Business
Cleantek Industries Inc. Provides Operational Update
Calgary, Alberta--(Newsfile Corp. - March 28, 2022) -  Cleantek Industries Inc. (TSXV: CT...
About this update from Cleantek Industries Inc.
[{"type":"text","content":"Cleantek Industries Inc. Provides Operational UpdateCalgary, Alberta--(Newsfile Corp. - March 28, 2022) -  Cleantek Industries Inc. (TSXV: CTEK) (\"Cleantek\" or the \"Company\") is pleased to provide a general operational update with respect to the ongoing advancement of Cleantek's business strategy. Cleantek is an innovative provider of patented, clean technology solutions focused on reducing both cost and carbon intensity in the wastewater management and industrial lighting sectors across North America. Cleantek is a publicly traded company listed on the TSX Venture Exchange under the trading symbol \"CTEK\".Corporate Update With market fundamentals in the energy sustainability sector improving, Cleantek has focused on maximizing revenue through increased pricing and utilization across all product lines while continuing to deliver on our commitment to environmental sustainability. The successful execution of our geographic expansion strategy into the US markets is leading to increased revenue and improved return on our existing fleet of assets with minimal new repairs and maintenance expenditures. Since the Company went public in October 2021, Cleantek has experienced an estimated 50% increase in quarterly revenue from $2.0 million in Q3 2021 to over $3.0 million in Q1 2022, resulting in higher gross margins and operating cash flow.Financial Update Cleantek is realizing improved revenue and profitability through increased pricing and utilization across its existing asset base. Revenue is forecasted to increase greater than 40% in 2022 from $8.8 million in 2021 with gross margins improving to greater than 60%. The Company's balance sheet has improved since the financing and successful public company listing in October 2021 and remains strong, with available liquidity of over $4.0mm as at December 31, 2021. Full financial results will be released on April 28, 2022 after completion of the year end audit and approval by the Board of Directors. Wastewater Dehydration DivisionCleantek's patented mobile wastewater treatment and vaporization technology, \"D-ZeroE\", is gaining traction with clients as we mobilize our technology into new geographic regions across North America. Increased demand is being driven by: Commercial cost saving advantages of utilizing our proven waste heat powered technology; Client requirements for solu...