WestBond To Produce Disinfectant Wipes
May 26 2020 - 8:34PM
WestBond Enterprises Corporation (TSX-V: WBE) is pleased to
announce that its wholly owned subsidiary, WestBond Industries Inc.
has been issued a DIN (Drug Identification Number) by Health Canada
to produce wet disinfectant wipes. These surface wipes will
be marketed under WestBond’s trademark VIROBAN PLUS.
The company already produces dry patient wipes for the health
care industry and recognized the need for adding wet wipes to its
product line. The manufacturing equipment was purchased over
the last year and is now being tested after all the regulatory
requirements were satisfied regarding the disinfectant formulation
and product claims.
Production and sales are planned for late July of this
year. The company expects to significantly increase sales and
profits due to the high demand for these wiping products in light
of the COVID-19 situation. As a result of the resources that
are already in place and other equipment that is on its way, the
supply chain for all raw materials will be mainly based in
BC. This should ensure there is little or no interruption to
the finished product inventories.
WestBond already has a distribution network of major medical
distributors as well as some government agencies that will
facilitate a fast market penetration of VIROBAN PLUS. In
addition, this new project is expected to create upwards of 20 full
time positions at the company’s Delta, BC operation.
This product introduction will be the first phase of re focusing
the company’s efforts toward expanding its core business in the
Health Care market.
The board of directors has suspended the
quarterly dividend to ensure an efficient and timely completion of
the project.
Cautionary Note Regarding Forward
Looking Statements: This release includes certain
statements and information that constitute forward-looking
information within the meaning of applicable Canadian securities
laws, including statements regarding the Company’s
intentions. Generally, forward-looking statements and
information can be identified by the use of forward-looking
terminology such as “intends” or “anticipates”, or variations of
such words and phrases or statements that certain actions, events
or results “may”, “could”, “should” or “would” occur.
Forward-looking statements are based on certain material
assumptions and analysis made by the Company and the opinions and
estimates of management as of the date of this press release,
including the ability to develop markets and increase
profitability. Although the Company considers these
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect, and the
forward-looking statements in this release are subject to numerous
risks, uncertainties and other factors that may cause future
results to differ materially from those expressed or implied in
such forward-looking statements. Such risk factors may
include, among others, changes in operating performance,
availability of and prices for raw materials, availability of
trained labour, foreign currency exchange rate fluctuations,
unexpected competition and other technical, market and economic
factors. Although management of the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements or forward-looking information, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements and forward-looking information. Readers
are cautioned that reliance on such information may not be
appropriate for other purposes. The Company does not undertake to
update any forward-looking statement, forward-looking information
or financial out-look that is incorporated by reference herein,
except in accordance with applicable securities laws. We seek safe
harbour.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information please contact:
Gennaro Magistrale
Chief Executive Officer, President and Director
WestBond Enterprises Corporation
101 – 7403 Progress Way, Delta, B.C. V4G 1E7
Tel: (604) 940-3939
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