CVW Cleantech Announces Q3 2023 Results

Press Release

CALGARY, ALBERTA – (November 15, 2023) – CVW CleanTech Inc. (the “Company” or “CVW CleanTech”)   (TSX-V: CVW)  is pleased to announce its operating and financial results for the three and nine months ended September 30, 2023. For complete details,  please refer to the Condensed Interim Financial Statements and associated Management Discussion and Analysis for the third quarter of 2023, available on SEDAR+: www.sedarplus.com or on the Company’s website:  www.CVWCleanTech.com.

Highlights

• Cash on hand as at September 30, 2023 was $6.24 million. The Company’s capital position and liquidity has remained relatively consistent throughout 2023.
• Net loss for the three month period ended September 30, 2023 was $1,165,000 and the net loss per share was $0.01 (basic and diluted) for the same period. Non-cash charges recognized for stock-based compensation expense totaled $666,000 for the three month period ended September 30, 2023.
• Net loss for the nine month period ended September 30, 2023 was $3,264,000 and the net loss per share was $0.03 (basic and diluted) for the same period. Non-cash charges recognized for stock-based compensation expense totaled $1,799,000 for the nine month period ended September 30, 2023.

On September 12, 2023 the Company held a virtual Annual and Special Meeting of Shareholders. Both the presentation and webcast are available on the Company’s website which can be accessed using the following link: https://cvwcleantech.com/investors/investor-overview/#presentations.

The Company continues to engage with all the oil sands mining operators to highlight our technology’s alignment with their business and ESG objectives. A key priority for the business is to ensure that commercial scale deployment of the Creating Value from WasteTM (“CVWTM”) technology in the oil sands mining sector moves ahead in a timely fashion and delivers value to shareholders. As such the Company released its Process and Technology Overview in the quarter which details multiple development approaches to balance upfront capital costs and economic benefits. The Process and Technology Overview can be found using the following link: https://cvwcleantech.com/technology/process-and-technology-overview/.

CVW CleanTech’s CEO, Akshay Dubey, said: “We have taken a fresh approach to stakeholder engagement, being very proactive in building support behind the development of our first CVWTM project. We have an active dialogue with a number of commercial lenders providing the Company with a high degree of certainty around financing a potential CVWTM implementation. We are also in the early stages of meeting with Indigenous groups in the region and are excited about the opportunity of these groups becoming advocates and partners in our technology.”

Mr. Dubey continued “These efforts are in addition to our engagement with large multinational insurance providers to secure technology deployment insurance, and ongoing discussions with potential engineering, procurement, and construction partners to understand their capabilities and economic risk sharing models, reducing the risk to the Company and its operating partners. These comprehensive efforts will create positive momentum behind commercialization of the Company’s CVWTM technology.”

The Company continues to review other opportunities to create shareholder value. Diversifying, while retaining a focus on clean technology and the role it plays within decarbonization and the circular economy, has the potential to accelerate the Company’s growth across multiple sectors and geographies while transforming the company into a leader in the clean technology space.

For further information, please contact:

Akshay Dubey
CEO 403.460.8135
Akshay.Dubey@CVWCleanTech.com

Joshua Grant
CFO 403.460.8135
Joshua.Grant@CVWCleanTech.com

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