(via TheNewswire)
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Forward progress continues to be reflected in both 2024 quarter-end financials and in project advancements, as CHARBONE’s priority plans to delivergreen hydrogen production facilities in both the US and
Q1 2024 HIGHLIGHTS:
Spending decreased 35% to
$506,765 in Q1 2024 compared to$781,614 in Q1 2023 (activities refocus and tightening of general and administrative expenses).Revenue increased 65% to
$81,637 in Q1 2024 compared to$49,475 in Q1 2023 (generated from theWolf River acquisition onDecember 1 , 2022).The Company has closed a private financing for gross proceeds amounting to
$849,622 and Units for debt settlement of$50,000 ;The Company also received an additional
$100,000 in 2024 from Finexcorp secured convertible debentures at a deemed price of$0.10 ; andThe Company made acquisitions of storage hydrogen equipment.
Located near
“As market interest and project momentum increases, Management’s efforts to shore up and strengthen our balance sheet have been focused and deliberate. We’ve made significant cost-reduction headway in recent months, while still driving forward with our near-term plans to deliver a network of North American green hydrogen production facilities,”said
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About
CHARBONE is an integrated green hydrogen group focused on delivering a network of modular green hydrogen production facilities across
Forward-Looking Statements
This news release contains statements that are “forward-looking information” as defined under Canadian securities laws (“forward-looking statements”). These forward-looking statements are often identified by words such as “intends”, “anticipates”, “expects”, “believes”, “plans”, “likely”, or similar words. The forward-looking statements reflect management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s Filing Statement dated
Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.
Neither
Contacts | ||||
DaveB.Gagnon | ||||
Chief Executive Officer and Chairperson of the Board | ||||
Telephone: | +1 438 844-7170 | |||
Email: | dg@charbone.com | |||
Chief Operating Officer | ||||
Telephone: | +1 438 800-4946 | |||
Email: | dc@charbone.com | |||
Chief Financial Officer and Corporate Secretary | ||||
Telephone: | +1 438 800-4991 | |||
Email: | bv@charbone.com | |||
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Copyright (c) 2024 TheNewswire - All rights reserved., source