HaloSource Inc Trading Update (5983T)
09 January 2017 - 6:00PM
UK Regulatory
TIDMHAL TIDMHALO
RNS Number : 5983T
HaloSource Inc
09 January 2017
9 January 2017
This announcement contains inside information
HaloSource, Inc.
("HaloSource" or the "Company")
Trading Update
HaloSource, Inc. (HAL.LN, HALO.LN), the global clean water
technology company traded on London's AIM, today issues a trading
update for its financial year ended 31 December 2016 ahead of its
preliminary results for the period, which it expects to announce on
14 March 2017.
Revenues from continuing operations for the full year ended 31
December 2016 are expected to be not less than $2.0 million (2016:
$4.2 million). Net cash at the year-end is expected to be
approximately $2.1 million (2015: $4.6 million).
As previously announced on 3 November 2016, revenues for 2016
were impacted by decreased demand from our largest Chinese
customer, Perfect Purification Manufacturing Company Ltd.
("Perfect"). Perfect has now resumed shipments against its
approximately 600,000 unit installed base of in-home devices, each
of which need annual replacement of HaloPure(R) powered cartridges
to keep water safe. During 2016, the Company added several key
development contracts for Asian product launches of HaloPure(R)
enabled devices including with one of the world's largest device
manufacturers, Midea Group, for a launch in India in 2017. Finally,
our partner, Jarden, launched pitchers in Mexico in a limited
number of stores of a US-based big box retailer late in 2016.
Results of initial sales and a decision from the retailer to expand
distribution of Jarden pitchers using HaloPure(R) to all of their
stores in Mexico is expected to be known in Q1 2017.
During the year we also made solid progress on the development
and scale-up of our new lead removal technology and we expect it to
be available during H1 2017. This technology would enable us to
offer a powerful combination of heavy-metal removal along with
viral and bacterial disinfection already provided by
HaloPure(R).
The Company's Board has recently concluded its strategic review
of options available to the Company, as previously announced on 3
November 2016, and will pursue either additional external equity
financing or a sale of the Company.
James Thompson, Acting CEO of HaloSource, said:
"In addition to completing the disposition of our Environmental
Water and Recreational Water businesses, we have also implemented a
number of structural changes during 2016 which enable us to better
focus on our Drinking Water business while also significantly
reducing our operating costs. A majority of our commercial efforts
are being driven by teams in the markets in which we do business,
primarily China, with innovation driven out of the US, supported by
a small technical team in India. To help address the customer
concentration issues of a small business, in 2H 2016, we added 6
new customers in China and one new customer in India that we expect
to contribute to increased revenues in 2017. The Asian markets for
drinking water products are growing at 30-40% annually and these
customers need technologies and regulatory approvals to launch
differentiated products. These relationships and our growing
pipeline are expected to deliver solid growth well into the
future.
We remain focused on delivering our class-leading HaloPure(R)
Drinking Water technology through current and future strategic
partnerships with some of the world's leading household appliance
brands."
Enquiries:
HaloSource, Inc.
James Thompson, Acting Chief
Executive Officer
Craig Crowell, Chief Financial +1 425 419 2257
Officer +1 425 419 2248
Liberum Capital (NOMAD and
Broker)
Richard Bootle
Jill Li
Steve Pearce +44 203 100 2222
About HaloSource
HaloSourceä, 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, HaloSourceä has grown to become
an influential leader in drinking water purification. HaloSourceä
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(R) is a registered trademark of HaloSourceä, 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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