Basin Water Making Excellent Progress Implementing New Sales Process, CEO Michael Stark Tells Annual Meeting
May 06 2008 - 4:25PM
Business Wire
Basin Water, Inc. (NASDAQ: BWTR) is making excellent progress in
implementing a new sales and marketing strategy, Michael M. Stark,
President and Chief Executive Officer, told the annual meeting.
Basin Water has substantially rebuilt its sales organization and
sales and marketing support capabilities over the past months, he
said. �We have developed a professional, focused systematic
approach that identifies high-potential customers based on
technical need for our services, the urgency a customer faces in
resolving a water quality issue, and our ability to solve the
problem cost-effectively for the customer and profitably for
Basin,� he said. �We now have the right people throughout our
organization doing the right things to grow the business, and we
have a large number of potential contracts in our pipeline.
However, it will take some time to fully realize the benefits of
our improved sales and marketing systems,� he said. �Our customers
typically require from 6 to 18 months between initial discussions
and closing a sale. So, we expect that it will take a few more
quarters for our revenues to reflect the significant strengthening
of our sales and marketing efforts that we have implemented over
the last few months,� he said. �As a result, although first quarter
sales, which we will report next week, will be higher than the
first quarter a year ago, they will be less than the sales we
reported for the fourth quarter of 2007.� He noted that due to
seasonality of the company's business, the first quarter is
typically slower than other quarters, and also that there is some
delay on sales to municipalities because of reduced homebuilding
nationally. �Despite the housing slow down our Potable and
Industrial pipeline is strong and populated with opportunities
outside these recessionary influences,� he said. Mr. Stark also
said that the company�s balance sheet remains strong. The company
has no debt outstanding, and does not expect to borrow to meet its
cash needs in the foreseeable future, he said. In addition, Mr.
Stark noted that the company's first quarter cash usage will be
greater than the fourth quarter of 2007 in part due to a number of
one time items; however, the company expects to have sufficient
cash to fund operations for the foreseeable future. Basin Water
will announce its quarterly results on Monday, May 12, and, as
previously announced, will conduct its quarterly investor
conference call the same day. A copy of the presentation slides
from the annual meeting is available on the company�s website at
www.basinwater.com under �Investor Relations.� About Basin Water
Basin Water, Inc. designs, builds and implements systems for the
treatment of contaminated groundwater, and industrial process
water. It provides reliable sources of drinking water for many
communities, and the ability to comply with environmental standards
and recover valuable resources from process and waste water
streams. Basin Water has developed a proprietary, scalable
ion-exchange treatment systems that effectively process
contaminated water in an efficient, flexible and cost effective
manner. Additional information may be found on the company's web
site: www.basinwater.com. Forward Looking Statements This press
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements, including expectations relating to future revenues and
income, the company's ability to gain new business and control
costs, involve risks and uncertainties, as well as assumptions
that, if they prove incorrect or never materialize, could cause the
results of the company to differ materially from those expressed or
implied by such forward-looking statements. Actual results may
differ materially from these expectations due to various risks and
uncertainties, including: the company's limited operating history,
significant operating losses associated with certain of the
company's contracts, the company's ability to identify and
consummate other acquisition opportunities that improve the
company's revenues and profitability, significant fluctuations in
its revenues from period to period, its ability to effectively
manage its growth, the success of the company's strategic partners,
its long sales cycles, market acceptance of its technology, the
geographic concentration of its operations and customers, its
ability to meet customer demands and compete technologically, the
company's ability to protect its intellectual property, regulatory
approvals of the company's systems, changes in governmental
regulation that may affect the water industry, particularly with
respect to environmental laws, the company's ability to attract and
retain qualified personnel and management members, the company's
ability to manage its capital to meet future liquidity needs,
changes in the board of directors and the timing of the company's
stock repurchases, if any. More detailed information about these
risks and uncertainties are contained in the company's filings with
the Securities and Exchange Commission, including the company's
Annual Report on Form 10-K for the year ended December 31, 2007 and
subsequent Quarterly Reports on Form 10-Q. The company assumes no
obligation to update these forward-looking statements to reflect
any change in future events.
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