2nd Jul 2008 07:00
PuriCore Awarded $8.6 Million Contract
Largest Sterilox Food Safety Customer Extends Lease through 2011
MALVERN, PENNSYLVANIA, AND STAFFORD, UK, 2 July 2008 - PuriCore plc (LSE: PURI), the life sciences company focused on the control of infectious pathogens with its novel, safe antimicrobial technology, today announces the signing of an $8.6 million agreement with its largest Sterilox Food Safety customer, one of the top-five US supermarket retailers. This agreement extends the customer's existing lease into the fourth quarter of 2011.
Under the terms of the agreement, the extension will cover existing lease expirations beginning in August 2008 and ending in October 2009. PuriCore will recognize the revenue from the lease extension beginning in the third quarter of 2008 through the fourth quarter of 2011.
Currently more than 20 US supermarket chains, including two of the five largest, use Sterilox Food Safety Systems. Retailers use the Sterilox Solution in their crisping (rehydrating), misting, cut fruit, and seafood programs as a safe and natural protection against cross contamination of infectious pathogens such as e.Coli and Salmonella and to enhance the freshness of their perishables.
Greg Bosch, CEO of PuriCore, said:
"The extension of this contract with our largest customer is a testament to the outstanding value our Sterilox Food Safety Systems deliver to supermarket retailers. This agreement is the second major contract for our Sterilox Food Safety business this year following the $11 million order with another top-5 retailer announced in January. We continue to anticipate significant top-line organic growth in 2008 that will enable us to achieve additional leverage of our operations and further expand into new markets."
Enquiries:
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Ben Brewerton |
Greg Bosch, CEO |
|
Susan Quigley |
Keith A. Goldan, CFO |
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Financial Dynamics |
PuriCore |
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+44 (0) 20 7831 3113 |
+1 484 321 2700 |
About Sterilox Food Safety Systems
Sterilox Food Safety, a division of PuriCore, provides systems that produce a natural food-safe sanitizer using only salt, water, and electricity. More than 20 leading US supermarket chains, including two of the top-five chains, use the Sterilox Food Safety System to rinse fresh food products and sanitize food contact surfaces to prevent cross contamination of infectious pathogens. The Sterilox Solution is highly effective at killing harmful pathogens and spoilage organisms such as E.coli, Salmonella, Norovirus, Psuedomonas, yeast, and molds. When used on fresh food, the Sterilox Solution reduces the risk of infectious pathogens and enhances the product shelf life. With the Sterilox System, retailers are protecting their brand, improving their image, reducing inventory loss, and achieving greater customer loyalty. For more information, visit www.steriloxfresh.com.
About PuriCore
PuriCore plc (LSE: PURI) is a life sciences company focused on developing and commercialising proprietary, green products that safely, effectively, and naturally kill contagious pathogens. PuriCore's technology provides a solution to a broad range of markets that depend upon controlling contamination, including food safety in retail and foodservice, medical device disinfection, wound therapy, and hospitality. The Company's proprietary technology mimics the human body's production of the natural antimicrobial hypochlorous acid, which is highly effective in killing bacteria, viruses, and fungal spores. Deploying hypochlorous acid solutions as soaks, sprays, mists, and in other forms, PuriCore's technology is designed to limit the spread of infectious disease, including major public health threats of M. tuberculosis, MRSA, E.coli, Norovirus, Avian Influenza, HIV, Polio Virus, Helicobater pylori, and Legionella. PuriCore is headquartered in Malvern, Pennsylvania, with offices in Stafford, UK.
To receive additional information on PuriCore, please visit our website at www.puricore.com, which does not form part of this press release.
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
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