BioteQ Environmental Technologies Inc.
TSX VENTURE : BQE

BioteQ Environmental Technologies Inc.

October 20, 2006 00:05 ET

BioteQ Issues Third Quarter Report of Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 20, 2006) - BioteQ Environmental Technologies Inc. (TSX VENTURE:BQE) today reports on its third quarter results:

- All operations were profitable

- All operations met environmental and safety objectives

- Overall profit reported for the first time

- Full results will be filed on SEDAR

Operating Results - Third Quarter 2006

The Company's third quarter financial statements and MD&A are being filed on SEDAR. The Company has reported its best financial quarter to date, showing a small profit for the period. All of the operating plants were profitable during the quarter, resulting in positive net income for the period, after all operating and other costs, including new project development costs. The number of new projects under development is currently at its highest level in the Company history.



A summary of plant operating revenues and costs for the 3rd quarter is
shown below:

----------------------------------------------------------------
----------------------------------------------------------------
Plant Plant operating Plant operating
(unaudited) revenues costs profit
----------------------------------------------------------------
Bisbee 434,000 184,000 250,000
Raglan 572,000 137,000 435,000
Caribou 289,000 226,000 63,000
Other 18,000 (10,000) 28,000
----------------------------------------------------------------
Total $1,313,000 $537,000 $776,000
----------------------------------------------------------------
----------------------------------------------------------------

Financial performance for the last eight quarters is shown in the table
below ($ 000's, except per share amounts):

-----------------------------------------------------------------------
-----------------------------------------------------------------------
Quarter ended (unaudited)
Sept-06 Jun-06 Mar-06 Dec-05 Sept-05 Jun-05 Mar-05 Dec-04
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Total
revenues 1,313 1,286 745 681 815 671 589 564
Plant &
other
operating
costs 537 854 741 1,163 698 799 560 458
-----------------------------------------------------------------------
Net
income
(loss)
before
G&A,
amortization
& other 776 432 4 (482) 117 (128) 29 106
G&A,
amortization
and other (698) (748) (607) (649) (639) (566) (473) (651)
Net income
(loss) 78 (316) (603) (1,131) (522) (694) (444) (545)
Net income
(loss)
per share $0.00 $(0.01) $(0.02) $(0.04) $(0.02) $(0.02) $(0.02) $(0.02)
Net income
per share
fully
diluted $0.00
-----------------------------------------------------------------------
-----------------------------------------------------------------------


The Company expects the next quarter to show a small positive balance from earnings before interest, taxes, depreciation and amortization (EBITDA). Total revenue anticipated in 2006 is approximately $5 million, nearly double that reported for 2005.

Corporate Profile

BioteQ is establishing itself as a leader in the treatment of acid contaminated water through the use of its patented BioSulphide® Process and related sulphide technologies. Focused on the mining industry, BioteQ has partnered with leading metal producers including Phelps Dodge, Breakwater, INCO, Jiangxi Copper and Falconbridge as well as utilities operator EPCOR Water Services, to finance, design, build and operate mine site water treatment plants which recover saleable metals in addition to meeting ever stricter environmental regulations.

On behalf of the Board of Directors

Brad Marchant

For further information please contact:

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate" and other similar words, or statements that certain events or conditions "might" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the development, construction and operation of water treatment plants, variations in water quality, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors described in the section entitled "Risks" in the Company's Annual Report for the Year Ended December 31, 2005. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

Contact Information

  • BioteQ Environmental Technologies Inc.
    Brad Marchant
    President & CEO
    (604) 685-1243
    (604) 685-7778 (FAX)
    or
    BioteQ Environmental Technologies Inc.
    Caren Holtby
    Investor Relations
    1-800-537-3073
    Email: investor@bioteq.ca
    Website: www.bioteq.ca