BioteQ
BioteQ Environmental Technologies Inc
Annual Report
2001
BioteQ Environmental Technologies Inc
Corporate Profile
BioteQ is a Canadian industrial process company that has developed and patented the BioSulphide ProcessTM for water
treatment and maintains a technology partnership with Paques, based in the Netherlands, for the Thiopaq Process.
Together, the BioSulphide/Thiopaq Process allows the treatment of acid contaminated water with concurrent recovery of
saleable metals from the water. Water discharged from the process contains very low concentrations of toxic heavy
metals to meet discharge water criteria. Potential revenue streams are from the sale of recovered metals and water
treatment fees.
BioteQ has completed construction and is commissioning the first commercial plant using this innovative technology.
The plant is located at the Caribou Mine near Bathurst, New Brunswick. The company is actively evaluating other
projects worldwide for potential application of the technology. There are now over 30 projects in various stages of
review and development in Canada, the United States and elsewhere. BioteQ will operate on three commercial bases:
design, build, own and operate; design, build and transfer with process royalties; or third party license.
The management of BioteQ has extensive experience in environmental aspects of the minerals and related industries,
with internationally recognized expertise in acid contaminated water management, project finance and operations.
Annual Meeting
The Annual General Meeting of Shareholders will be held on April 15, 2002, at 2 pm at the Conference Centre, Second
Floor, 888 Dunsmuir Street, Vancouver B.C.
Contents
Corporate Profile
President’s Message to Shareholders
Biological Technologies
Other Technologies
Project Descriptions
Management Discussion and Analysis
Management’s Responsibility for Financial Reporting
Auditor's Report and Consolidated Financial Statements
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3
5
7
9
10
11
Corporate Information
inside back cover
Front Cover Photos: BioteQ’s first commercial plant located at the Caribou Mine, New Brunswick, Canada
BioteQ Environmental Technologies Inc
President’s Message to Shareholders
The Company reached a significant milestone in its development during 2001; converting from research and
development activities to the role of commercial operator. BioteQ has now shown that we can finance, design, construct
and operate a commercial wastewater treatment plant utilizing our patented technology. With the completion of the
Caribou plant, the Company will proceed with its business plan to construct, own and operate plants around the world to
treat acid contaminated water with concurrent recovery of saleable metal products. Our first commercial plant will
provide the springboard for BioteQ to accelerate commercial applications of our technologies.
Highlights in 2001
2001 was a very successful year for BioteQ to advance the commercialization plan for the BioSulphide ProcessTM.
Highlights from BioteQ, and our wholly owned subsidiary Biomet, during 2001 include:
Commercial Plants
• Completion of our first commercial agreement to construct a water treatment plant using the
BioSulphide/Thiopaq technology for acid water treatment and selective metal recovery. The agreement
is with Breakwater Resources Limited, based in Toronto, for a project at their Caribou Mine located near
Bathurst, New Brunswick.
• Completion of an independent review of the Caribou Project by Hatch Engineering to confirm the
projected capital and operating costs. This was critical for project financing purposes.
• Design, procurement, construction and commissioning of the Caribou plant within the capital budget and
original project schedule.
• Completion of a Letter of Intent with Phelps Dodge Miami Inc., a subsidiary of Phelps Dodge Mining
Company located near Phoenix, for the construction and operation of a copper recovery plant on a joint
venture basis.
• Development of an extensive project list to evaluate and develop potentially commercial projects in a
systematic fashion, which has created an exciting project pipeline.
Technology Highlights
• Completion of a cooperation agreement with Paques BioSystems BV of the Netherlands. During the last
15 years Paques has been involved in the commercial development of biotechnologies complimentary to
the BioSulphide ProcessTM. Paques has built 24 commercial plants using sulphur related biotechnology
and offers BioteQ extensive commercial experience in the design, equipment supply, construction and
operation of commercial biological process plants.
•
Independent reports were completed by the Canadian Institute for Market Intelligence in cooperation
with the National Research Council, to evaluate the commercial potential of BioteQ’s proprietary partial
oxidation burner technology for use as a hydrogen source in fuel cell applications. The reports indicate
that the burner is highly competitive for hydrogen production from various fossil fuels with added
advantages of waste heat recovery and reduced CO2 emissions compared with more conventional
steam reforming plants.
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BioteQ Environmental Technologies Inc
•
The company reached agreement with Chemeffco (Pty ) Ltd, a subsidiary of JCI based in Johannesburg,
South Africa, for the purchase of Chemeffco’s patented GypCIX water treatment technologies. The
technologies are complimentary to BioteQ’s existing technology and provide BioteQ a wider range of
potential water treatment applications.
Personnel Highlights
•
•
•
BioteQ was pleased to contract the services of David Kratochvil, PhD P.Eng., in the position of Manager,
Engineering and Development. David consulted to Biomet for 2 years prior to joining the company on a
full time basis in early 2001. David has played a key role in the commercialization of the BioSulphide
ProcessTM and provides the company with exceptional engineering expertise and project development
experience.
Steve Hubbard has joined BioteQ, initially as a construction consultant for the Caribou Project and more
recently on a full time basis to manage our water treatment operations in Eastern Canada. Steve brings
almost 30 years of project construction and operations experience to the company, which will be critical
in the growth of our commercial operations.
The Board of Directors was enhanced early in 2001 to provide a broader industrial and financial basis of
senior corporate management. Additions to the board included:
Geoffrey Donohue, C.P.A. (Aust)
Kelvin Dushnisky, M.Sc. LLB
Kenneth Williamson, P.Eng. MBA
Expectations for 2002
Based on our progress at Caribou during 2001 and the development of our project pipeline, the management team is
looking forward to a very active 2002. Our expectations for the next year include:
1. Completion of a second commercial agreement and the construction of our second commercial facility
2. Completion of an expansion study for Caribou and, if positive, expansion construction at Caribou
3. Completion of engineering for a third commercial site
4. Continued development of our burner technology
5. Continued development of the GypCIX water treatment process purchased from Chemeffco
6. Ongoing evaluation and development of new commercial targets.
I would like to recognize the special efforts and dedication of David Kratochvil and Steve Hubbard in completing the
Caribou project construction and commissioning this past year. In addition, the contribution of Breakwater Resources
Ltd, their management and the staff at the Caribou Mine is greatly appreciated and provided BioteQ an opportunity to
build the plant at Caribou.
