LAKE FOREST, Calif., May 25, 2017 /PRNewswire/ -- Pura Naturals, Inc.'s (OTCMarkets.com Ticker: PNAT) Board of Directors has approved the acquisition of the foam formulas and related intellectual property rights from Advanced Innovative Recovery Technologies, Inc. (AIRTech) under the license agreement between the parties. The transaction, also approved by the Board of Directors for AIRTech, eliminates more than $800,000 in existing Pura Naturals debt obligations in exchange for stock.
CEO Robert Doherty stated, "Purchasing the formulas reduces our reliance on AIRTech and now AIRTech supports Pura as a contract manufacturer. Ownership of the formulas enhances Pura's value in the marketplace and strengthens the competitive position Pura has already gained among the largest consumer brands."
In addition to the new ownership of the product formulas, Pura Naturals' intellectual property portfolio consists of one (1) patent pending and one (1) patent in the application stage, six (6) registered trademarks and eight (8) pending trademarks.
About Pura Naturals
Pura Naturals has a household cleaning product that absorbs grease and grime while delivering unique soap infusion without harmful chemicals or the bacteria buildup common with typical sponge products. Pura Naturals' foam technology was developed in response to the gulf oil spill. The revolutionary foam absorbs grease while repelling water and inhibiting bacteria growth and odors. The earth conscious company prides itself on its plant-based products made from renewable resources with no petroleum by-products. Further information can be found at www.puranaturalsproducts.com
Forward looking statements and other important information
Some of the statements herein constitute forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievement expressed or implied by such forward-looking statements.
Factors that might cause such a difference include, but are not limited to, the following:
- general economic and business conditions, both national and in the regions in which the Company will operate;
- industry capacity;
- demographic changes;
- existing laws and government regulations and changes in, or the failure to comply with, such laws and regulations;
- challenges to our intellectual property rights;
- technological developments that increase the cost of providing or reduce the demand for the Company's services;
- changes in business strategy or development plans;
- the ability to attract and retain qualified personnel;
- the availability and terms of obtaining capital to fund the Company's business;
- and other factors referenced herein.
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SOURCE Pura Naturals, Inc.