HaloSource Inc Trading Update (2015O)
03 November 2016 - 6:00PM
UK Regulatory
TIDMHAL TIDMHALO
RNS Number : 2015O
HaloSource Inc
03 November 2016
3 November 2016
This announcement contains inside information
HaloSource, Inc.
("HaloSource" or the "Company")
Trading Update and Commencement of Strategic Review
HaloSource, Inc. (HAL.LN, HALO.LN), the global clean water
technology solutions company trading on London's AIM market, today
provides an update on trading ahead of the year ending 31 December
2016.
As announced on 26 July 2016, total revenues from continuing
operations for the six months ended 30 June 2016 were negatively
impacted by manufacturing related stoppages at a key customer in
China. Although these issues were resolved over the summer, demand
for the Company's products into the second half from this key
customer has been weaker than expected. As a result, the Company
expects revenues for the year ending 31 December 2016 to be
materially lower than market expectations, and in the range of $2
to $3 million. While the Company has taken significant steps during
the year to reduce operating expenses, the reduction in revenues
will result in the net loss for the full year being higher than
market expectations.
As at 31 December 2016 the Company expects to have net cash of
approximately $2.0 million, which would fund the Company through to
Q2 2017 at the current cash burn rate. However, the Board will
continue to take proactive steps to reduce the cash burn rate to
prolong the funding position of the Company through to at least the
end of 2017. This includes closing its production facility in India
by the end of 2016, with customers in India to continue to be
serviced by its Chinese facility. The impact of these steps will
result in the Company's expectations for revenue for 2017 being in
a range of $4 to $6 million.
In light of the above, the Company's Board will undertake a
review of all strategic options available to the Company.
Shareholders will be updated further in due course.
Enquiries:
HaloSource, Inc.
Martin Coles, Chief Executive
Officer +1 425 419 2257
Craig Crowell, Chief Financial
Officer +1 425 419 2248
Liberum Capital (NOMAD and Joint
Broker)
Richard Bootle
Jill Li
Steve Pearce +44 203 100 2222
Allenby Capital (Joint Broker)
Chris Crawford
Kat Perez +44 203 328 5656
About HaloSource
HaloSource, Inc. innovates and integrates technologies to
deliver clean, drinking water solutions to partners with trusted
brands around the world. The Company works with scientists and
industry experts across the globe in search of new ways to improve
drinking water quality and has been awarded more than 30 patents
for its ground breaking chemistries, which provide safe drinking
water for more than 10 million consumers globally. The Company's
class-leading HaloPure(R) Drinking Water technology has the highest
global certifications, including registration with the US EPA.
Founded in Seattle, Washington, HaloSource has grown to become
an influential leader in drinking water purification. HaloSource is
headquartered in the US with operations in China and in India.
Learn more about the Company's research and development and future
cutting edge technologies by visiting www.halosource.com.
HaloPure is a registered trademark of HaloSource, Inc. All other
trademarks, brand names or product names belong to their respective
holders.
This document contains certain forward-looking statements
relating to the Company. The Company considers any statements that
are not historical facts as "forward-looking statements". They
relate to events and trends that are subject to risk and
uncertainty that may cause actual results and the financial
performance of the Company to differ materially from those
contained in any forward-looking statement. These statements are
made by management in good faith based on information available to
them and such statements should be treated with caution due to the
inherent uncertainties, including both economic and business risk
factors, underlying any such forward-looking information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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