The company must be extra diligent and resourceful this next year to continue the development of BioteQ within the
constraints of an unpredictable marketplace and low base metal prices. I am confident in the abilities of BioteQ’s
technologies and personnel to continue with our growth plan during 2002 and build value for our shareholders.
P. Bradley Marchant
President and CEO
Vancouver, Canada,
February 28, 2002
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BioteQ Environmental Technologies Inc
Biological Technologies
BioteQ maintains three primary water treatment technologies:
1. The BioSulphide Process - to neutralize acidic water with concurrent selective recovery of metals
from the contaminated solutions and reduce the Total Dissolved Solids (TDS) in the treated water.
2. The BioSulphide/Thiopaq Process – to recover metal products selectively from acidic water.
3. The GypCIX Process – to reduce Total Dissolved Solids (TDS) in industrial or municipal wastewater
to meet more stringent new regulations (see Other Technologies)
The BioSulphide and BioSulphide -Thiopaq Technologies
BioteQ’s patented BioSulphide ProcessTM is an integrated biological and chemical process and was originally developed
as an alternative water treatment process to neutralize acidic water with concurrent selective recovery of metals from
the contaminated solutions. Acid and metal contaminated drainage is a common industrial waste product particularly in
the mining industry where it is called acid rock drainage, or ARD. The current estimated clean up costs for acidic
drainage from mining alone in the US and Canada is $US 72 billion and $5 billion, respectively. Industry currently uses
lime to treat acid drainage. This treatment method produces water that usually meets discharge requirements but
contains high concentrations of sulphate (water hardness or TDS). In addition, lime treatment produces a sludge
product that contains the toxic metals that were present in the contaminated water. The sludge products must be stored
and monitored in perpetuity.
The Company has a commercial technology agreement with Paques of the Netherlands, which owns the similar
Thiopaq biogenic H2S production technology. The agreement allows BioteQ and Paques to utilize the synergies and
benefits of both BioSulphide and Thiopaq technologies in commercial operations. In addition to the treatment of acidic
water for metal recovery, the BioSulphide-Thiopaq technology has applications in process metallurgy for metal winning
and solution control.
The BioSulphide and BioSulphide/Thiopaq processes have two stages: chemical and biological. Metals such as
copper, nickel and zinc can be separated from contaminated water into saleable metal products in the chemical stage
by precipitation with biogenic sulphide produced in the biological stage.
In the BioSulphide Process, the biological and chemical stages are fully integrated. Following metal precipitation,
part or all of the feed water is passed through a bioreactor to reduce the contained sulphate and to produce the sulphide
used in the chemical stage. Hydrogen or an organic electron donor is supplied to the bioreactor. Hydrogen can be
provided using BioteQ's POS burner or by steam reforming. Biogenic alkalinity is produced, helping to neutralize
acidity.
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BioteQ Environmental Technologies Inc
Electron- donor
Nutrients
Bioreactor
Alkalinity
H2S
Sulphate
Acid Drainage
Gas-Liquid
Contactor
Thickener
Filter
Effluent
<200 mg/L Sulphate
Sulphide
Concentrate
BioSulphide Process for Sulphate Reduction
In the BioSulphide-Thiopaq technology, elemental sulphur is reduced to produce the sulphide for metal precipitation.
The bioreactor is operated independently of the chemical stage and none of the feed water is passed to the bioreactor.
The bioreactor size is, therefore, usually significantly smaller than a sulphate reduction bioreactor. However, no
alkalinity is produced by the reduction of sulphur and needs to be added externally if required for control of metal
precipitation. Sulphate in the feed water is not reduced. The bioreactor is fed either with hydrogen or with an organic
electron donor.
Sulphur
Electron donor
Nutrients
Acid Drainage
H2S
Bioreactor
Gas-Liquid
Contactor
Effluent to lime plant
or to the environment
Thickener
Filter
Sulphide
Concentrate
Single-Stage BioSulphide-Thiopaq® Process
The BioSulphide and BioSulphide-Thiopaq technologies can be integrated with other water treatment technologies
to improve overall water treatment. For example, BioSulphide-Thiopaq technology can be introduced upstream of an
exisiting lime treatment plant to recover metals contained in the contaminated water. Lime plant economics are
improved with lower lime consumption and the volume and toxicity of the of sludge is reduced significantly.
Applications of BioSulphide and BioSulphide -Thiopaq Technologies
•
•
•
Treatment of surface water and groundwater contaminated with metals and sulphate
Treatment of refinery/smelter waste streams
Treatment of industrial and municipal water with high TDS due to sulphate
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BioteQ Environmental Technologies Inc
• Recovery of metals for revenue as an alternative to conventional processes
•
•
Process control by treatment of metallurgical bleed streams
SOx removal and treatment
Advantages
•
•
Selective recovery of metals into saleable grade concentrates to offset water treatment costs
Production of discharge quality water
• Reduced lime consumption with associated CO2 emission credits
• Reduced lime sludge production and removal of toxic, mobile metals from the sludge – resulting in
reduced long term sludge liability
• Reduction of sulphate in effluents to significantly lower concentrations than possible by lime treatment –
to meet new sulphate and TDS regulations
Other Technologies
Hydrogen Production
Hydrogen provides an efficient electron donor for sulphate reduction
and can be supplied by steam reforming or from the partial oxidation
system (POS) developed by BioteQ to provide the gas, using most
fossil fuels (diesel, natural gas, propane). The POS has the added
advantage of supplying excess heat to maintain the biological sulphate
reduction reactor at an optimum temperature for bacterial growth.
The soot produced in the burner might also have potential value as
carbon black used in a number of industrial sectors.
