Why is this not an RSN27 Sep 2018 18:38
nterim Results
Released : 27.09.2018 07:00
RNS Number : 0796C
HaloSource Corporation
27 September 2018
27 September 2018
HaloSource Corporation
("HaloSource" or the "Company")
Interim results for the six months ended 30 June 2018
HaloSource Corporation (HAL.LN, HALO.LN), the global clean water technology company trading on London Stock Exchange's AIM market, today announces its unaudited interim results for the six months ended 30 June 2018 (H1 2018" or the "Period").
Highlights
· Revenue from continuing operations of $0.9 million (H1 2017: $0.9 million),
· First orders received for the Company's lead reduction technology under its astreaTM brand, with product shipments beginning this month
· Operating expenses from continuing operations increased by 10% to $3.6 million (H1 2017: $3.2 million) largely resulting from non-recurring expenses arising from the Company's re-domicile to the British Virgin Islands ("BVI")
· Net loss of $3.9 million (H1 2017: $3.2 million)
· Net cash and short-term investments at period end of $0.1 million ($1.2 million as at 31 December 2017) before completion of $2.0 million financing (before professional fees incurred) on 10 September 2018
James Thompson, CEO of HaloSource, said:
"HaloSource has always been an innovation company at its core. With world-class technologies we partner with global consumer product companies to provide innovative drinking water purification products. However, since focusing solely on our drinking water business in the last two years, we have recognized the commercial limitations of this go-to-market strategy. As a result, we have augmented our commercial strategy to better leverage our technologies and generate greater returns for our shareholders by launching our own line of drinking water products targeting the US and European hydration markets (bottles and pitchers) while continuing to grow our OEM business in China. With the new astreaTM line of one-of-a-kind heavy metal removal (specifically lead) hydration products, we now believe that we can have greater control over our technology and improve the likelihood of commercial success.
During H1 2018, we announced the successful completion of the first commercial production of our new heavy-metal reduction media in conjunction with our supply chain partner, Chematek SpA. Also, in Q1, we received our first orders from this new strategy via the Indiegogo crowdfunding platform. On World Water Day 2018 (March 22) we launched this crowdfunding campaign in the US targeting health-conscious consumers with our new astreaOne daily filtering water bottle. In a few weeks, we received orders for 1,300 bottles to consumers, with interest from consumers in Europe and Asia in addition to the US. We expect these orders to be fulfilled by mid-October. We followed up this effort by signing our first specialty retail partner, Sur La Table, Inc. a premium retailer selling kitchen and
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