I hope this letter finds you at the height of enjoying your 2018 summer.
I bring you an exciting update about recent developments at Greenbelt. If you have been following our news, you know we have embarked on initiatives to both reposition our sales approach and increase the value of the products our system produces. In particular, we have been exploring non-fuel uses for our bioethanol (such as extraction solvent) and creating a high sales value for our solids in the form of protein concentrates. We strongly believe that these advances will pay off immensely in the future, and recent developments already indicate we are on the right track.
Significantly, Greenbelt achieved a profit last quarter with revenue of $200,010 and net income of $71,104 for the Quarter ended June 30, 2018. The company also gained modest improvements in working capital primarily from the project underway in Paso Robles for the Andrew J Young Foundation focused on creating protein concentrates using duckweed as a feedstock. That work will continue into Q3 as we look to establish our relationship with Purnol. As we recently announced, the demand for ethanol extraction solvent is increasing rapidly with the rapid expansion of the medical cannabis industry, especially in CDB extraction. Greenbelt bioethanol offers a “premium” choice in this market.
Financial Statements submitted to The OTC Markets Group are available here. Of course, we remain on track with a pipeline of system sales such as the SLV Biopro project with B&E, PRECO, and the undisclosed project in the state of New York. Now, the significant demand for both sustainable green solvent and high-quality protein has become the driving force behind Greenbelt’s business model, vision and success for the foreseeable future.
Now back to your summer.
CEO | Greenbelt Resources Corporation
888-995-GRCO (4726) x101