Independent reports were completed by the Canadian Institute for
Market Intelligence in cooperation with the National Research Council,
to evaluate the commercial potential of POS technology for use as a
hydrogen source in fuel cell applications. The reports indicate that the burner is potentially highly competitive for
hydrogen production from various fossil fuels with added advantages of waste heat recovery and reduced CO2
emissions compared with more conventional steam reforming plants. The Company anticipates completing an
independent feasibility study of the commercial potential for our POS burner in conjunction with fuel cell technology
The GypCIX Process - Sulphate Removal and Desalination
GypCIX is a low cost ion-exchange technology for the removal of sulphate, calcium, magnesium and other ions from
water. Products of the process are reusable/dischargeable water and solid gypsum that might also have value,
depending on local market potential. It has the potential of being the most cost-effective alternative for sulphate
removal.
Feed water, typically lime plant effluent or other process water high in TDS and magnesium or calcium hardness, is first
passed through a series of contactors containing cation exchange resin to remove primarily calcium and magnesium,
and then through contactors containing anion exchange resin to remove sulphate. Unlike conventional ion exchange
technologies that typically use caustic soda and hydrochloric acid for resin regeneration, GypCIX utilizes lower cost lime
and sulphuric acid. GypCIX has been successfully piloted at 50 USGPM scale.
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BioteQ Environmental Technologies Inc
Sulphuric Acid
Feed Water
Lime
Cation
Regeneration
Settler
Anion
Regeneration
Cation Loading
Settler
Anion Loading
Gypsum
Product Water
GypCIX Process Schematic
Treatment of water using GypCIX can:
•
•
Permit water discharge to the environment where sulphate and/or hardness is a limiting factor
Allow treatment of process waters to reduce scaling and other problems by removing calcium,
magnesium and sulphate so that water can be recirculated for reuse
• Reduce the concentration of many other cations or anions to low levels
• Reduce water treatment costs significantly compared with technologies such as Nanofiltration, Reverse
Osmosis or Conventional Ion Exchange
• Result in water recoveries to up to 97%, allowing greater water reuse.
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BioteQ Environmental Technologies Inc
Project Descriptions
The Caribou Project
In June 2001 the Company announced the signing of a final agreement
with Breakwater Resources Ltd., owner of the Caribou Mine in New
Brunswick, for the installation of a commercial BioSulphide - Thiopaq plant
at Caribou. The first stage commercial plant was designed to recover
copper and zinc selectively from 185,000 gallons per day of acidic drainage
at Caribou, augmenting an existing lime treatment plant. This will result in
discharge quality water, as well as reducing the environmental impact of
the sludge from the existing lime plant by reducing its volume and
recovering potentially toxic metals before the sludge is produced. Future
tailings
expansion plans allow
re-treatment of contaminated
for
concurrently with acidic drainage to recover additional copper and zinc and
render the tailings inert for disposal.
The BioSulphide-Thiopaq Process will be introduced at Caribou in two stages. In Stage 1, the plant has a designed
capacity to treat all of the existing acidic drainage at Caribou. The process plant will recover a saleable zinc/copper
concentrate and remove cadmium and lead from the wastewater prior to it entering the existing lime treatment plant for
iron and aluminum removal. The treated water will be discharged to local receiving waters within the guidelines of
existing permits. Significant lime savings and sludge volume reductions are anticipated. The total installed construction
cost of the plant was $540,000.
Sulphur
Electron Donor
Bioreactor
Nutrients
Mine Drainage
Soda Ash
Lime
H2S
Gas-
Liquid
Contactor
Lime
Reactor
Thickener
Sludge Pond
Effluent
to Environment
Sludge to
long-term storage
Zinc Concentrate
to Smelter
Stage 1 BioSulphide / Thiopaq Treatment Plant at Caribou
On mutual agreement, BioteQ and Breakwater will expand the first stage
plant to allow the re-treatment of contaminated tailings, produced by the
previous operators at Caribou, and currently stored at a site separate from
tailings contain
the main
The contaminated
impoundment.
tailings
significant levels of mobile metals that pose a potential environmental
hazard. These metals will be leached in a controlled manner utilizing
existing acid drainage and recovered in a BioSulphide - Thiopaq plant. The
treated tailings could then be deposited in the existing tailings impoundment.
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BioteQ Environmental Technologies Inc
Feasibility engineering for the Stage 2 plant is scheduled for completion in the first quarter of 2002. The initial scoping
study showed that the plant would have a designed capacity of 2100 m3/day and will allow the processing of 210
tonnes/day of contaminated tailings. In addition to treating the ongoing acid drainage at Caribou as described above,
the Stage 2 plant will recover copper and zinc selectively from the leached tailings and reduce cadmium and lead levels
in the treated tailings. The plant has the potential to recover approximately 1 million pounds of copper and 4.2 million
pounds of zinc annually, over a period of 5 years.
For the planned expansion, the Company will build, own and operate the plant and receive 75% of the recovered copper
and zinc concentrates until capital repayment, currently estimated by the Company at $Cdn 2.8 million subject to
detailed engineering, after which the recovered metals would be shared equally. In addition, BioteQ will receive a
treatment fee of $100,000 annually and will share in any operating cost savings in the existing lime plant.
The Phelps Dodge Miami Project
BioteQ has agreed to joint venture terms with Phelps Dodge Miami Inc. to construct and operate a BioSulphide/Thiopaq
plant for selective recovery of copper from acidic groundwater prior to treatment in an existing lime plant.
The proposed plant will be designed to treat all of the groundwater from the Kiser
Basin Well Field on an ongoing basis. The copper concentrate that will be produced
will be refined locally at Phelps’ Miami smelter. BioteQ and Phelps will be conducting
detailed engineering in early 2002 to determine the optimum plant capacity, operating
costs and capital costs. Based on current estimates the plant would recover between
1 million and 3 million pounds of copper per year at a direct operating cost of $US 0.18
per pound of copper.
Detailed engineering is scheduled to commence in the second quarter of 2002.
Project Pipeline
Based on current zinc prices the Company is not expecting any activity at the Red Dog and Berkeley Pit projects during
2002. The Company has, however, been evaluating new potential commercial projects for water treatment. These
projects involve initial project scoping work and due diligence, followed by some laboratory investigations to confirm the
processing alternatives and then project piloting for engineering purposes. The Company is currently evaluating over
30 projects in Canada, USA, Australia and South America.
