BURNABY, British Columbia–(BUSINESS WIRE)–$GRN #RNG–Greenlane Renewables (“Greenlane” or the “Company”) (TSXV: GRN / FSE: 52G) is providing an update with respect to the impact from the COVID-19 virus outbreak on its current operations. To date, there have been no known cases of COVID-19 at any of Greenlane’s offices or projects.
“The health and safety of our people and their families is paramount, as is the protection of the communities in which we operate,” said Brad Douville, CEO and President of Greenlane Renewables. “Greenlane would not be the company that it is without these individuals and their dedication to making the Company a leader in the biogas upgrading industry. In saying that, we are navigating these extraordinary times and have made changes to our business to protect our employees and their families and to do our part in limiting the spread of the virus. Fortunately, we are afforded the ability to have our employees work from home and to provide aftercare support to our customers through our remote management system.”
“Greenlane incorporates an asset-light business model that allows for operational flexibility and, as such, we outsource much of our equipment manufacturing to a number of trusted supply chain partners based strategically around the world,” added Mr. Douville. “In February, we saw a short-lived manufacturing disruption in China as authorities moved quickly to isolate the spread of COVID-19 there. Subsequently, production has resumed for Greenlane components. Additionally, we benefit from a global customer base where sales contracts typically have long lead times and customers are less sensitive to short-term disruptions. Private equity investors that we work with have not slowed down as a result of the ongoing public market distractions. Furthermore, dairy and swine farms as well as landfills and waste water treatment facilities are still creating feedstock and carrying on their essential services. Energy companies still need renewable natural gas for transportation, residential, commercial and industrial applications as an important component of their greenhouse gas emission reduction strategies.”
As the situation has been evolving rapidly, health authorities around the globe have been recommending stronger actions and governments are responding with increasingly more stringent guidelines over work environments and the movement of its people. The Company is in constant communication with its customers and suppliers to make real-time assessments and adjustments. For example, jurisdictions such as Italy, India and Quebec, where we have supply chain partners, have just recently closed non-essential businesses. Management remains vigilant with ongoing developments and business impacts due to the fluidity of the global pandemic.
“The Company has a strong balance sheet after having completed an $11.5 million public offering in February that netted $6.8 million, after expenses and partial note repayment,” commented Lynda Freeman, CFO of Greenlane Renewables. “We continue to prudently manage our liquidity position during these uncertain times to react to the changing business climate. Interestingly, our business development activities have increased due primarily to the fact that customers are now isolated in front of their computers and progressing potential projects.”
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years’ industry experience, patented proprietary technology, and over 100 biogas upgrading units supplied into 18 countries worldwide, including the world’s largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities, and project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com.
For more information please contact:
Incite Capital Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables
Email: IR@greenlanerenewables.com
FORWARD-LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen. The forward-looking information contained in this press release includes, but is not limited to any potential business impacts as a result of COVID-19. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management’s perceptions of future growth, results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: risks relating to the Company’s ability to execute its business strategy and the benefits realizable therefrom, risks related to the Company’s contracts, risks related to the Company’s expected growth phase, risks related to pipeline and pipeline opportunities not being realized, risks related to changes to the RNG market and its contribution to the North American gas distribution network, and risks related to changes or lack thereof to legislation with a direct impact in the RNG industry. Additional risk factors can also be found in the Company’s filing statement and prospectuses, which has been filed under the Company’s SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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Contacts
Incite Capital Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables
Email: IR@greenlanerenewables.com
