TIDMHAL TIDMHALO
RNS Number : 4199A
HaloSource Inc
01 February 2011
This press release contains certain forward-looking statements
with respect to the operations, performance and financial condition
of the Company. By their nature, these statements involve
uncertainty since future events and circumstances can cause results
and developments to differ materially from those anticipated. The
forward-looking statements reflect knowledge and information
available at the date of preparation of this press release and the
Company undertakes no obligation to update these forward-looking
statements. Nothing in this press release should be construed as a
profit forecast.
HaloSource GROUP OPERATIONAL UPDATE Seattle, U.S.A. -
HaloSource, Inc. ("HaloSource" or "the Company") (HAL.LN, HALO.LN)
the clean water and antimicrobial technology company is pleased to
announce it has made strong progress in 2010 while generating
revenue of $14.1m. This represents growth of approximately 20% for
the full year. Revenue in Q4 2010 was US$3.7m, up 58% on Q4 2009
demonstrating momentum in the Company's growth. The Company looks
forward to executing the strategy and business development plans
highlighted at the time of the IPO and its expectations for 2011
remain unchanged.
HaloSource will announce its 2010 full year results on 22nd
February, 2011. In advance of these results, the company is
providing an update on trading since its AIM listing on 18th
October 2010.
Summary
-- HaloPure Drinking Water revenue grew by more than 40% in
2010
-- Environmental Water revenue grew by more than 98% in 2010
-- In December, Bajaj Electricals launched a line of HaloPure
powered drinking water devices for the Indian market
-- The company made strong progress with new and prospective
customers across all businesses
-- The company is fully-funded and well positioned to undertake
planned growth in 2011
HaloPure Drinking Water
Use of HaloSource's US Environmental Protection Agency ("EPA")
registered HaloPure drinking water disinfection technology as a
gold standard purification technology in India continues to expand.
In the past quarter, the Water Quality Association (WQA) India task
force has developed a series of revised regulatory recommendations
for water purification devices that address the need for
improvements in virus performance, contributing to new interest in
HaloPure amongst manufacturers. Sales of HaloPure cartridges to
existing Indian partners, Eureka Forbes and Genpure, grew in 2010.
In addition on 21st December, Bajaj Electricals, a major
distributor and retailer across India, launched its first HaloPure
powered product. Encouraging progress has also been made on a
series of pending distribution agreements with multi-national and
regional companies for whom India is a focus market. Expansion of
the HaloPure manufacturing facility in India, doubling capacity, is
progressing and is due for completion at the end of Q2. Additive to
India, HaloPure cartridges or components have now been sold in
preliminary quantities in China, Brazil, Israel, Croatia, Turkey
and Thailand.
The company has completed the development of a range of
disinfecting HaloPure-powered pitcher products for in-home consumer
use, along with the design and development of a gravity
HaloPure-powered canister purifier for use in households in
emerging markets. Available in three models, the HaloPure gravity
unit can treat water for a family of five for up to six months.
Commercial agreements for the distribution of these products are
pending in India, Brazil,Indonesia, US, Canada and Mexico.
Final steps in the national certification of HaloPure in China
have been completed and the company expects to receive full
Ministry of Health clearance during 1H 2011. This will allow the
full scale supply of HaloPure components to China-based device and
appliance manufacturers and multi-nationals that sell consumer
drinking water devices to China's rapidly expanding middle class.
Additive to this, the company recently received a commercial scale
order from a multi-national drinking water device manufacturer with
plans to launch in China.
Water Clarification
HaloSource continues to build a robust Recreational Water
business with a full line of specialty recreational water cleaning
and clarifying products. The acquisition of the AquaPill(TM) and
SPAroma(TM) product lines on 2nd December 2010 will provide further
growth opportunities in recreational water through greater
distribution and new formats for the company's SeaKlear(R) branded
products.
Growth in the Environmental Water sector continues to be strong,
with the company rapidly expanding beyond its core StormKlear
storm-water remediation products. This has largely been driven by
growing the company's regulatory reach state by state under the US
Clean Water Act. The company believes its proprietary rapid-acting,
dual bio-polymer technology will drive significant growth in 2011
by providing solutions in the oil and gas, mining and bio-fuels
industries. A nationwide distribution agreement with a Fortune 500
service provider is also pending.
Antimicrobial Coatings
Beyond water technology, the company expects that continued
regulatory efforts with USEPA will result in its HaloShield-powered
textile products (marketed in the US under the Clorox Freshcare(TM)
brand) becoming the first and only textile products to carry
pathogenic-killing claims.
After debt repayment of $14.5m and the $3m Aquapill acquisition,
the group had cash balances at 31 December 2010 of approximately
$31.2 million. This funding ensures HaloSource is well positioned
to build on the progress it has made in 2010 and undertake the
extensive growth activities planned across its businesses in 2011.
ENDS
HaloSource
James Thompson, Chief Financial Officer
Andrew Clews, VP, Marketing and Product +1 425 974 1993
Development +1 425 974 1991
Brunswick Group
Justine McIlroy/Patrick Handley
Elizabeth Adams/Dania Saidam +44 207 404 5959
Liberum Capital (NOMAD)
Simon Atkinson/Richard Bootle +44 203 100 2222
Notes to Editors
About HaloSource
HaloSource is a clean water technology company, headquartered in
Seattle US with operations in India and China. It is focused on the
provision of cleaner, clearer and safer water using its proprietary
N-halamine bead technology to clean and purify water, killing
bacteria and viruses that may cause disease.
HaloPure provides safer drinking water. In 2009, it became the
first new drinking water technology in 30 years to be granted both
Manufacture-For-Use and Device registrations by the United States
Environmental Protection Agency (USEPA), which is widely recognized
as having the world's most stringent performance requirements for
water purification. HaloPure(R) is a unique contact biocide
technology that is proven to attack and kill a wide range of
harmful micro-organisms and is approved for long-term use in a
variety of markets, including the United States.
SeaKlear and StormKlear products use a second technology based
on natural bio-polymers to provide water clarification and
antimicrobial applications for treating recreational and
environmental water; and HaloShield facilitates the binding of
chlorine-based bleach to textiles such as sheets, lab coats and
towels. www.halosource.com
About HaloSource's Markets
HaloPure products are principally targeted at consumers in
emerging market countries, where access to safe drinking water is
particularly poor. In an independent analysis of the global Point
of Use drinking water device market carried out in 2005, Frost and
Sullivan concluded that:
-- the market for residential water treatment equipment in China
was estimated at $960 million in 2005, growing at an annual rate of
20.4 per cent between 2004 and 2011;
-- the market for residential drinking water devices in India
was estimated at $425 million in 2009, and experiencing growth of
approximately 25 per cent annually; and
-- in 2005 the global markets for filtration formats in the form
of under-the-sink, counter top and replacement cartridges were
growing annually at 20 per cent, 21 per cent and 18 per cent,
respectively.
The World Health Organisation has estimated that 1.1 billion
people lack access to safe drinking water and the Centre for
Disease Control is recommending Point Of Use filtration and
disinfection.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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