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BioteQ Environmental Technologies Inc
Management Discussion and Analysis
The following discussion and analysis should be read in conjunction with the audited consolidated financial statements
of the Corporation for the year ended December 31, 2001.
Description of Business
BioteQ is a Canadian industrial process company that has, through its wholly owned subsidiary Biomet, developed and
patented the BioSulphide ProcessTM (“the Process”) for water treatment. The Process allows the treatment of acid
contaminated water with concurrent recovery of saleable metals from the water. During the latter part of 2001, the
Company completed construction of its first commercial plant and in 2002 has been commissioning the plant. The
Company is also continuing to market its Process at a number of other sites.
Operating Results
In December 2000, the Company completed it’s Qualifying Transaction under CDNX regulations and changed its name
to Bioteq Environmental Technologies Inc. The qualifying transaction was structured as a reverse takeover by Biomet
Mining Corporation. Consequently, the Consolidated Financial statements reflect the past and current activities of
Biomet. Bioteq, the legal parent and publicly traded entity, has been accounted for as being acquired on December 20,
2000 and its activities are only included in these financial statements from that date.
During 2001, consolidated costs of operations are not comparable with the year 2000. Until December 31, 2000, the
majority of Biomet’s costs associated with developing the Process had been deferred. On January 1, 2001, the
Company adopted the provisions of Accounting Guideline No.11 “Enterprises in the Development Stage”. As a result,
the Company has written-off to opening deficit all deferred costs to December 31, 2000 amounting to $1,852,474. The
costs shown in the Consolidated Statement of Operations for 2000 are general and administrative expenses which do
not relate directly to the process development.
During 2001, consolidated costs of operations reflected a full year of general and administrative expenses of $645,862
arising from the management of the public Company. In addition, starting in 2001, development expenses are being
expensed in the Statement of Operations, in accordance with new Accounting Guidelines for “Enterprises in the
Development Stage”. Development expenses amounted to $277,702, of which $183,000 related to engineering costs
incurred in marketing the Company’s technology and $70,000 related to the amortization of the Company’s pilot test
plants. During 2001, the Company received Scientific Research tax credit refunds relating to expenditures incurred
during 1999. $200,352 of the refund was credited to the Statement of Operations and $7,094 was recorded as a
reduction in the cost of the applicable capital assets. No further refunds of this nature are available to the Company.
Liquidity and Capital Resources
During 2001, the Company raised $961,554, net of expenses, from a private placement of Special Warrants
(subsequently exercised to obtain common shares) and a public offering of common shares, both at a price of $0.50
per share. Options were also exercised, contributing cash of $195,000. The Company spent $540,000 on designing and
constructing its first water treatment plant and $137,637 on commissioning the plant. The Company is expecting to
receive a government grant of $187,004, which is recorded as a reduction of the cost and as a receivable at the year-
end.
At December 31, 2001 the Company had cash of $595,625 and working capital of $467,129. The Company is now
focused on completion of a commercial agreement to build a second plant for application of the BioSulphide ProcessTM.
The Company believes financing would be available for this purpose and for additional working capital to provide a
contingency against delays in achieving the Company’s goals.
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BioteQ Environmental Technologies Inc
Risks and Uncertainties
The Company is at an early stage in its development and is currently commissioning its first commercial plant. Until full
plant capacity is achieved, as demanded by higher water flow in the Spring, there will be some uncertainty as to the
plant capability, even though extensive testing has been carried out.
Any new commercial application of the BioSulphide ProcessTM will be subject to certain commodity pricing risks.
Revenue will fluctuate with the price of the commodities being recovered and the exchange rate for the United States
dollar. Operating costs will be largely dependent on the cost of consumables, which may fluctuate. The Company will
be selecting projects which demonstrate good profit margins which should allow for the adverse effect of price changes.
Outlook
The year 2002 will probably determine if the Company can develop into a profitable operation. The Company is
anticipating it will be completing construction and operating one new commercial plant before the end of the year. It
could be the expansion case at the existing Caribou plant, or perhaps as a result of finalizing a contract based on the
Letter of Intent signed with Phelps Dodge Miami Inc. subsequent to the year-end. General and administrative expenses
during 2002 are expected to be somewhat less than 2001, due to lower legal fees and investor relations charges. Also,
a small amount of revenue is expected to be generated from the first stage Caribou plant on completion of
commissioning, starting in the second quarter. The Company has achieved its goals to date and is confident that it will
be successful in achieving its expectations for 2002.
Management’s Responsibility for Financial Reporting
The management of BioteQ Environmental Technologies Inc. is responsible for the preparation of the consolidated
financial statements as well as the financial and other information contained in the annual report. Management
maintains an internal control system to provide reasonable assurance as to the reliability of financial information and the
safeguarding of assets.
The consolidated financial statements are prepared in accordance with generally accepted accounting principals in
Canada and necessarily include amounts determined in accordance with estimates and judgements made by
management. The external auditors, PriceWaterhouseCoopers, Chartered Accountants, express their opinion on the
consolidated financial statements in the annual report.
The Board of Directors, through the Audit Committee, is responsible for ensuring that management fulfils its
responsibilities for financial reporting and internal control.
P. Bradley Marchant
President and CEO
John York
Chief Financial Officer
10
BioteQ Environmental
Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Consolidated Financial Statements
December 31, 2001 and 2000
February 1, 2002
(except for note 14, which is as of March 8, 2002)
Auditors’ Report
To the Board of Directors of
BioteQ Environmental Technologies Inc.
We have audited the consolidated balance sheets of BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.) (a development stage company) as at December 31, 2001 and
2000 and the consolidated statements of operations and deficit and cash flows for the years ended
December 31, 2001 and 2000. These financial statements are the responsibility of the company’s
management. Our responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards. Those
standards require that we plan and perform an audit to obtain reasonable assurance whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.
In our opinion, these consolidated financial statements present fairly, in all material respects, the
financial position of the company as at December 31, 2001 and 2000 and the results of its operations
and its cash flows for the years ended December 31, 2001 and 2000 in accordance with Canadian
generally accepted accounting principles.
Chartered Accountants
Vancouver, B.C.
