TIDMHAL TIDMHALO
RNS Number : 6080B
HaloSource Inc
22 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.
Preliminary results announcement
Seattle, U.S.A. - HaloSource, Inc. ("HaloSource" or "the
Company") (HAL.LN, HALO.LN) the clean water and antimicrobial
technology company traded on London's AIM, today announces its
preliminary results for the year ended 31 December 2010.
2010 Highlights
-- Group revenue up 20% to $14.1million (2009: $11.8
million)
- HaloPure(R) Drinking Water revenue up over 40% to $1.7 million
(2009: $1.2 million)
- Environmental Water revenue up over 98% to $1.4 million (2009:
$0.7 million)
- Core Recreational Water business continued to grow at more
than double industry growth rates
-- Fully funded following IPO on AIM and well positioned for
growth in 2011 with cash and short term investments balance of
$31.2 million at 31 December 2010
-- Partner Bajaj Electricals launched the first of a line of
HaloPure-powered drinking water devices for the Indian market
-- Movement up the value chain with the development of a range
of standard cartridges and OEM finished devices in the HaloPure
business
-- Completed major steps in the national certification of
HaloPure in China
-- HaloPure-powered pitcher product first to be registered with
USEPA
-- Reached protocol approval with USEPA to provide a pathway to
public health claims in the HaloShield coatings business
-- Completed the acquisition of the AquaPill(TM) product line in
the Recreational Water business
Post Period-End Events
-- New supply agreement signed with US-based AWG International
for launch of a HaloPure-powered device in emerging markets in
2011
-- Supply agreement signed today with Fairey Industrial Ceramics
Limited (FICL), the UK based sole manufacturer of the world-famous
range of Doulton(R), British Berkefeld(R) and Fairey(R) ceramic
drinking water filters
John Kaestle, President and Chief Executive of HaloSource Inc,
said:
"I am pleased with our performance in 2010 which has been driven
by the strong growth of our water businesses. In the drinking water
space, partnerships in India with Eureka Forbes and Genpure are
driving sales of our HaloPure products and I am confident that our
new partnership with Bajaj Electricals, India's largest white goods
producer, will take this growth to a new level in 2011. We are also
working closely with a number of new and existing partners to
supply finished HaloPure devices and cartridges in India, which
underpins our strategy of moving up the value chain. In 2010, we
completed major steps in having HaloPure approved in China and we
expect full certification in the first half of 2011, opening a very
large and growing drinking water market.
"HaloSource's IPO on London's AIM market in late 2010 was well
received by an exceptional group of blue-chip institutional
investors, and we are excited about our prospects going
forward."
Enquiries
HaloSource
========================================= =================
James Thompson, Chief Financial Officer +1 425 974 1993
========================================= =================
Andrew Clews, VP, Marketing and Product
Development +1 425 974 1991
========================================= =================
Brunswick Group +44 207 404 5959
========================================= =================
Justine McIlroy/Patrick Handley
========================================= =================
Elizabeth Adams/Dania Saidam
========================================= =================
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(R) 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 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 Organization 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.
HaloSource, Inc.
Statement by the Chairman and CEO
Overview and Financials
In a challenging environment, 2010 Group revenue rose more than
20% to $14.1 million, with strong progress in both the
Environmental and Drinking Water revenues which grew 98% and 40% on
the year, respectively. We have invested in these categories as a
strategic priority and will continue to strengthen the teams
supporting these divisions in order to upgrade our operational
capacity.
Operating expenses totaled $15.6 million for the year and the US
GAAP loss for the year was $11.5 million. Our gross margin for the
year was 46.4%, which was below expectations due to slower than
anticipated realization of supply contracts in the latter part of
2010. We fully expect these contracts to be signed in early 2011
and expect that margins will improve as sales volumes grow.
HaloSource's growth platform was reinforced by the Company's
successful IPO on 18 October 2010. After debt repayment of $14.5
million and the $3 million acquisition of the AquaPill product line
on 2 December, the group had cash and short term investments
balances at 31 December 2010 of $31.2 million.
