TORONTO, ON / ACCESSWIRE / November 23, 2022 / Toronto based CO2 GRO Inc. ("CO2 GRO" or the "Company") (TSXV:GROW)(OTCQB:BLONF)(Frankfurt:4021) reports its Q3 2022 Financial Statements.
John Archibald, CEO of CO2 GRO Inc. stated "Our Q3 had stronger revenue growth. Currently the company is negotiating with a number of greenhouse growers to finalize sales orders. For 2023, our 200 million square foot plus sales order pipeline should translate to sharply increased sales orders in comparison to 2022."
Q3 2022 results reflect the following highlights:
- Revenue of $167,000.00
- $1.3M of cash at September 30, 2022
At the reporting date, the Company had most of its signed Technology Trials ("Trials") installed and on-going with a number of them completed. Several growers have extended their Trials for a second year/cycle. The vast majority of the sales pipeline is in vegetables (80%), flowers (10%) and other crops (10%).
Our largest potential customer with 100M square feet of grow facilities proceeded with a second Trial, at double the size of the first Trial. The Company has quoted this customer for a range of 2023 installation scenarios as requested. Negotiations are expected to commence in Q2 2023.
New unannounced Trials begun during Q3 were in Saudi Arabia (cherry tomatoes), Japan (strawberries), US (leafy greens and floriculture) and South Africa. These are in addition to the Trials announced previously to June 2022 with US, Canada, Colombia, Ecuador and Mexico (2) greenhouse and protected facility growers.
2023 Sales Order Outlook More Promising With Food Inflation
The Company is maintaining its focus on finalizing sales orders in North and Central America over expanding into new geographies. Although there are continued macro uncertainties, the Company continues to believe that it is well positioned for potential sales orders in Q4 2022 and through 2023. Soaring natural gas and CO2 costs and double-digit greenhouse input cost inflation supports the economics for growers to purchase CO2 Delivery Solutions™, enabling them to increase production, revenue, and profitability.
About CO2 GRO Inc.
CO2 GRO Inc. is a People, Planet, and Prosperity-focused precision ag-tech, clean-tech company.
We are on a mission to transform 600-billion sq. ft. of protected fruit & vegetable growth facilities so they can increase yield by 30% and feed half a billion more people around the world.
Our proprietary technology mists an aqueous CO2 solution directly onto plants in protected growth facilities. This enriches crops with CO2, suppresses the growth of micro-pathogens, and increases high-yield, high-quality varieties of produce. Because our CO2 Delivery Solutions™ technology replaces atmospheric gassing, growers can lower their CO2 gas consumption by over 90%, reduce their ecological footprint, and lower production costs.
We support the protected food crop community in all seven continents and also work with floriculturists and growers of medicinal & non-food varieties of plants.
This press release contains statements which constitute "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions and include information regarding: statements regarding the future direction of the Company; the ability of the Company to successfully achieve its business and financial objectives; plans for expansion and the ability of the Company to obtain, develop and foster its business relationships; and expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates that management considered reasonable at the date the statements are made. Such assumptions include but are not limited to: general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and technology offered by the Company's competitors; and that good relationships with business partners will be maintained. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; in particular, in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; the biotechnology industry and the greenhouse growers market are highly competitive, and technical advances in the industry will impact the success of the Company, and other risks described in the Company's filings that are available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.
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