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Consolidated Balance Sheets
As at December 31, 2001 and 2000
Assets
Current assets
Cash
Government grant receivable (note 6)
Other
Capital assets (note 7)
Deferred development costs (note 8)
Liabilities
Current liabilities
Accounts payable and accruals
Shareholders’ Equity
2001
$
2000
$
595,625
187,004
78,030
860,659
625,401
618,384
-
28,535
646,919
191,522
-
1,852,474
1,486,060
2,690,915
393,530
234,401
Capital stock and contributed surplus (note 9)
3,830,324
2,655,770
Deficit
Going concern (note 2)
Commitments (note 13)
Subsequent events (note 14)
(2,737,794)
(199,256)
1,092,530
2,456,514
1,486,060
2,690,915
Approved by the Board of Directors
___________________________________ Director
___________________________________ Director
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Consolidated Statements of Operations and Deficit
For the years ended December 31, 2001 and 2000
General and administrative expenses
Management services
Legal and audit
Investor relations
Rent
Travel
Office costs and other
Directors fees and expenses
Insurance
Transfer agent and filing fees
Amortization
Development expenses
Scientific research tax credit refund (note 11)
Interest income - net of expense of $6,518
Loss for the year
Deficit - Beginning of year
As previously reported
Prior period adjustment (note 12)
Change in accounting policy (note 3)
As restated
Deficit - End of year
Loss per share - basic and diluted
2001
$
222,598
116,754
113,367
38,846
41,970
22,917
51,104
20,189
13,334
4,783
2000
$
24,000
84,673
-
-
-
13,797
-
-
-
-
645,862
122,470
277,072
(200,352)
(36,518)
-
-
-
686,064
122,470
199,256
-
1,852,474
2,051,730
-
76,786
-
76,786
2,737,794
199,256
(0.07)
(0.03)
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Consolidated Statements of Cash Flows
For the years ended December 31, 2001 and 2000
Cash flows from operating activities
Loss for the year
Items not affecting cash
Amortization
Stock-based compensation
Change in non-cash working capital items
Cash flows from financing activities
Issuance of common shares for cash
Share issuance costs
Issuance of special warrants for cash
Special warrant issuance costs
Repayment of amounts due to shareholder
Cash received through acquisition of BioteQ
Cash flows from investing activities
Purchase of capital assets
Deferred development costs
Cash receipts from third parties credited to deferred development
costs/capita l assets
(Decrease) increase in cash
Cash - Beginning of year
Cash - End of year
Supplemental cash flow information
2001
$
2000
$
(686,064)
(122,470)
75,021
18,000
109,634
-
-
72,625
(483,409)
(49,845)
845,000
(206,790)
550,000
(31,656)
-
-
89,402
-
-
-
(27,922)
1,143,786
1,156,554
1,205,266
(702,998)
-
(98,627)
(611,953)
7,094
146,998
(695,904)
(563,582)
(22,759)
591,839
618,384
26,545
595,625
618,384
Share capital issued in exchange for shareholder loan
Interest paid
Government assistance receivable credited to capital assets
-
6,518
187,004
60,598
1,300
-
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Notes to Consolidated Financial Statements
December 31, 2001 and 2000
1 Company operations
On December 20, 2000, Biomet Mining Corporation (Biomet) completed a reverse take-over of BioteQ
Environmental Technologies Inc. (formerly Venturecorp Capital) (BioteQ). As a result of the reverse take -over,
the former shareholders of Biomet constituted the majority of the shareholders of BioteQ. Legally, BioteQ is
the parent entity; however, since the former shareholders of Biomet acquired control of BioteQ, Biomet is
identified as the acquiring entity. Biomet’s assets and liabilities, being those of the acquiring entity, are
included in the balance sheet at cost; the assets and liabilities of BioteQ are included at their fair market values;
and the comparative financial statements presented are those of Biomet.
BioteQ is a company in the development stage. Biomet acquired a patent from related parties in 1997 for a
process to treat metal-laden, sulphate-rich waste water streams for acid neutralization and metal recovery. The
result, the BioSulphide Process™ (the Process), has been developed through the operation of pilot plants and an
independent pre-feasibility study for commercial application. The first plant was built in the latter part of 2001
and is now being commissioned. The company is continuing to commercialize the Process through marketing
efforts.
The principal operations of the company will be to establish process plants and earn revenues from recovered
metals, fees or licenses.
2 Going concern
The company requires capital to finalize the commercialization and marketing of the BioSulphide Process™.
These consolidated financial statements have been prepared on a going concern basis, which assumes that the
company will be able to meet its commitments, continue its operations and realize its assets and discharge its
liabilities in the normal course of business. These statements do not reflect adjustments to carrying values of
assets and liabilities that may be necessary should the company be unable to obtain financing and achieve
sufficient cash flows to continue as a going concern. Such adjustments could be material.
The company’s ability to carry on as a going concern is dependent upon its ability to arrange additional
financing to meet its ongoing needs and to successful commercialize and market the BioSulphide Process.
Management of the company has plans to raise the required additional financing through the sale of equity or
project financing. However, there is no assurance that this financing will be available to the company,
accordingly, there is doubt about the company’s ability to continue as a going concern.
(1)
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Notes to Consolidated Financial Statements
December 31, 2001 and 2000
3 Change in accounting policy
On January 1, 2001, the company adopted the provisions of Accounting Guideline No. 11 (AcG-11)
“Enterprises in the Development Stage”. AcG-11 requires that all development stage companies must comply
with the CICA Handbook Section 3450 (Section 3450) “Research and Development Costs”.
Under Section 3450, companies may only capitalize development costs if they meet the following criteria: the
product or process is clearly defined and costs attributable thereto can be defined; the technical feasibility of the
process has been established; management of the company has indicated its intention to produce and market the
process; the future market has been clearly defined; and adequate resources exist, or are expected to be
available, to complete the project.
At January 1, 2001, it was determined that adequate resources did not exist in order to support continued
deferral of the research and development costs, as required by Section 3450. Accordingly, this change in
accounting policy has been applied retroactively without restatement, and therefore the full amount of the
deferred development costs recorded at December 31, 2000, $1,852,474, has been charged to opening deficit.
