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CVW Cleantech Announces Second Quarter 2024 Results
Calgary, Alberta--(Newsfile Corp. - August 14, 2024) - CVW CleanTech Inc. (TSXV: CVW) (OTCQX: CVW...
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[{"type":"text","content":"CVW Cleantech Announces Second Quarter 2024 ResultsCalgary, Alberta--(Newsfile Corp. - August 14, 2024) - CVW CleanTech Inc. (TSXV: CVW) (OTCQX: CVWFF) (the \"Company\" or \"CVW CleanTech\") today announced its operating and financial results for the three and six months ended June 30, 2024. For complete details, please refer to the Q2 2024 Condensed Interim Financial Statements and associated Management Discussion and Analysis, available on SEDAR+: www.sedarplus.ca or on the Company's website: www.CVWCleanTech.com.HighlightsCash on hand as at June 30, 2024 was $4.6 million. The Company continues to prudently manage its treasury, focusing on expenses which have the ability to advance commercial opportunities.Net loss for the three-month period ended June 30, 2024 was $1,230,000 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 $593,000 for the three-month period ended June 30, 2024.Net loss for the six-month period ended June 30, 2024 was $2,181,000 and the net loss per share was $0.02 (basic and diluted) for the same period. Non-cash charges recognized for stock-based compensation expense totaled $906,000 for the six-month period ended June 30, 2024.On August 7th, 2024, the Company announced that it had entered into a royalty investment (the \"Transaction\") with Northstar Clean Technologies Inc. (\"Northstar\"), and a commercially reasonable efforts private placement offering (the \"Offering\") in the amount of $15,000,000. For full details of the Transaction and the Offering, please see the press release dated August 7th, 2024 which can be found on SEDAR+: http://www.sedarplus.ca/ or on the Company's website: www.CVWCleanTech.com.\"Diversifying our company into a clean tech royalty platform presents a transformative opportunity to create shareholder value and accelerate growth,\" said Akshay Dubey, CEO of CVW CleanTech. \"The transaction with Northstar illustrates the significant opportunity to provide our shareholders with positive commodity-linked returns and accelerate cash flow generation for CVW CleanTech by investing in clean technologies\"A key priority and a continuing focus for the Company is to ensure that commercial scale deployment of its 100% owned Creating Value From Waste™ (\"CVW™\") tech...