Business Review
HaloPure Drinking Water
Sales of HaloPure cartridges to existing Indian partners, Eureka
Forbes and Genpure, grew in 2010. Our position in the market was
boosted when Bajaj Electricals, a major distributor and retailer
across India, launched its first HaloPure-powered product on 21
December. We have also made encouraging progress 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 to effectively double its
capacity is progressing and is due for completion at the end of the
second quarter 2011. Additional capacity to support cartridge and
device assembly expansion in China is also underway. Beyond India
and China, HaloPure cartridges or components are now being sold in
Brazil, Israel, Greece, Croatia, Turkey and Thailand.
The Company continued to integrate HaloPure technology into
partner company products and has also completed the development of
a range of OEM finished products, including a range of disinfecting
HaloPure-powered pitchers for in-home consumer use and a
gravity-powered canister purifier for use in households in emerging
markets. The HaloPure Waterbird(TM) gravity unit is available in
three different designs and can treat water for a family of five
for up to six months. Commercial agreements for their distribution
are pending in India, Brazil, the US, Canada and Mexico.
We completed major steps in the national certification of
HaloPure in China and we expect to receive full Ministry of Health
clearance during the first half of 2011. In anticipation of this,
the Company has shipped a commercial scale order to a
multi-national drinking water device manufacturer with plans to
launch in China.
The Water Quality Association (WQA) India Task Force has
recently 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.
Water Clarification
HaloSource continues to build a strong Recreational Water
business with a full line of specialty recreational water cleaning
and clarifying products. Acquisition of the AquaPill product line
on 2 December 2010 provides further growth opportunities in
Recreational Water through greater distribution and new formats for
our SeaKlear(R) branded products.
Growth in the Environmental Water business continues to
progress, as we expand beyond our core StormKlear storm-water
remediation products. We believe that our proprietary rapid-acting,
dual bio-polymer technology will drive growth in 2011 by providing
solutions in new applications such as oil and gas produced water
remediation. A nationwide distribution agreement with a Fortune 500
service provider is also pending.
Antimicrobial Coatings
Beyond water technology, we expect that continued regulatory
efforts with the USEPA will result in our 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 technology during 2011.
Technology and Product Development
We have developed our own range of standard HaloPure-powered
cartridge solutions and the completion of the first in a series of
OEM HaloPure-powered finished devices has cemented our plans to
move up the value chain in the Drinking Water segment. We have
invested in developing a deeper understanding of consumer trends,
and building a strong product-to-market strategy, positioning us
well for further expansion in this business. Our partners are now
viewing us as problem solvers to their product portfolio needs and
this is driving growth in this business.
New technologies, intellectual property and products are opening
up new channels and markets in Environmental Water, Recreational
Water and Drinking Water. Our new biopolymer technologies are
facilitating our expansion in the storm-water oriented
Environmental Water category to now encompass treatment of a
variety of run-off water from oil and gas production, and explore
the use of these technologies in delivering greater productivity in
bio-fuel harvesting and delivery. Our SeaKlear branded Recreational
Water products are well recognized as innovative, high quality
offerings and the development of HaloSource branded versions of
these products to appeal to mass markets will help us deliver
growth well beyond specialty stores.
Regulatory
With water-related regulatory hurdles increasing
internationally, HaloSource is well positioned to both anticipate
and respond with viable commercial solutions. In 2010, we achieved
additional regulatory approvals, clearances and registrations for
our HaloPure drinking water solutions and our Environmental Water
products, each of them key to the group's distribution expansion.
We made progress this year in our goal to achieve Ministry of
Health registration of HaloPure as an approved new disinfection
technology in China and we expect final approval to occur in the
first half of 2011. This will enable the adoption of HaloPure
technology in China by a variety of domestic and international
companies with plans for China-oriented device sales.
HSE and Employees
Quality systems have been central to the growth and development
of our operations and ISO 9000 quality certifications are pending
in both our Shanghai and Bangalore facilities. In addition, a
strong commitment to employee health and safety (EHS) has resulted
in a perfect EHS record for 2010 across all our facilities.
