ME2C Environmental Reports Second Quarter 2024 Financial Results

Rhea-AI Summary

ME2C Environmental (TSXV: MEEC) (OTCQB: MEEC) has reported its Q2 2024 financial results. Key highlights include:

• Cash on hand: $8.4 million
• Working capital: $4.8 million
• Current assets to current liabilities ratio: 1.7 to 1
• Q2 2024 revenues: $3.4 million
• Reduction in interest expense: $334,000

CEO Richard MacPherson emphasized the company's focus on leveraging recent patent settlements to create long-term customers. ME2C is also making progress in developing new activated carbon technologies for removing 'forever chemicals' from potable water, with plans to introduce commercial products to the water utility market soon.

Positive

• Strong cash position of $8.4 million
• Positive working capital of $4.8 million
• Healthy current assets to current liabilities ratio of 1.7 to 1
• Significant reduction in interest expense by $334,000
• Recent patent settlements and jury award validating company's technology
• Progress in developing new activated carbon technologies for water treatment

Negative

• Q2 2024 revenues of $3.4 million, potentially indicating slow growth or decline (without year-over-year comparison)

Corsicana, Texas--(Newsfile Corp. - August 12, 2024) - Midwest Energy Emissions Corp. (TSXV: MEEC) (OTCQB: MEEC) ("ME₂C Environmental " or the "Company"), a leading environmental technologies firm, has reported financial results for the second quarter ended June 30, 2024. The Company reports the following highlights for the period ended June 30, 2024:

Q2 Financial Summary Highlights:

• Cash on hand of $8.4 million
• Working capital of $4.8 million
• 1.7 to 1 ratio of current assets to current liabilities
• Revenues for Q2 2024 were $3.4 million
• Reduction in interest expense of $334,000 primarily the result of the restructure and repayment of principal on Alterna Capital notes during Q1

Additional information can be found in the Company's Form 10-Q for the quarterly period ended June 30, 2024, filed with the Securities and Exchange Commission on August 12, 2024.

"The first half of 2024 included considerable investments in our strategic growth," said Richard MacPherson, CEO of ME₂C Environmental. "The strong validation of our patent rights from major industry leaders, which included significant settlements in late 2023 and a unanimous jury award in early 2024, has supported our steadfast protection of these innovative core technologies. We are focused on leveraging our settlements to create new long-term customers."

McPherson said the Company continues to make progress in the development of new activated carbon technologies. The new technologies focus on removing "forever chemicals" from potable water. "We are confident that we will succeed in our ability to introduce a series of commercial products to the water utility market in the near term," McPherson said.

About ME2C® Environmental

Midwest Energy Emissions Corp. (TSXV: MEEC) (OTCQB: MEEC), operating under the trade name of ME₂C Environmental, is a prominent environmental technologies company focused on providing innovative technologies to promote cleaner air and water with smart business solutions. From patented and proprietary mercury emissions capture technologies for the global power industry, this unique expertise extends to WE₂C Environmental, a division of ME₂C Environmental focused on PFAS removal from potable water. ME₂C's advanced mercury emissions services are proven to reduce emissions more effectively and cost-efficiently than alternative methods, enhancing plant efficiency and output while preserving the marketability of byproducts for beneficial use. Through WE₂C Environmental, new innovative water purification technologies are expected to meet the growing demand for sustainable water solutions worldwide. Learn more at www.me2cenvironmental.com and www.we2cenvironmental.com.

Safe Harbor Statement

With the exception of historical information contained in this press release, content herein may contain "forward-looking statements" that are made pursuant to the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements are generally identified by using words such as "anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the loss of major customers; dependence on availability and retention of key suppliers; changes, or lack of changes, in environmental regulations; risks related to advancements in technologies; lack of diversification in the Company's business; risks related to intellectual property, including the ability to protect intellectual property and the success with any patent litigation; competition risks; changes in demand for coal as a fuel source for electricity production; ability to retain key personnel; absence of a liquid public market for our common stock; share price volatility; and, the potential that dividends may never be declared. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. ME₂C Environmental does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance or other forward-looking statements contained in this release can be found in ME₂C Environmental's periodic filings with the Securities and Exchange Commission or Canadian securities regulators.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Media Inquiries:
Sandi Scott
Tunheim
Direct: 612-208-4582
sscott@tunheim.com

Investor Relations Contact:
Jessica Butt
IR Representative
Adelaide Capital
Direct: 416-844-6202
jessica@adcap.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219715

FAQ

What were ME2C Environmental's Q2 2024 financial highlights?

ME2C Environmental reported $8.4 million in cash, $4.8 million in working capital, a 1.7 to 1 ratio of current assets to current liabilities, and Q2 2024 revenues of $3.4 million.

How much did ME2C Environmental (MEEC) reduce its interest expense in Q2 2024?

ME2C Environmental reduced its interest expense by $334,000 in Q2 2024, primarily due to the restructure and repayment of principal on Alterna Capital notes during Q1.

What new technologies is ME2C Environmental (MEEC) developing?

ME2C Environmental is developing new activated carbon technologies focused on removing 'forever chemicals' from potable water, with plans to introduce commercial products to the water utility market in the near term.

How did recent patent settlements affect ME2C Environmental (MEEC)?

Recent patent settlements and a unanimous jury award have provided strong validation of ME2C Environmental's patent rights from major industry leaders, supporting the company's protection of its core technologies.