Solvent-based CO2 Distillation Operation Generates Three-Fold Revenue Hike for HTC Extraction Systems (TSX.V: HTC) Ahead of CBD Strategy

  • 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

About CBDWire

CBDWire (CBDW) is a specialized information provider focused on (1) reporting CBD-related news and updates, (2) releasing CBDNewsBreaks crafted to keep investors abreast of the latest and greatest in the CBD market, (3) refining and enhancing corporate press releases, (4) delivering end-to-end distribution and social media services to client-partners and (5) constructing effective corporate communication solutions based on the unique requirements of CBD companies. CBDW is exclusively positioned in the burgeoning CBD sector with a proven team of journalists and researchers working to deliver high quality content to an expansive target audience of investors, consumers and industry news outlets. Our dissemination network of over 5,000 downstream distribution points allows us to deliver unparalleled reach, visibility and recognition to companies operating in both cannabidiol and the wider cannabis space. CBDWire (CBDW) is where CBD news, content and information converge.

To receive instant SMS alerts, text CBDWire to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.cbdwire.com

Please see full terms of use and disclaimers on the CBDWire website applicable to all content provided by CBDW, wherever published or re-published: https://CBDWire.com/Disclaimer

Do you have a questions or are you interested in working with CNW? Ask Our Editor

CBDWire (CBDW)
Denver, Colorado
www.cbdwire.com
303.498.7722 Office
Editor@CBDWire.com

Archives

Select A Month

CBDWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Doge Coin

Dogecoin

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 303.498.7722