Subsequent to January 1, 2001, the company has changed its accounting policy for research and development
costs (note 4).
4 Significant accounting policies
Generally accepted accounting principles
These financial statements are prepared in accordance with generally accepted accounting principles in Canada.
Principles of consolidation
The consolidated financial statements include the accounts of BioteQ Environmental Technologies Inc. and its
wholly owned operating subsidiary, Biomet. All material intercompany transactions and balances have been
eliminated.
Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting year. Actual results could differ from those estimates.
(2)
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Notes to Consolidated Financial Statements
December 31, 2001 and 2000
Cash
Cash consists of cash on deposit and term deposits with maturities at the date of acquisition of three months or
less.
Capital assets
Expenditures on capital assets are stated at cost, net of grants and contractual amounts received under
feasibility studies. All assets are amortized on a straight-line basis over five years. Until December 31, 2000,
amortization on capital assets was being charged to deferred development costs. Subsequently, as a result of the
change in accounting policy (note 3), amortization is being charged to the statement of operations.
Costs relating to capital assets in the course of construction will be capitalized. Upon commissioning, these
costs will be amortized over the useful life of the asset.
Deferred development costs
The company continues to develop its BioSulphide Process™. The majority of costs incurred since inception
by the company have been associated with the development of this Process. As a result, prior to January 1,
2001, all expenses incurred by the company were deferred with the exception of legal, audit, and other
administrative expenses that are not attributable to the development of the Process (note 12).
All amounts received from third parties in connection with testing during the development stage were netted
against development costs.
Beginning January 1, 2001, in accordance with Section 3450 of the CICA Handbook, the company expenses all
costs associated with research and development activities in the statement of operations in the period in which
they are incurred, unless the criteria for deferral of development costs have been met.
Loss per share
During the year, the company adopted the CICA Handbook Section 3500, Earnings Per Share on a retroactive
basis. The new standard requires the presentation of both basic and diluted earnings per share on the face of the
income statement.
Under the new section, loss per share is calculated using the weighted average number of shares outstanding
during the period, excluding performance based escrow shares, and diluted loss per share is calculated to reflect
the dilutive effect of exercising outstanding stock options by application of the treasury stock method. The
effect of adopting this new policy for the year ended December 31, 2001 was to increase basic and diluted loss
per share by $0.03 and the effect of restating the prior year was to increase previously reported basic and
diluted loss per share by $0.02. For the years ended December 31, 2001 and 2000, the company excluded
potential common share equivalents from the loss per share calculation as they were considered anti-dilutive.
(3)
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Notes to Consolidated Financial Statements
December 31, 2001 and 2000
Stock options
The company has a stock option plan, which is described in note 9. No compensation expense is recognized for
this plan when stock options are issued to employees. Stock options issued to consultants in exchange for
services are accounted for at fair value. Consideration paid on exercise of stock options is credited to share
capital.
Financial instruments
The fair values of other assets and accounts payable and accrued liabilities approximate their carrying value,
due to their immediate or short-term nature.
Government assistance and investment tax credits
Government assistance is recorded when reasonable assurance exists that the company has complied with the
terms and conditions of the approved grant program. Government assistance is recorded as either a reduction of
the cost of the applicable capital assets or credited in the statement of operations as determined by the nature of
the assistance. Where assistance is contingently repayable, the repayment of these funds is treated as either an
increase in the cost of the asset or as a royalty expense, in the year that it is incurred, as determined by the
original accounting treatment of the assistance.
Investment tax credits are accounted for using the cost reduction approach. Investment tax credits arising from
research and development are deducted from the related costs in the period during which the expenditures are
incurred provided there is reasonable assurance of realization. Investment tax credits arising from the
acquisition of capital assets are deducted from the cost of those assets with amortization calculated on the net
amount.
5 Reverse take-over
As a result of the reverse take -over referred to in note 1, the former shareholders of Biomet acquired the
majority of shares in BioteQ. The cost of the purchase has been allocated to BioteQ’s assets and liabilities as at
December 20, 2000 as follows:
Fair value of consideration
Net assets acquired
Cash
Accounts payable
Due from Biomet (cash advances)
$
1,089,395
771,280
(81,885)
400,000
1,089,395
(4)
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Notes to Consolidated Financial Statements
December 31, 2001 and 2000
Prior to the reverse take-over on December 20, 2000, the legal parent, BioteQ had incurred administrative costs
in the year ended December 31, 2000 of $166,095, being largely legal and accounting costs of $87,875 and
underwriter costs of $37,000. During 2000, BioteQ raised cash from the issue of shares of $699,000, net of cost
of $201,000, and also raised cash from the issue of convertible notes of $300,000, which was loaned to Biomet.
6 Development Agreement and government grant receivable
On June 6, 2001, the company entered into a Development Agreement with Breakwater Resources Ltd.
(Breakwater), which was replaced by an Agreement dated August 14, 2001 (the Agreement). The Agreement
outlines the terms and conditions for installation of commercial BioSulphide ProcessTM plants at Breakwater’s
Caribou Mine in New Brunswick.
The Agreement consists of two phases. Under the first phase, the company is required to construct a
BioSulphide ProcessTM plant and operate the plant until it is commissioned and achieves certain performance
criteria. This plant will be used to treat the acid mine drainage at the Caribou Mine. When the plant meets the
specified performance criteria for a period of 60 days, Breakwater will become the operator, responsible for all
costs. The company will be entitled to 50% of the cost savings realized by Breakwater, as a result of its use of
the BioSulphide ProcessTM plant. As at December 31, 2001, the plant construction was complete and the plant
was being commissioned.
Breakwater has committed that upon completion of the performance criteria by the first plant, the second phase
of the Agreement will proceed, which provides for the construction of a larger plant. Under the second phase,
Breakwater has agreed to provide payment of $550,000 in financing to facilitate construction of the larger
BioSulphide ProcessTM plant. The second phase includes both the treatment of the acid mine drainage treated in
the first phase and the treatment of mine tailings deposited by previous operators at the Caribou site. Under the
second phase, the company is entitled to 50% of the cost savings realized by Breakwater, 50% of the Net
Smelter Return earned from the BioSulphide ProcessTM plant, and a treatment fee of $100,000 per year. During
the initial period while capital is being repaid, the company is entitled to 75% of the Net Smelter Return earned
from the plant.
