PURE Bioscience Business Update and Goals -- Food Safety Strategy Gaining Traction
2014年1月30日 - 10:30PM
Marketwired
PURE Bioscience Business Update and Goals -- Food Safety Strategy
Gaining Traction
SAN DIEGO, CA--(Marketwired - Jan 30, 2014) - PURE Bioscience,
Inc. (OTCQB: PURE), creator of the patented silver dihydrogen
citrate (SDC) antimicrobial, announced that execution of its Food
Safety Solutions Strategy continues to progress. The Company also
announced its goals for calendar year 2014.
Business Strategy on Track as Food Safety Solutions Provider As
previously reported, PURE underwent a comprehensive management and
corporate governance change in August 2013. Since then, its
stated business strategy has been focused on:
- Commercialization of its SDC-based products as a food safety
solution, with a focus on foodservice operators and food
processors;
- Optimization of operations and termination of non-core
activities;
- Implementation of a lean organization with the relevant
experience to drive commercialization and accelerate growth;
- Restoring a strong financial position, and providing the
resources to fund execution of its strategy.
In less than six months, the Company reports that significant
progress has been made and continues to be made in implementing its
new business strategy:
- PURE has developed a new customer pipeline of +25 national food
companies in various stages of evaluating and testing SDC-based
products in their operations;
- Customer pipeline represents potential annual revenue of $20 -
$30 million if fully adopted.
- In-field testing results of SDC-based products to-date have
been compelling, with 90% to 200% superiority in both level and
speed of pathogen kill compared with incumbent chemical
sanitization products.
- Secured initial commercial orders from 3 U.S. food processors,
with customer rollout plans in development.
- Completed final in-store testing with a national brand QSR,
confirming multiple outstanding prior testing results, where
SDC-based products have continually been demonstrated to provide
superior efficacy.
- Plans are in development for a phased system-wide rollout in
the chain in the US.
- Initiated a new development project for the application of SDC
as a direct food contact processing aid for produce, poultry and
meats;
- Estimated potential addressable U.S. market opportunity for
this new market exceeds $1.0 billion.
- Filing for required regulatory approval from the USDA and FDA
is expected later in 2014.
- Implemented a strategic collaboration agreement with Intercon
Chemical Company to out-source manufacturing and supply chain of
SDC-based products and establish distribution:
- Allows for future reduction of non-core operating activities
and preserves capital.
- Provides manufacturing capacity for anticipated future
SDC-based product market demand.
- Provides potential future royalty income for SDC-based products
through Intercon's institutional cleaning and sanitation
distribution channel.
- Executed a distribution agreement with Brenntag Specialties,
Inc., an industry and market leading company, to continue to
distribute SDC-based antimicrobial SILVÉRION® 2400 as an active
ingredient or preservative for use in personal care products as a
replacement for triclosan.
- Raised approximately $5.0 million in private equity placements
to initiate its strategy.
- Early pay-off of a $1.125 million note payable for $500,000.
- Reduced total liabilities over $2 million, or 65%, since fiscal
2013 and eliminated all long-term debt.
2014 Company Goals
- Continue to rebuild credibility with all stakeholders:
shareholders, customers, and employees.
- Achieve financial stability to execute strategy.
- Secure customer adoption in food safety with 2+ national QSR
chains and 5+ national food processors;
- Fiscal 4Q 2014 (July 31 2014) annual revenue run rate
$3-$5M.
- Fiscal 4Q 2015 (July 31 2015): positive EBITDA.
- Complete outsourcing of operations and supply chain;
- Provide incremental cost savings and increase production
scale.
- Secure FDA and USDA authorization for use of SDC as a direct
food contact/processing aid;
- Initiate commercialization by calendar 4Q 2014.
- License PURE distribution and SDC applications to non-core
markets.
- Upgrade PURE listing to a national stock exchange.
Current Financial Position The Company reported that since the
corporate governance change on August 13, 2013 and through January
30, 2014, the Company raised approximately $5.0 million through
private equity placements, and efforts continue to secure the
additional capital needed to fully execute its business
strategy.
Food Safety Solutions Provider PURE announced that its near-term
business focus is to drive customer adoption of its products in the
food industry. Its proprietary SDC-based products uniquely address
food safety issues across the supply chain and help to prevent or
mitigate food contamination and the potential for food-borne
illness. The Company's target customers are foodservice operators,
food processors and food manufacturers. The Company estimates that
the addressable U.S. market opportunity for this segment is
projected to be $1.5 - $2.0 billion.
Hank Lambert, Chief Executive Officer, said, "Our team has made
tremendous progress in less than six months in executing the
initial phase of our new, focused business strategy. By December
2013 we eliminated significant liabilities, restructured our
operations and established a robust customer pipeline, providing a
clean runway to build our commercial operations in 2014 and beyond.
Our goal is to drive innovation, focused on enhancing food safety
solutions by providing superior pathogen and hygiene control to
protect the health and safety of consumers and their
environment."
About PURE Bioscience, Inc.
PURE Bioscience, Inc. is focused on developing and
commercializing its proprietary antimicrobial products that provide
solutions to the health and environmental challenges of pathogen
and hygienic control within the food industry. The Company's
technology platform is based on patented stabilized ionic silver,
and its initial products contain silver dihydrogen citrate, or SDC.
SDC is a broad-spectrum, non-toxic antimicrobial agent, which
offers 24-hour residual protection. As a platform technology, SDC
is distinguished from existing products in the marketplace by its
superior efficacy, reduced toxicity and the inability of bacteria
to form a resistance to it. PURE is headquartered in El Cajon,
California (San Diego metropolitan area). Additional information on
PURE is available at www.purebio.com.
Forward-looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements inherently involve risks
and uncertainties that could cause our actual results to differ
materially from the forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to, the Company's cash position and liquidity requirements,
the Company's failure to implement or otherwise achieve the
benefits of its proposed business initiatives and plans, acceptance
of the Company's current and future products and services in the
marketplace, the ability of the Company to develop effective new
products and receive regulatory approvals of such products,
competitive factors, dependence upon third-party vendors, including
to manufacture its products, and other risks detailed in the
Company's periodic report filings with the Securities and Exchange
Commission, including our annual report on Form 10-K filed
October 24, 2013. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. By making these forward-looking statements, the
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release.
Contacts: Tom Hemingway Redwood Investment Group 714-978-4425
Email Contact Terri MacInnis Director of IR Bibicoff + MacInnis,
Inc. 818-379-8500 Email Contact Company Contact: Peter C. Wulff CFO
& COO PURE Bioscience, Inc. 619-596-8600 ext.111 Email
Contact
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