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CALGARY, Nov. 28, 2018 /CNW/ - Pond Technologies Holdings Inc. (the "Corporation" or "Pond") (TSX.V: POND) announces that the unaudited condensed interim consolidated financial statements of the Corporation for the three and nine months ended September 30, 2018 and the related management's discussion and analysis have been filed and are available for review on the SEDAR website at www.sedar.com or on the Corporation's website at www.pondtech.com.
During the quarter ended September 30, 2018, Pond continued to enhance, market and deploy its technology through the following activities:
- Q3 Revenue $993,146 (Direct costs and expenses $861,601) - On September 20, 2018 Pond received a $3,597,452 purchase order from Stelco Algae Holdings Inc. to design, engineer, manufacture and install a 45,000L algae growing bioreactor facility at Stelco's steel mill located in Nanticoke, Ontario;
- Pond Naturals Strategic Advisor - On September 6, 2018 Pond announced that Mr. Grant Smith, President of RFI Canada Ltd., joined Pond as a strategic advisor. Mr. Smith is advising Pond on its product development and integration. Mr. Smith has also been assisting in the arrangement of off-take arrangements for Pond and third party products working toward the generation of recurring revenue streams for Pond;
- Markham District Energy – Pond continued design and engineering work for the construction of nutraceutical bioreactors for the first phase development at the MDE site; and
- Growth Optimization Platform - The Corporation continues to enhance its algae growth optimization platform including the integration of sensors, controls and artificial intelligence. This technology is expected to increase growth rates and decrease operating costs for algae and terrestrial plant growth.
The September 30, 2018 unaudited condensed interim consolidated financial statements and management's discussion and analysis documents relate to a period of time after the completion of the reverse take-over and change of business transaction involving the Corporation (previously named Ironhorse Oil & Gas Inc.) and Pond Technologies Inc. which occurred on January 30, 2018.
As an update to the Corporation's August 27, 2018 press release regarding the entering into of a letter of intent to acquire all of the issued and outstanding shares of Regenurex Health Corporation ("Regenurex"), the exclusivity period under the letter of intent expired on November 15, 2018 without execution of a binding definitive agreement. Pond has concern that certain of the binding provisions of the letter of intent may not have been complied with by Regenurex and is currently in discussions with Regenurex regarding this concern and the transaction generally.
About Pond Technologies:
Located in Markham, Ontario, Pond has developed a proprietary growth platform that can transform carbon dioxide (CO2) from virtually any source into valuable bio-products. The Corporation works with the cement, steel, oil and gas and power generation industries to reduce greenhouse gas emissions and generate new revenue streams.
Pond's platform technology also includes the growth of algae superfoods for the nutraceutical and food additive markets. Pond's system is capable of growing many species of algae, including strains that produce anti-oxidants, omega-3 fatty acids, and protein for human and animal consumption.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pond Technologies Holdings Inc.