HaloSource Inc Trading Update (2913A)
December 27 2017 - 1:00AM
UK Regulatory
TIDMHAL TIDMHALO
RNS Number : 2913A
HaloSource Inc
27 December 2017
27 December 2017
HaloSource, Inc.
("HaloSource" or the "Company")
Trading Update
HaloSource, Inc. ("HaloSource" or "the Company") (HAL.LN,
HALO.LN) the clean water technology company, today provides an
update on trading ahead of the year ending 31 December 2017.
The Board of HaloSource was notified late on 22 December 2017
that on 21 December 2017, the Chinese government issued a temporary
shutdown order to manufacturing facilities in the region of China
where our glass pitcher supplier is located for region wide, rather
than supplier specific, pollution mitigation reasons. As a result,
we have experienced an unexpected delay in receipt of glass
pitchers from this supplier which will temporarily prevent the
Company from shipping product to one of its customers, JiuBan,
prior to 31 December 2017. This will have a material negative
impact on our revenues for 2017 and the Company now anticipates
that its total sales for the year will be in the range of $2.6 to
$3.0 million and net loss for the year will be in the range of $5.0
to $5.5 million. The low end of the revised forecasts reflects an
approximate 25% increase in revenues for the full year, a greater
than 145% increase in revenues compared to the second half of 2016
and a nearly 50% reduction in the Company's net loss for 2017
compared to 2016.
The Company expects all delayed products to be received from our
supplier as soon as possible after the temporary shutdown affecting
the region has ended and we expect to ship the delayed pitchers and
related cartridges to fulfill orders received from JiuBan, valued
at over 5.5 million Chinese yuan (approximately $840,000), early in
2018.
The Company also announces today that it has adjourned its
Annual General Meeting from 27 December to 29 December at 9:30 am
Pacific standard time to allow more time for votes to be cast and
obtain a quorum for the items to be approved at the meeting. Given
the expected approval of the Company's fundraising, previously
announced on 15 December 2017, at the Annual General Meeting it is
now expected that the new common shares of the Company to be issued
as part of the fundraising will be admitted to trading on AIM
effective at 8.00 a.m. on 3 January 2018.
Market Abuse Regulation
The information communicated in this Announcement is inside
information for the purposes of Article 7 of Market Abuse
Regulation 596/2014 ("MAR"). For the purposes of MAR and Article 2
of Commission Implementing Regulation (EU) 2016/1055, this
announcement is being made on behalf of the Company by Craig
Crowell, Chief Financial Officer.
Enquiries:
HaloSource, Inc.
James Thompson, Chief Executive
Officer +1 425 419 2258
Craig Crowell, Chief Financial
Officer +1 425 419 2248
Cantor Fitzgerald Europe
(NOMAD and Broker)
Andrew Craig, Richard Salmond +44 207 894 7000
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.
The HaloPure(R) and astrea(R) brands are registered trademarks
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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