GUELPH, ON, March 29 /CNW/ - BIOREM Inc. ("Biorem" or "the Company") (TSX-V: BRM) today announced that it has received a new order for an odor control system valued at $760,000 from a municipal wastewater treatment facility in Canada. The system consists of two units: a biofilter that uses Biorem's Biosorbens(R) media, which will treat approximately 18,000 cfm of air, and; a biofilter that uses Biorem's XLD media, which will treat approximately 1,000 cfm of air in the sludge holding tanks at the facility. The systems are expected to be installed and fully operational by the third quarter of 2010.
"With this new order, Biorem's year-to-date bookings have now reached $4.8 million," said Peter Bruijns, President and CEO. "The previous high for first quarter bookings - since the Company went public in 2005 - was $2.1 million in 2008."
"We continue to actively bid on odor and emissions control projects in North America and internationally," added Mr. Bruijns. "We are seeing an increase in North American bidding activity this year, which is now being reflected in our exceptional first quarter bookings."
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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