VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 22, 2014) - BioteQ Environmental Technologies Inc. (TSX:BQE), a leader in the treatment of mine impacted waters, is pleased to announce that the final payment of $300,000 has been received from NWM Mining under its legal settlement from April 2012. The total value of payments received under the April 2012 settlement has been $1.3 million.
As a result of the payment, BioteQ will record a one-time recovery of $300,000 in its financial results for the third quarter ending September 30, 2014.
"We are very pleased to close this legal matter. Along with the Aditya Birla settlement announced earlier this month, we have now closed all outstanding legal matters to eliminate the uncertainty of their outcomes, and focus the company on growth going forward. Additionally, the payment also strengthens our short-term working capital position," said BioteQ President & Interim CEO, David Kratochvil.
For more information on the settlement, please refer to the Notes to Consolidated Financial Statements in BioteQ's 2013 Annual Report.
BioteQ Corporate Profile
BioteQ is an innovative clean technology leader in global mine water treatment, serving the mining, metal smelting, refining and hydrometallurgical sectors. The company has commercially proven patented technologies and operational capabilities to help customers achieve compliance with stringent regulations cost effectively while minimizing waste and maximizing water recovery. Over the past decade, BioteQ has designed and commissioned plants at mine sites for leading organizations including Glencore-Xstrata, Freeport McMoRan, Jiangxi Copper and the US EPA and is currently operating six plants under long-term contracts. These plants remove dissolved metals and sulphate to well below the required regulatory discharge limits while reducing or eliminating the production of waste sludge and/or recovering valuable metals from waste streams for sale which reduces the life cycle cost of water treatment. BioteQ is headquartered in Vancouver, Canada and trades on the TSX under the symbol BQE. Please visit our website at www.bioteq.ca for additional information.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
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Certain information contained herein may not be based on historical fact and therefore constitutes "forward-looking information" under applicable Canadian securities legislation. This includes without limitation statements containing the words "plan", "expect", "project", "estimate", "intend", "believe", "anticipate", "may", "will" and other similar words or expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that may cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company's dependence on key personnel and contracts, uncertainty with respect to the profitability of the Company's technologies, competition, technology risk, the Company's ability to protect its intellectual property and proprietary information, fluctuations in commodity prices, currency risk, environmental regulation and the Company's ability to manage growth and other factors described in the Company's filings with the Canadian securities regulators at www.sedar.com (including without limitation the factors described in the section entitled "Risks and Uncertainties" in the Company's Annual Report for the year ended December 31, 2013 and the section entitled "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2013). Given these risks and uncertainties, the reader is cautioned not to place undue reliance on forward-looking statements. All forward-looking information contained herein is based on management's current expectations and the Company undertakes no obligation to revise or update such forward-looking information to reflect subsequent events or circumstances, except as required by law.