Employee headcount at the beginning of the year was 102 and as of
31 December 2010 stood at 116. With rapid expansion of activities
throughout 2011, we plan to add approximately 90 additional staff,
many of them in operational and semi-professional roles in India
and China, bringing our expected headcount to 206.
Outlook
We are pleased with the progress we have made in commercializing
technologies across all of our business lines. In Recreational
Water, Environmental Water and Antimicrobial Coatings, we expect to
continue to launch new products and expand distribution, primarily
in North America. In Drinking Water, our partner pipeline has never
been more robust, with companies on multiple continents looking for
technologies and products to address the rising regulatory
standards and help set them apart in the multi-billion dollar
point-of-use drinking water market.
Jerry Wetherbee John Kaestle
Chairman Chief Executive
22 February 2011 22 February 2011
HaloSource, Inc.
and Subsidiaries
Unaudited Consolidated Statements of Operations and Comprehensive
Loss
Years ended
December 31, 2008 2009 2010
US$000 (Audited) US$000 (Audited) US$000 (Unaudited)
----------------------------- ------------------- ------------------- ---------------------
Revenue - net $ 10,102 $ 11,803 $ 14,140
Cost of goods sold 5,084 6,045 7,579
----------------------------- ------------------- ------------------- ---------------------
Gross profit 5,018 5,758 6,561
Operating expenses
Research and
development 2,535 2,529 3,025
Selling, general,
and
administrative 10,871 10,346 12,543
Total operating
expenses 13,406 12,875 15,568
----------------------------- ------------------- ------------------- ---------------------
Operating loss (8,388) (7,117) (9,007)
----------------------------- ------------------- ------------------- ---------------------
Other income
(expense)
Interest income 175 22 23
Interest expense (2,033) (2,047) (2,051)
Change in fair
value of preferred
stock warrant
liability 933 (360) 147
Foreign exchange
loss - - (559)
----------------------------- ------------------- ------------------- ---------------------
Total other
income/(expense) (925) (2,385) (2,440)
----------------------------- ------------------- ------------------- ---------------------
Loss from
continuing
operations before
income taxes (9,313) (9,502) (11,447)
Income taxes - (59) (4)
----------------------------- ------------------- ------------------- ---------------------
Loss from
continuing
operations (9,313) (9,561) (11,451)
Discontinued
operations
(Loss)/income from
discontinued
operations 608 104 (2)
Gain on sale of
discontinued
operations 10 463 -
----------------------------- ------------------- ------------------- ---------------------
(Loss)/income from
discontinued
operations 618 567 (2)
----------------------------- ------------------- ------------------- ---------------------
Net loss (8,695) (8,994) (11,453)
----------------------------- ------------------- ------------------- ---------------------
Other comprehensive
income (loss)
Unrealized loss on
available-for-sale
investments - - (33)
Foreign currency
translation
adjustments (59) 25 (3)
----------------------------- ------------------- ------------------- ---------------------
Comprehensive loss (8,754) (8,969) (11,489)
----------------------------- ------------------- ------------------- ---------------------
Loss per share -
basic and diluted $ (7.96) $ (8.07) $ (0.72)
----------------------------- ------------------- ------------------- ---------------------
Shares used to
compute basic and
diluted loss per
share 1,092,864 1,114,754 15,997,288
----------------------------- ------------------- ------------------- ---------------------
HaloSource,
Inc. and
Subsidiaries
Unaudited
Consolidated
Balance
Sheets
As of
December 31, 2008 2009 2010
US$000 (Audited) US$000 (Audited) US$000 (Unaudited)
----------------------- ------------------- ------------------- ---------------------
Assets
Current
Assets
