26 Oct 2018 07:00
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 astreaTM 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) - ($4.0) | $(0.6) - $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® 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® and astreaTM 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.