GAAP financial measure) loss of $16,670.
  • $5,321,974 in total assets at the end of the third quarter, with total liabilities of $9,796,346

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 applications globally including Earth's Journey® Organic Compost. 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® and Caring for Earth's Journey®. 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.

- Financial Tables Follow -

SusGlobal Energy Corp.
Interim Condensed Consolidated Balance Sheets
As at September 30, 2020 and December 31, 2019
(Expressed in United States Dollars)
(unaudited)

SusGlobal Energy Corp.
Interim Condensed Consolidated Statements of Operations and Comprehensive Loss
For the three-month periods ended September 30, 2020 and 2019
(Expressed in United States Dollars)
(unaudited)

SusGlobal Energy Corp.
Interim Condensed Consolidated Reconciliation of Non-GAAP Information
For the three-month periods ended September 30, 2020 and 2019
(Expressed in United States Dollars)
(Unaudited)

Contact

SusGlobal Energy Corp.
Marc Hazout, President and CEO
(416) 223-8500 or Toll Free: 1-866-512-7374
Email: info@susglobalenergy.com

SOURCE: SusGlobal Energy Corp.



View source version on accesswire.com:
https://www.accesswire.com/617358/SusGlobal-Energy-Corp-Reports-Third-Quarter-2020-Financial-Results

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