Cash and cash
equivalents $ 9,187 $ 2,967 $ 16,141
Short term
investments - - 15,104
Accounts
receivable,
less
allowance for
doubtful
accounts of
$20,000,
20,500 and
$62,100 1,893 2,488 1,837
Inventories -
net 2,193 1,834 2,600
Prepaid
expenses and
other current
assets 489 475 1,105
Assets held
for sale 104 - -
Note
receivable -
current
portion - 75 -
Stock
subscriptions
receivable - 10,000 -
----------------------- ------------------- ------------------- ---------------------
Total Current
Assets 13,866 17,839 36,787
Property and
equipment -
net 798 1,043 1,127
Goodwill 690 690 2,110
Other
intangible
assets - net 93 30 1,216
Note
receivable -
long-term
portion - - -
Deferred
financing
fees 340 113 -
Deposits 175 199 220
----------------------- ------------------- ------------------- ---------------------
Total Assets 15,962 19,914 41,460
----------------------- ------------------- ------------------- ---------------------
Liabilities, Redeemable
Convertible Preferred Stock and
Stockholders'
Deficit
Current
Liabilities
Accounts
payable $ 1,307 $ 1,972 $ 2,060
Accrued
expenses 530 720 1,107
Salaries and
benefits
payable 327 409 451
Borrowing
under line of
credit - 500 -
Current
portion of
debt and
capital lease
obligations 151 162 29
Deferred gain
on sale of
assets 425 - -
Deferred
revenue -
current
portion 121 26 -
----------------------- ------------------- ------------------- ---------------------
Total Current
Liabilities 2,861 3,789 3,647
Deferred
revenue -
long-term
portion 163 163 163
Long-term
portion of
debt and
capital lease
obligations 26 43 12
Convertible
debt - net of
discounts 9,171 9,719 -
Accrued
interest
payable on
convertible
debt 1,858 3,108 -
Deferred rent 165 172 -
Preferred
stock warrant
liability 776 1,136 -
----------------------- ------------------- ------------------- ---------------------
Total
Liabilities 15,020 18,130 3,822
----------------------- ------------------- ------------------- ---------------------
Redeemable
convertible
preferred
stock
Series C
redeemable
convertible
preferred
stock 6,455 6,455 -
Series D
redeemable
convertible
preferred
stock 10,520 19,526 -
----------------------- ------------------- ------------------- ---------------------
16,975 25,981 -
Stockholders'
Deficit
Convertible
preferred
stock, no par
value
Series A - authorized, 11,500,000 shares in 2008 and
2009,
0 in 2010; issued and outstanding: 10,999,844,
10,999,844
and 0 shares ($14,739,791,
$14,739,791 and 0 liquidation
preference) 12,002 12,002 -
Series B - authorized, 13,862,013 shares in 2008 and
2009,
0 in 2010; issued and outstanding,
12,071,789, 12,127,759
and 0 shares ($32,352,395, $32,502,394 and 0
liquidation
preference) 16,219 16,219 -
Series C - authorized, 25,634,328 shares in 2008 and
2009,
0 in 2010; issued and outstanding,
4,482,511, 4482,511
and 0 shares
($12,013,344,
12,013,344
and 0
liquidation - - -
preference)
Series D - authorized, 35,000,000 shares in 2008 and
2009,
0 in 2010; issued and outstanding
6,675,270, 16,329,834
and 0 shares,
($11,881,981,
$21,881,978
and 0
liquidation
preference) - - -
Common stock,
no par value
Authorized, 110,000,000 shares in 2008 and 2009,
200,000
in 2010; issued and outstanding:
1,097,035, 1,122,036 and
74,068,176 1,748 2,553 104,072
Accumulated
other
comprehensive
gain/(loss) (49) (24) (36)
Accumulated
deficit (45,953) (54,947) (66,398)
----------------------- ------------------- ------------------- ---------------------
Total
stockholders'
deficit (16,033) (24,197) 37,638
----------------------- ------------------- ------------------- ---------------------
Total liabilities, convertible
redeemable preferred
stock and
stockholders'
deficit $ 15,962 $ 19,914 $ 41,460
----------------------- ------------------- ------------------- ---------------------
Commitments
and
Contingencies
HaloSource, Inc. and
Subsidiaries
Unaudited Consolidated
Statements of Cash
Flows
Years ended December
31, 2008 2009 2010
US$000 (Audited) US$000 (Audited) US$000 (Unaudited)
