GUELPH, ON, March 15 /CNW/ - BIOREM Inc. ("Biorem" or "the Company") (TSX-V: BRM) today announced that it has received two orders for large scale odor control systems for a total value of C$1.7 million, increasing the value of year-to-date orders to C$3.3 million. The orders are for an industrial odor control system in Canada and a XLD based biofilter system in Asia.
"These new orders represent a strong start to 2010, but as importantly, our year-to-date orders show positive signs concerning municipal capital spending in the United States," said Peter Bruijns, President and CEO. "Several of the other orders received this year fell under the small project discretionary spending category for municipalities in the United States, while others represented projects that were previously delayed by municipalities in 2009, but have since been bid by and awarded to Biorem. Both of these factors are positive indications supporting economic recovery in the air emissions control industry."
"We are especially pleased that 25% of the orders in 2010 year-to-date have come from outside of North America," added Mr. Bruijns. "We believe that this demonstrates the strength of our sales network and to the fact that we are recognized as an emerging global leader in clean air emissions control systems."
About BIOREM Inc.
Biorem is a leading clean technology company that designs, manufactures and distributes a comprehensive line of high-efficiency air emissions control systems used to eliminate odors, volatile organic compounds (VOCs), and hazardous air pollutants (HAPs). With sales and manufacturing offices across the continent, a dedicated research facility, a worldwide sales representative network and over 600 installed systems worldwide, Biorem not only offers state-of-the-art technology-based products but also peace of mind for municipalities, industrial companies and their surrounding communities. Additional information on Biorem is available on our website at www.biorem.biz.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements based on current expectations. These forward-looking statements contain various risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Risks and uncertainties about the Company's business are more fully discussed in the disclosure materials, financial statements and MD&A filed with the securities regulatory authorities in Canada on www.sedar.com
"Order Bookings" and "Order Backlog" do not have any standardized meaning prescribed by Canadian generally accepted accounting principles ("GAAP") and may not be comparable to measures presented by other companies.
Order Bookings and Order Backlog are non-GAAP measures that the Company uses to evaluate its sales performance. Order Bookings are those binding contracts that the Company enters into with a third party for the delivery of our products or services. As Order Bookings are received, the contract value (before any associated sales taxes) is included in the Order Backlog. The Order Backlog is reduced by the revenue that is recognized on each project.
SOURCE BIOREM Inc.
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