Article content

Strong Order and Revenue Growth Anticipated in Second Half of 2023

TORONTO, Aug. 28, 2023 (GLOBE NEWSWIRE) — Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA) (OTCQB: CBUTF), announces its financial results for the quarter ended June 30, 2023 (“Q2 F2023”). A complete set of Financial Statements and Management’s Discussion & Analysis (“MD&A”) has been filed at www.sedarplus.ca. All dollar amounts are denominated in Canadian dollars.

Article content

Trailing Four Quarter (“TFQ”) Financial Highlights:

Article content

Q2 F2023 Financial Highlights:

Article content

Q2 F2023 Operational Highlights

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

Outlook is for Q3/23 Revenue to be in the range of $1.5 Million to $2.5 Million

Clear Blue’s focus continues to be cash centric. Revenue growth in Q3 and Q4 2023, net-zero cash burn and positive EBITDA are still our objectives for the rest of the year.

Article content

Article content

As a result of the eSite acquisition as well as bringing to market 3 new products in the last 12 months, Clear Blue now has a robust product line, which significantly expands our addressable market. The sales funnel shows strength in all markets, with all our products, and we expect this to contribute to the Company’s revenue for the remainder of 2023 and for 2024.

Of the $4,654,286 in bookings as at the end of Q2, $3,920,006 is expected to be revenue recognized over the coming 12 months. As the bookings and sales funnel convert to revenue, the Company’s revenue trajectory should swing positive, and management believes that the 2022 downturn, caused by macro-economic factors, is behind us.

As orders have been received and continue to be booked, the Company’s focus is on shipping and delivery. For Q3, we are currently expecting revenue in the range of $1.5 million to $2.2 million, with the low end of this range occurring in the event that some suppliers slip their scheduled shipments from September to October. Gross Margin, expenses, and net income will generally be in line with previous quarters.

Article content

For Q4, 2023, we see the potential for it to be our best quarter of the year and will provide updates to the market as these orders solidify and are scheduled. Similarly, the Company’s sales funnel has a strong set of projects expected early in 2024.

In summary, management is pleased with our progress coming out of a dismal 2022. The remainder of 2023 is expected to deliver solid results, and we look forward to showing strong growth into 2024.

Conference Call

Clear Blue will host a conference call August 29, 2023 at 11:00 a.m. Eastern Time, to review the Company’s performance and answer questions. Those interested can register here.

For more information, contact:

Miriam Tuerk, Co-Founder and CEO
+1 416 433 3952
investors@clearbluetechnologies.com

www.clearbluetechnologies.com/en/investors

Nikhil Thadani, Sophic Capital
+1 437 836 9669
Nik@SophicCapital.com

About Clear Blue Technologies International 

Clear Blue Technologies International, the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)  

Article content

Legal Disclaimer

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

Forward-Looking Statement 

This press release contains certain “forward-looking information” and/or “forward-looking statements” within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Clear Blue’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Clear Blue’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information contained herein may include, but is not limited to, information concerning financial results and future upcoming contracts. 

Article content

By identifying such information and statements in this manner, Clear Blue is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Clear Blue to be materially different from those expressed or implied by such information and statements. 

An investment in securities of Clear Blue is speculative and subject to several risks including, without limitation, the risks discussed under the heading “Risk Factors” in Clear Blue’s listing application dated July 12, 2018. Although Clear Blue has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. 

In connection with the forward-looking information and forward-looking statements contained in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward- looking information and statements attributable to Clear Blue or persons acting on its behalf is expressly qualified in its entirety by this notice.” 

Article content

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

Article content