CCT uses patented technology to convert raw coal into a cleaner burning and more efficient fuel.

It had always been the company’s intention to implement the reverse split but it had hoped to have the pilot plant completed and installed beforehand.

“The severe winter and unavoidable delays were unanticipated,” CCT said.

“So were the cost increases that created the funding gap that the company is now working diligently to fill.”

The reverse split serves to assist CCT in restructuring its capital structure and helps create a stronger foundation to enable the company to deploy its Pristine-M technology.

The company said it was a key first step towards creating a more attractive security for potential institutional investment partners and for eventual up-listing onto a national exchange.

"We agree it is very frustrating and disheartening to watch the stock every day," CCT CEO Robin Eves said.

"However, we believe that soon we will announce to the world that we have a viable and powerful technology that can be immediately deployed."

Despite setbacks, the young company has come a long way since it began three years ago.

When it started, it had only one technology that was still not demonstrated.

Three years later CCT has three patented or patent pending technologies and has raised enough capital to design and fully engineer a dehydration process from the ground up.

The company has paid for an engineered pilot plant that is 75% complete and has secured a powerful host for the testing.