Government grant receivable
The company has entered into an agreement with National Research Council Canada, Industrial Research
Assistance Program (IRAP), to provide funds to assist in developing and operating the BioSulphide water
treatment plant at the Caribou Mine.
The maximum IRAP contribution is the lesser of $390,780 and 33% of the total cost incurred in the
performance of the work. Funding for the project is repayable in the form of royalties at 2% of all gross
revenues of the company from January 1, 2003. This repayment will be calculated and paid quarterly for
10 years. The maximum repayment will be $586,170.
(5)
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Notes to Consolidated Financial Statements
December 31, 2001 and 2000
At December 31, 2001, reasonable assurance existed that the company had complied with the terms and
conditions of the first phase of the IRAP grant. As a result, government assistance of $187,004 (2000 - $nil) has
been recorded as a receivable and as a reduction of the cost of the water treatment plant at the Caribou Mine.
7 Capital assets
Pilot plants
Less: Accumulated amortization
Office equipment
Less: Accumulated amortization
Water treatment plant - Caribou Mine - net
2001
$
351,193
(241,054)
2000
$
358,287
(170,816)
110,139
187,471
36,599
(11,973)
24,626
490,636
625,401
11,241
(7,190)
4,051
-
191,522
To date the company has received $258,537 from third parties and $22,764 in investment tax credits which are
offset against the cost of the pilot plants. Government assistance of $187,004 has been offset against the cost of
the water treatment plant at the Caribou Mine. Amortization expense for the year ended December 31, 2001
amounted to $75,021 (2000 - $73,906). In 2001, $70,238 (2000 - $73,906) relates to the depreciation of plants
under development and has been included within development expenses on the statement of operations.
The recoverability of the water treatment plant is dependent upon successful commercialization of the
BioSulphide Process, the successful operation of the plant and attainment of set performance criteria in the
early stages of operation.
The recoverability of the company’s pilot plants is dependent on the outcome of current marketing and proposal
efforts. Management currently anticipates these future cash flows will cover the current carrying value of the
assets and no write down is required. The outcome of the above is currently unknown and there is uncertainty
as to the recoverability of the assets.
(6)
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Notes to Consolidated Financial Statements
December 31, 2001 and 2000
8 Development costs
Cumulative development costs incurred to date are as follows (notes 3 and 4):
Laboratory process development
Labour costs
Laboratory operations
Patents
Other
Investment tax credit
Amortization of capital assets
Pilot plants
Labour costs
Pilot plant operations
Other
Marketing - engineering labour
Interest
2001
$
734,822
308,636
33,546
56,350
(67,287)
2000
$
706,602
304,584
32,615
56,350
(67,287)
1,066,067
1,032,864
248,244
178,006
149,033
437,495
66,670
653,198
154,331
7,706
149,033
437,495
47,370
633,898
-
7,706
2,129,546
1,852,474
Development costs to December 31, 2000 were deferred. In 2001, these deferred costs were written off and
charged to opening deficit as a change in accounting policy as described in note 3. All development costs
incurred during the year have been charged to the statement of operations.
The company has had the following cumulative transactions since inception with related parties:
Included in cumulative development costs:
Intangible assets purchased from shareholders
Interest charged by a shareholder
Provision of engineering services by shareholders
Laboratory expenses incurred by shareholders
2001
$
20
4,284
265,383
68,356
2000
$
20
4,284
257,323
68,356
The amounts paid for the services are based on estimated fair market value, and/or contracted amounts.
(7)
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Notes to Consolidated Financial Statements
December 31, 2001 and 2000
9 Capital stock and contributed surplus
Authorized
100,000,000 common shares without par value
Issued and outstanding
Balance - December 31, 1999
Issued for cash
Settlement of amounts due to shareholders
Numbe r of
shares (a)
Amount
$
401
1,443,849
178,804
121,196
89,402
60,598
Shares outstanding March 31, 2000 and pre-December 20
300,401
1,593,849
Deemed number of shares to adjust for recapitalization (a)
10,699,599
-
11,000,000
1,593,849
Shares issued in exchange for net assets of BioteQ (b)
4,905,884
1,089,395
Share issuance costs
-
(27,474)
Balance - December 31, 2000
15,905,884
2,655,770
Shares issued for cash
Stock options
Underwriters oversubscription option
Public offering (d)
Shares issued on exercise of special warrants (c)
Share issuance costs
Contributed surplus
300,000
270,000
1,300,000
1,100,000
-
-
60,000
135,000
650,000
550,000
(238,446)
18,000
Balance - December 31, 2001
18,875,884
3,830,324
a) The number of shares prior to December 20, 2000 reflects the number of shares actually issued by Biomet.
The adjustment on December 20, 2000 reflects the deemed number of shares issued in connection with the
reverse take -over.
b) The net assets of BioteQ on December 20, 2000 include the proceeds of a financing of $900,000, less
transaction costs of $201,000.
(8)
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Notes to Consolidated Financial Statements
December 31, 2001 and 2000
c) On June 18, 2001, the company completed a private placement of 1,100,000 special warrants at a price of
$0.50 for gross proceeds of $550,000, with issue costs of approximately $32,000. The special warrants
entitle the holder, upon exercise, to obtain common shares of the company, without payment of any further
consideration. On November 27, 2001, the special warrants were exercised and 1,100,000 common shares
of the company were issued.
d)
In December 2001, the company completed a public offering of 1,300,000 common shares at $0.50 per
share. The prospectus document also qualified the issuance of 1,100,000 common shares upon the exercise
of 1,100,000 previously issued special warrants at $0.50 per share (the Offering). Gross proceeds from the
Offering were $650,000 with issue costs of $206,446 relating to agent’s commissions and other expenses
of the Offering.
