HaloSource Secures $2.2 Million in Funding to Accelerate Drinking Water Market Presence
Company also announces agreement with online marketing giant to drive Chinese sales
SEATTLE, July 19, 2017 /PRNewswire/ -- HaloSource, Inc., (LON: HALO) a global leader in clean water technology, today detailed plans to accelerate its presence in the global drinking water filtration market as the company inks a significant distribution deal and secures a round of strategic financing.
James Thompson, HaloSource's CEO, said that move is a logical extension for the company, long-known for its innovative technological solutions for delivering best-in-class protection from common drinking water contaminants.
"Since our founding, we've been building an extensive technology portfolio of ways to treat water, powering some of the world's foremost brands in household drinking water devices on an OEM basis," Thompson said. "We are excited about our ability to use this wealth of knowledge to introduce new technologies and consumer products into the drinking water device market – a market worth billions. We have innovated in a way that no other company has, and now we will capitalize on those innovations to offer our own unique, proprietary products."
The Seattle-based company, known for its proprietary HaloPure® technology that removes bacteria and viruses from drinking water, is also in the final stages of commercializing a technology for removing heavy metals, including lead. It recently closed its latest round of financing from a group of well-recognized institutional investors including Invesco, Hargreave Hale, and Woodford Investment Management along with Italian manufacturing partner Chematek.
In addition, the company announced that it has finalized a five-year distribution agreement with Shanghai-based JiuBan Industrial Co., a Chinese e-commerce company, to market HaloSource's new astreaTM line of water-filtration products including water bottles, water pitchers and replacement cartridges. HaloSource is expected to earn more than $10 million in revenue with this distribution deal in China, a location where the water filtration products market is growing at more than 30 percent annually.
According to Kent Johnson, managing partner of Alexander Hutton Venture Partners – as well as one of the first HaloSource investors and a current board member – HaloSource's water-purification technology is available at a time of great need.
"When we began testing HaloSource's ability to provide safe and cost-effective drinking water 15 years ago, we knew it had great potential," Johnson said. "Now the crisis around drinking water has come to the fore, and HaloSource stands ready with an immediately executable solution.
"In a way, HaloSource had to wait for the market conditions to evolve," Johnson added. "It shows the value of the company's perseverance."
HaloSource's first two entrants in the market this year– a water pitcher and water bottle marketed under the astreaTM brand – will use patented technology that removes 99.9 percent of bacteria and viruses, as well as heavy metals, to ensure that the water is safe to drink. Thompson, who assumed the role of CEO after 12 years with the company as CFO and business development leader, says the new funding will be used exclusively to drive the company's go-to-market strategy for the astreaTM line, using a variety of channels both on and off-line.
"We believe that we have a perfect alignment of technology-driven products and consumer need in a world where people are drinking more water for health reasons, but worry about the continued deterioration of water quality. The awareness of the issue grows every day," Thompson said.
About HaloSource
HaloSource, Inc. innovates and integrates technologies to deliver clean drinking water solutions to partners with trusted brands around the world. Since the company's origin in 1999, creating positive social impact has been the foundation of the HaloSource business, with the mission to solve complex clean water challenges. The water filtration company is considered a key innovator in the residential drinking water market, supplying cutting-edge proprietary technology to household appliance makers and suppliers. HaloSource solutions span across all market segments, providing adaptable water purification and adsorption solutions that range from entry-level gravity filters to high-end pressurized systems. The company's patented technology is used to serve clean, safe drinking water to more than 10 million people globally.
Contact:
Annie Alley
206-443-9357
Firmani + Associates Inc.
[email protected]
SOURCE HaloSource, Inc.
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