HaloSource Corporation Trading Update (2527F)
October 26 2018 - 1:00AM
UK Regulatory
TIDMHAL TIDMHALO
RNS Number : 2527F
HaloSource Corporation
26 October 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
HaloSource Corporation
("HaloSource" or the "Company")
Trading Update
Clean water innovator Halosource Corporation (AIM:HALO, AIM:HAL)
today provides the following trading update.
Further to the Company's RNS dated 21 August 2018, the Directors
believe that, given intervening trading, the Company continues to
have sufficient working capital until around the end of 2018.
HaloSource has met its recently stated objectives, namely the
launch of its online astrea(TM) ONE bottle and filter replacement
subscription service, selling product at its first nationwide
retail customer (Sur La Table) in the US, and receipt of NSF 53
certification for its product as the first and only bottle in the
world certified to remove lead from drinking water. For the year
ended 31 December 2018, the Directors expect revenues in the range
of US$2.0 million to US$2.5 million, and a net loss of US$7.0
million to US$7.5 million.
As announced on 21 August 2018, the Directors are continuing to
explore means of raising additional capital. On the basis that a
further $4 million to $5 million is raised, the Directors believe
that the Company will have sufficient working capital for the
twelve months following the fundraising to fund its current
business plan. This plan targets revenues and net income (loss) for
the years 2019 and 2020 in the following ranges:
(US$ millions) 2019 2020
Revenue $7.0 - $8.0 $14.0 -
$16.0
------------ ---------
Net Income (loss) ($4.4) - $(0.6) -
($4.0) $0.2
------------ ---------
Based upon the midpoint of the 2020 revenue range, above, the
Company expects to become cash flow positive in the first half of
that year.
Enquiries:
HaloSource Corporation
James Thompson, Chief Executive
Officer (425) 419-2258
Craig Crowell, Chief Financial
Officer (425) 419-2248
WH Ireland Limited (NOMAD and
Broker)
Tim Feather / Chris Viggor +44 (0) 20 7220 1666
About HaloSource
HaloSource Corporation 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 millions of 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 India. Learn
more about the Company's research and development and future novel
technologies by visiting www.halosource.com or
www.astreawater.com.
The HaloPure(R) and astrea(TM) brands are trademarks of
HaloSource Corporation. 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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October 26, 2018 02:00 ET (06:00 GMT)
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