- HTC Extraction Systems has developed a proprietary ethanol-based distillation system called the Delta Purification System®, which works with the company’s DeltaSolv™ technologies
- The company published unaudited interim condensed consolidated financial results in August that show three-fold revenue gains over the previous year’s reporting period based on its ethanol, solvent and glycol reclamation operations
- HTC Extraction Systems is completing facilities in Saskatchewan for an identity preserved production, hemp biomass tolling and cannabidiol full-spectrum oil distillation operation
The proprietary ethanol, solvent and glycol reclamation operations of HTC Extraction Systems (TSX.V: HTC) granted the Saskatchewan, Canada-based company a three-fold increase in revenue during the past year, according to unaudited interim condensed consolidated financial results published August 28 (http://cnw.fm/34WDf).
The condensed report, covering HTC Extraction Systems and its subsidiaries for the interim six-month period ended June 30, states that the company’s carbon dioxide extraction business and material handling operations drove revenues from $560,260 in 2018 to $1.85 million this year.
During that same period, the company’s total assets increased from $34.07 million to $35.29 million as HTC Extraction Systems built its strategy for extracting cannabidiol full-spectrum oil (“CBD FSO”) from hemp biomass for distillation. The company and its subsidiaries believe that their patented Delta Purification® System offers the best available environmental reclamation technology for the clean energy extraction and biomass extraction industries. HTC has finalized a hemp biomass tolling agreement that will result in the company processing an expected five million kilograms of identity preserved production hemp biomass, and it is completing negotiations to establish an identity preserved production hemp biomass tolling contract, with a 60,000-acre, recognized Canadian farm leader and significant hemp biomass producer, to extract the CBD FSO. The company then plans to use the tolling fee payable under the tolling contracts, in sales and offtake agreements with its related entity, Purely Canada Foods.
HTC Extraction Systems anticipates that, upon implementation of its intellectual property through its extraction and purification system, the hemp byproducts will be available for singulation and sale to the cannabinoid pharmaceutical market.
The unaudited interim condensed consolidated financial report also states that the company’s current liabilities decreased from $4.60 million in 2018 to $3.19 million this year, while long-term liabilities increased from $7.67 million last year to $8.69 million this year.
An increase in amortization of $914,805 over the previous year reflects the completion of building projects in 2018. The company has completed to exterior lock-up and is finalizing the interior of a 19,000-square-foot extraction tolling facility compliant with GMP Euro specifications. In addition, it is constructing a 27,000-square-foot facility for the storage and processing of pre-extraction biomass, located on six acres of land in Port Lajord, Saskatchewan, about 17 miles southeast of Regina – the province’s capital city and a cultural and commercial center for the southern part of the province.
The facility will include the Delta Purification® systems, distillation and refining equipment, with laboratory quality control and testing operations, utilizing the company’s trademarked DeltaSolv technologies that are custom-designed, ethanol-based solvent mixtures and additives optimized for efficient reclamation.
For more information, visit the company’s website at www.HTCExtraction.com
NOTE TO INVESTORS: The latest news and updates relating to HTC are available in the company’s newsroom at http://cnw.fm/HTC
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