SusGlobal Energy Corp. Reports Second Quarter 2020 Financial Results

TORONTO, Ontario – August 19, 2020 – SusGlobal Energy Corp. (OTCQB: SNRG), the developer of SusGro, a revolutionary pathogen-free organic liquid fertilizer, today announced financial results for the second quarter ended June 30, 2020 and provided an update on its operational progress.

 Recent Highlights

  • On May 27, 2020, the Company commenced The Ydro Process® integration into the existing operations at the Organic Waste Processing and Composting Facility of its wholly owned subsidiary SusGlobal Energy Belleville Ltd. applying the Ydro Series® Microorganisms product once during the preparation stage of the batches in the appropriate Gore® system windrows and continues to see positive results.
  • On July 16, 2020, the Company received a Certificate of Registration from the United States Patent and Trademark Office (“USPTO”) for the trademark LEADERS IN THE CIRCULAR ECONOMY (the “Mark”). The Mark was registered under Registration Number 6,098,063 on July 7, 2020 on the Supplemental Register. The registration will be in effect for an initial term of ten years, expiring on July 7, 2030, with the option of renewing the registration for successive ten-year terms. Now that the Mark is registered, it is permitted to use indicia of registration (e.g. ®, or phrases such as “Reg. U.S. Pat. and T.M. Office”).
  • Revenue remained relatively flat during the second quarter of 2020 in the amount of $382,639 compared to the second quarter of 2019 in the amount of $381,834, including the new revenue from the Company’s new garbage collection and landfill management operations, in the amount of $49,544.
  • During the second quarter of 2020, the Company finalized the purchase price allocation related to the business acquisition of 1684567 Ontario Inc. (“1684567”), which closed on May 28, 2019.

“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 for next year,” said Marc Hazout, Executive Chairman, President and CEO of SusGlobal Energy Corp. “Our goal is to increase revenue and cash flow as quickly as possible to payoff all outstanding convertible notes, increasing shareholder value with an objective to up-list to a major exchange.”

Unaudited 2020 Second Quarter Financial Results

For the second quarter ended June 30, 2020, SusGlobal recorded: 

  • Revenue of $382,639.
  • Cost of sales of $316,815.
  • Operating expenses of $526,296 (GAAP), comprised of $283,409 of interest expenses, $107,887 of professional fees, $49,825 of management compensation, $84,635 of foreign exchange income, and $169,810 of other expenses, including, office and administration, amortization of financing fees, rent and occupancy and other operating expenses.
  • During the second quarter, the land option the Company acquired on the business acquisition of 1684567 had expired and was written off.
  • Net loss of $323,171, or $0.01 loss per share- basic and diluted.
  • Adjusted EBITDA (a non-GAAP financial measure) income of $114,779.
  • $5,166,750 in total assets at the end of the second quarter, with total liabilities of $9,203,951

 About SusGlobal Energy Corp.

SusGlobal Energy Corp. (OTCQB: SNRG) the developer of SusGro™, a revolutionary pathogen-free organic liquid fertilizer is a renewables company focused on acquiring, developing and monetizing a portfolio of proprietary technologies in the waste to energy and regenerative products application globally. It is management’s objective to grow SusGlobal into a significant sustainable waste to energy and regenerative products provider, as Leaders in The Circular Economy™. For more information, please visit the Company’s website at: www.susglobalenergy.com

Safe Harbor Statement

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 –

 

 

 

Contact

SusGlobal Energy Corp. 
Marc Hazout, President and CEO

(416) 223-8500 or Toll Free: 1-866-512-7374 
Email: [email protected]