Business
Aqua Metals Announces First Quarter 2020 Results
Recent Highlights: Company continues transitioning to a capital light, AquaRefining™ licensing business modelReached agreement with Veritex Bank regarding
About this update from Aqua Metals, Inc.
[{"type":"text","content":"Recent Highlights:\n Company continues transitioning to a capital light, AquaRefining™ licensing business modelReached agreement with Veritex Bank regarding allocation of insurance and other cash proceeds; removed restrictions and provides clear path to being debt free in 2020Established a plan for maintaining adequate cash on hand; current cash and anticipated insurance and asset sale proceeds expected to be the primary source of capitalization to fund capital light business strategyCollected $10.0 million in insurance proceeds through Q1 2020; potential to collect up to $37.0 million for the replacement value of damaged assets, not including business interruption recovery proceedsReceived confirmation from insurance carrier of additional $2.5 million payment, which will bring total insurance proceeds to $12.5 millionImplementing AquaRefining V1.25L electrolyzer engineering improvements; expected to build on demonstrated success by further reducing manufacturing costs and increasing operating efficiencyOngoing discussions with potential licensing partners; several parties have expressed preliminary interest MCCARRAN, Nev., April 30, 2020 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ:AQMS) (“Aqua Metals” or the “Company”), which is reinventing lead recycling with its AquaRefining™ technology, today announced financial and operational results for its first quarter ended March 31, 2020. Steve Cotton, President and Chief Executive Officer, commented “In response to a very difficult fourth quarter, I am pleased with the steps we’ve taken and the progress we have made in accelerating the transition of our business strategy to a capital light, licensing business model. We are convinced this is the right approach to build significant shareholder value. We have made positive strides in achieving our near term 2020 goals in a very short time period and in the face of logistical challenges resulting from COVID-19. “We believe we are in a sound financial position to accomplish the objectives of our business model. We expect to fortify our current resources with the receipt of additional insurance payments and select asset disposals. In conjunction with our recent agreement with Veritex, we have established a plan to be debt free this year. We are on track to have the first V1.25L electrolyzer operational within six weeks after we are able ...