Clean air technology company Biorem Inc. (TSX-V:BRM) on Wednesday morning reported several new orders from China and North America totaling $7 million, giving shares a big lift at the opening bell. The Guelph, Ontario-based company further reported that it now has an order backlog of $17 million.
Biorem didn't divulge how the orders were broken down or how the revenues will be realized, but considering the company reported $14.02 million in revenue during the first nine months of the year, it looks like 2017 is ending on a strong note and 2018 will be getting off on the right foot. During the third quarter, $5.27 million in revenues were reported.
Management has been focusing its efforts on major cities in China, where regulators are cracking down on polluters, including shutting down tens of thousands of factories this year for inspections in a show of seriousness by the government to reign in pollutants. Reports are that Beijing has slapped over 80,000 factories with fines and criminal offenses for violating emissions standards.
"Recent tightening of the air quality regulations in Tier 1 cities has resulted in a massive demand for effective long-term solutions," said Biorem CEO Derek Webb in a statement today on the new orders.
Webb says that the plan is to continue to devote resources to exploit the growth opportunities in China against the backdrop of pollution control initiatives as a strong supplement to core markets in North America.
Shares have shot ahead 45.6% in early Wednesday trading to 49.5 cents, representing a more than two-year high for Biorem stock.
