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Toronto, Ontario–(Newsfile Corp. – May 24, 2022) – SusGlobal Energy Corp. (OTCQB: SNRG) (“SusGlobal“) or (the “Company“), the developer of SusGro, a revolutionary pathogen-free organic liquid fertilizer and LEADERS IN THE CIRCULAR ECONOMY®, today announced financial results for the first quarter ended March 31, 2022 and provided an update on its operational progress.
Recent Highlights
Revenue decreased by 25.01% during the first quarter of 2022 to $144,470 compared to the first quarter of 2021 in the amount of $192,660, from decreased business from the Company’s organic waste processing and composting facility.
“We continue to process municipal organic waste streams, diverting them from landfills, while producing regenerative products as part of our Circular Economy model. We have confidence in a revenue ramp up this year,” said Marc Hazout, Executive Chairman, President and CEO of SusGlobal Energy Corp. “Our goal is to complete the acquisition strategy and have our second facility commence the commercialization of our proprietary organic liquid fertilizer in order to increase revenue and cash flow, maximizing shareholder value with an objective to up-list to a major exchange.”
Unaudited 2022 First Quarter Financial Results
For the first quarter ended March 31, 2022, SusGlobal recorded:
About SusGlobal Energy Corp.
SusGlobal Energy Corp., the developer of SusGro™, an award winning and revolutionary pathogen free organic liquid fertilizer, is an industrial, environmental and agricultural biotechnology company focused on acquiring, developing, and monetizing a portfolio of proprietary technologies in the waste to energy and regenerative product applications globally. It is management’s objective to grow SusGlobal into a significant sustainable waste to energy and regenerative products provider and a trusted brand for the fertilizer, soil and aquaculture market, as LEADERS IN THE CIRCULAR ECONOMY®. For more information, please visit the Company’s website at: www.susglobalenergy.com
In accordance with SEC Regulation G, the non-GAAP measurements in this press release have been reconciled to the nearest GAAP measurement, which can be viewed under the heading “Interim Condensed Consolidated Reconciliation of Non-GAAP Information” in the financial table included in this press release.
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s objectives. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, lack of sufficient financial resources; variations in market conditions, currency and our stock; the Company’s ability to obtain any necessary permits, approvals, consents or authorizations required for its activities; the Company’s ability to produce energy, biogas, compost or organic fertilizer from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies and other risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission, which may be viewed at www.sec.gov.
– Financial Tables Follow –
SusGlobal Energy Corp.
Interim Condensed Consolidated Balance Sheets
As at March 31, 2022 and December 31, 2021
(Expressed in United States Dollars)
(unaudited)
 
SusGlobal Energy Corp.
Interim Condensed Consolidated Statements of Operations and Comprehensive Loss
For the three-month periods ended March 31, 2022 and 2021
(Expressed in United States Dollars)
(unaudited)
 
SusGlobal Energy Corp.
Interim Condensed Consolidated Reconciliation of Non-GAAP Information
For the three-month periods ended March 31, 2022 and 2021
(Expressed in United States Dollars)
(Unaudited)
 
Contact
SusGlobal Energy Corp.
Marc Hazout, President and CEO
(416) 223-8500 or Toll Free: 1-866-512-7374
Email: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125063

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