--------------------------------- ------------------- ------------------- ---------------------
Operating Activities
Net loss $ (8,695) $ (8,994) $ (11,453)
Adjustments to
reconcile net loss to
net cash used in
operating activities:
Loss/(income) from
discontinued
operations (607) (104) -
Gain on sale of
discontinued
operations (10) (463) -
Depreciation and
amortization 271 387 291
Allowance for sales
returns and bad debts 31 (91) (54)
Non-cash interest
expense 774 774 639
Share-based
compensation 549 493 388
(Gain)/loss on disposal
of property, equipment
and other assets 7 2 -
Accrued interest
payable on convertible
debt 1,250 1,250 (3,108)
Change in fair value of
preferred stock
warrant liability (934) 360 (147)
Changes in operating
assets and
liabilities:
Accounts receivable (136) (772) 655
Inventories (301) 360 (428)
Prepaid expenses and
other assets (234) 14 (631)
Accounts payable 155 (22) 77
Accrued expenses 5 190 204
Salaries and benefits
payable (56) 82 43
Deferred revenue 184 (95) (26)
Deferred rent 9 8 1
--------------------------------- ------------------- ------------------- ---------------------
Net Cash Used in
Operating Activities (7,738) (6,621) (13,549)
--------------------------------- ------------------- ------------------- ---------------------
Cash Flows From
Investing Activities
Purchase of property
and equipment (540) (571) (251)
Cash paid for business
acquisition - - (2,971)
Purchase of short term
investments - - (15,137)
Increase in deposits (52) (25) -
Repayment of note
receivable 21 - -
--------------------------------- ------------------- ------------------- ---------------------
Net Cash Used in
Investing Activities (571) (596) (18,359)
--------------------------------- ------------------- ------------------- ---------------------
Cash Flows from
Financing Activities
Net proceeds and
repayments under
revolving line of
credit - 500 -
(Repayments)/additions
of debt and capital
lease obligations (53) 28 (10,657)
Proceeds from issuance
of convertible debt
(net of issuance
costs of $680,036) - - -
Proceeds from issuance
of Series C preferred
stock and
warrants (net of
issuance costs of
$nil) - - -
Proceeds from issuance
of Series D preferred
stock and
warrants (net of
issuance costs of
$596,704) 11,185 - 10,253
Proceeds from exercise
of Series B preferred
stock warrants 75 - -
Proceeds from exercise
of stock options and
warrants 3 6 80
Proceeds from IPO - - 45,426
--------------------------------- ------------------- ------------------- ---------------------
Net Cash Provided by
Financing Activities 11,210 534 45,102
--------------------------------- ------------------- ------------------- ---------------------
Cash Flows from
Discontinued
Operations
Operating activities 335 373 -
Investing activities 435 66 -
--------------------------------- ------------------- ------------------- ---------------------
Net Cash Provided by
Discontinued
Operations 770 439 -
--------------------------------- ------------------- ------------------- ---------------------
Effect of exchange rate
changes on cash (59) 24 (20)
--------------------------------- ------------------- ------------------- ---------------------
Net Increase in Cash
and Cash Equivalents 3,612 (6,220) 13,174
Cash and Cash
Equivalents, beginning
of year 5,575 9,187 2,967
--------------------------------- ------------------- ------------------- ---------------------
Cash and Cash
Equivalents, end of
year $ 9,187 $ 2,967 $ 16,141
--------------------------------- ------------------- ------------------- ---------------------
Cash Paid for:
Interest $ - $ - $ 4,500
Income taxes - - 4
--------------------------------- ------------------- ------------------- ---------------------
Note 1 - Annual Report
The financial information set out in this document does not
constitute the Company's statutory accounts for 2008, 2009 or 2010.
Statutory accounts for the years ended 31 December 2009 and 31
December 2008 have been reported on by the Independent Auditors.