Stock options
The company has a stock option plan available to directors, employees and consultants. 2,981,176 shares are
available for issue under the plan. Options vest at the minimum rate of 33% every six months from award and
have a maximum term of five years from the date of the grant. A summary of the change in the company’s
stock option plan for the year is as follows:
Balance - December 31, 2000
Exercised
Granted
Granted
Balance - December 31, 2001
Number of
shares
outstanding
200,000
(200,000)
750,000
1,400,000
2,150,000
Weighted
average
exercise
price
$
0.20
0.20
0.60
0.65
0.63
716,666 options were exercisable at December 31, 2001. The weighted average remaining life is 4.2 years.
Stock options outstanding as at December 31 are as follows:
Range of
exercise
price
$
Number
of options
outstanding
Weighted
average
remaining
life
(years)
0.20
0.54 - 0.67
200,000
2,150,000
0.1
4.2
Year granted
2000
2001
Weighted
average
exercise
price
$
0.20
0.63
(9)
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Notes to Consolidated Financial Statements
December 31, 2001 and 2000
During the period, Underwriter options were exercised to purchase 100,000 common shares at a price of $0.20
per share, which were issued in relation to the company’s initia l public offering in December 1999. The
Underwriter has received in connection with the December 2000 financing, 240,000 share purchase warrants
entitling the purchase of 240,000 common shares at $0.50 per share until December 2002, which are
outstanding at December 31, 2001. In addition, the agent for the company’s December 2001 public offering has
been granted an option for 2 years to acquire 130,000 common shares at the offering price of $0.50.
During the year, the company granted 300,000 options to a consultant in return for investor relations services.
At the date of grant the market value of the underlying shares was $0.67 and the option exercise price was
$0.58. At December 31, 2001, 200,000 options had vested. The company has recorded an expense of $18,000
during the year based on the intrinsic value of the options at the date of grant with a credit to contributed
surplus. If the company had used an option pricing model to fair value the options at the date of grant, the
expense would have been $80,000.
The company plans to adopt the new provisions of the CICA Handbook Section 3870, Stock-based
Compensation and Other Stock-based Arrangements effective January 1, 2002.
Subsequent to the year-end, 50,000 options to purchase 50,000 common shares were granted to a new
employee at the market price of $0.50 per share.
Escrow shares
The shares issued at December 31, 2000 includes the following held in escrow:
7,000,000 performance shares which will be released from escrow based upon the cash flow performance of
Biomet determined on an annual basis in accordance with the policies of the exchange. Biomet must generate a
cash flow of $0.30 for each performance share to be released from escrow. Any performance shares which have
not been released within 10 years from issuance will be cancelled and returned to the company’s treasury.
666,663 seed shares which are being released pro rata to the seed shareholders as to one half on each of the
first, second, and third anniversaries of the completion of the company’s qualifying transaction, which occurred
on December 20, 2000.
Weighted average number of shares
The deemed shares issued on December 20, 2000 has been used as the weighted average number of shares for
periods prior to January 1, 2001.
(10)
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Notes to Consolidated Financial Statements
December 31, 2001 and 2000
10 Tax loss carryforward
As at December 31, 2001, the company has approximately $1,260,000 of research and development
expenditures available for unlimited carryforward, undeducted expenditures for tax purposes of $934,000
related primarily to share issue costs and capital assets and, $46,000 of investment tax credits, all of which may
be used to reduce future Canadian income taxes otherwise payable. The investment tax credits expire at various
dates commencing 2006 and the non-capital losses expire as follows:
The company has accumulated losses of approximately $1,428,000 for income tax purposes which may be
deducted in the calculation of taxable income in future years. The losses expire as follows:
2004
2005
2006
2007
2008
$
172,000
230,000
43,000
139,000
844,000
1,428,000
The potential income tax benefits relating to these losses, tax balances and temporary differences have not been
recognized in the accounts as their realization is uncertain at this time.
11 Investment tax credits
During the year, the company received $207,446 in non-refundable Scientific Research tax credits from Canada
Customs and Revenue Agency related to 1999 research and development expenditures. These credits were not
deducted from the related costs during 1999, as reasonable assurance of realization did not exist. As a result,
$200,352 has been credit to the 2001 statement of operations and $7,094 has been credited to capital assets.
12 Prior period adjustment
The company changed its policy of capitalizing administrative costs to deferred development costs following
the acquisition of BioteQ. As a result, the company restated its financial statements in 1999 by reducing its
deferred development costs and increasing its opening deficit as at January 1, 2000 by $76,786.
(11)
BioteQ Environmental Technologies Inc.
(formerly Venturecorp Capital Inc.)
(a development stage company)
Notes to Consolidated Financial Statements
December 31, 2001 and 2000
13 Commitments
The company is committed to minimum annual lease payments for office premises as follows:
2002
2003
14 Subsequent events
$
46,800
7,800
In February 2002, the company signed a letter of intent to form a joint venture with Phelps Dodge Miami Inc.
for the construction and operation of a water treatment facility using BioteQ’s patented biological reduction
technology for the selective recovery of copper from a low-grade solution. The final decision to proceed with
the project is subject to detailed engineering, joint venture project financing acceptable to both parties, the
receipt of all necessary local, state and federal regulatory agency approvals, and other conditions specified in
the letter of intent.
(12)
Corporate Information
Officers
President & CEO
Chief Financial Officer
and Secretary
Executive Vice President
Brad Marchant
John York
Richard Lawrence
directors
Geoffrey Donohue
Kelvin Dushnisky
Anthony Kana
Brad Marchant
Clement Pelletier
George Poling
Kenneth Williamson
Share structure (February 28, 2002)
Float
Escrowed shares
Performance shares
Issued shares
Broker warrants
Employee options
Fully diluted
11,209,221
666,663
7,000,000
18,875,884
370,000
2,200,000
21,445,884
transfer agent
Pacific Corporate Trust
625 Howe Street, 10th Floor
Vancouver, B.C., V6C 3B8
Auditors
PriceWaterhouseCoopers
Corporate Address
Corporate Counsel
Suite 1150 – 355 Burrard Street
Vancouver, B.C. Canada V6C 2G8
Telephone:
Facsimile:
Email:
Website:
604 685-1243
604 685-7778
bioteq@bioteq.ca
www.bioteq.ca
McCullough O’Connor Irwin
Stock Exchange
Canadian Venture Exchange
Symbol: “BQE”