Looking to add more geographic diversity to its revenue mix, Ottawa-based clean-tech firm BluMetric (TSX-V: BLM) says it’s signed two foreign contracts for its water and wastewater treatment technology.
The company says the deals, announced last week, in El Salvador and the Dominican Republic are worth more than $1 million combined and validate BluMetric’s strategy of cultivating client confidence through long-standing relationships in its target sectors: food, beverage and agriculture, mining and organizations involved in the treatment of water, sewage and industrial waste.
“To do business successfully in Latin America, building the relationships is the first step. During the last few years, our office has focussed on (building our) reputation,” said Mario Sorto, BluMetric’s business director for Central America, in a statement.
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Last week’s deals include the sale of filtration technology to mechanical engineering firm Codemon, based in the Dominican Republic, as well as treatment solutions for snack food producer Productos Alimenticios Diana in El Salvador.
BluMetric has 10 offices around the world, including an El Salvador facility that was established roughly a decade ago.
Revenue mix
Most of BluMetric’s revenues come from within Canada, where it’s made inroads with several mining firms and government bodies to protect water sources and remediate contaminated sites.
During the first six months of its current fiscal year, BluMetric recorded $15.4 million in domestic sales, compared to only $120,000 in international markets outside the United States, according to regulatory filings.
While Canada will remain the company’s largest market, last week’s contract wins could help BluMetric exceed last year’s international sales total of $1.1 million, depending on when the revenues are booked. Work on both projects is scheduled to start immediately, with delivery by the end of the calendar year, which is BluMetric’s 2018 fiscal first quarter.
“I am gratified to see BluMetric’s strategic growth plan taking root outside Canada as well as inside,” said outgoing company CEO Roger Woeller in a statement.