The Independent Auditors' Report on the Annual Report and Financial
Statements for 2009 and 2008 was unqualified and did not draw
attention to any matters by way of emphasis. The results for 2010
are unaudited. Statutory accounts for the year ended 31 December
2010 will be finalised based on the information in this
announcement.
Note 2 - Supplemental Information
As a supplement to our unaudited US-GAAP consolidated financial
statements, we present certain non-GAAP adjustments which we
believe will help investors evaluate the operating performance of
the company. These non-GAAP adjustments are not to be considered in
isolation or as a substitute for US-GAAP measures. Their inclusion
here is intended to provide additional insight into the operations
of HaloSource Inc.
Share-based compensation - US-GAAP requires the recognition of
compensation expense for stock options based on a certain accepted
valuation models. The calculation depends on multiple estimates and
subjective assumptions, especially for companies like HaloSource
which have very limited share trading experience in public markets.
We believe that removing non-cash estimates of this type can
provide investors with additional understanding of the company's
business operations and financial performance.
Non-cash interest on convertible debt - US GAAP requires an
assignment of value to stock warrants and beneficial conversion
features when they are embedded in convertible debt instruments.
These values are treated as debt discounts and amortized as
additional, but non-cash, interest expense over the life of the
debt under US-GAAP. HaloSource retired the related debt during 2010
so these charges will not be repeated in the foreseeable future. We
believe that identifying these amounts can increase investors'
understanding of the underlying cash flows of the company.
Change in fair value of preferred stock warrants reported as a
liability - US-GAAP requires the fair value of stock warrants for
convertible preferred shares with embedded redemption features to
be reported as a liability on the balance sheet. In addition, this
liability must be revalued at each reporting date and any change in
the fair value must be reflected through the statement of
operations and comprehensive loss. Since the company's qualifying
warrants were not publicly traded, the fair value represented an
estimate based on several subjective assumptions. In addition, the
company's qualifying warrants had strike prices identical to their
potential redemption value. In addition, they were converted to
common warrants as of the company's initial public stock offering
and no longer qualified as liabilities. We believe that
understanding the related amounts can aid investors' understanding
of the underlying operating results of the company.
Foreign exchange loss on cash held in non-US currency -
HaloSource had its first public offering of shares during 2010 on
the London AIM market. The offering was funded in British pounds
sterling and the cash raised was transferred to the US and
converted into US dollars. Between the date of the initial public
offering and the conversion to US dollars, exchange rates between
the pound and the dollar changed in an unfavorable direction for
the company. We believe that this exchange loss was a one-time
event and adjusting for this item helps to provide a more
comprehensive understanding of the company's performance.
in US $000
---------------------------------------
2009 2010
------------------ -------------------
US-GAAP net loss ($8,994) ($11,453)
Non-GAAP adjustments
Share-based compensation
expense 493 388
Non-cash interest expense
on
convertible debt 774 639
Change in value of preferred stock
warrants shown as a
liability 359 (147)
Foreign exchange loss on cash held
in non-US currency 585
------------------ -------------------
Non-GAAP net loss ($7,368) ($9,988)
================== ===================
Cautionary Statement:
HaloSource has made forward-looking statements in this press
release, including statements about the market for and benefits of
its products and services; financial results; product development
plans; the potential benefits of business relationships with third
parties; and business strategies. These statements about future
events are subject to risks and uncertainties that could cause
HaloSource's actual results to differ materially from those that
might be inferred from the forward-looking statements. HaloSource
can make no assurance that any forward-looking statements will
prove correct.
General Information:
The company is incorporated and domiciled in the State of
Washington USA. The address of its registered office is 1631
220(th) Street SE, Suite 100, Bothell, WA 98021 USA.
The company has its primary listing on the AIM market of the
London Stock Exchange.
The 2010 unaudited preliminary financial statements were
prepared under US GAAP and were approved for issue on 18 February
2011.
The Company's 2010 Audited statements and Annual Report will be
available to shareholders on April 15, 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DKDDBKBKBDBB
Halosource Cp (LSE:HALO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Halosource Cp (LSE:HALO)
Historical Stock Chart
From Jul 2023 to Jul 2024
