DALLAS, May 15, 2020 /PRNewswire/ -- Puration, Inc. (USOTC: PURA) today announced publishing its 2019 annual financial report. The company realized 121% annual revenue growth reporting over $2.7 million for the year ended December 31, 2019 compared to $1.2 million for the year ended December 31, 2020. In addition to achieving continued high revenue growth, the company reported over $200,0000 in net profit.
PURA has sustained high revenue growth since introducing its EVERx CBD Sports Water early in 2018. Management anticipates sustained growth in 2021 and plans to soon report the company's first quarter results for 2020.
In addition to seeing the continued expansion of EVERx CBD Sports Water sales, in January of this year, 2020, PURA launched a campaign to acquire CBD beverage, edible and topical businesses to include CBD businesses that targeted pet products. The campaign was intended to target a robust market of creative and promising young companies starved for investment in the waning 2019 cannabis capital market. PURA has acquired a CBD confections company and a CBD pet products company so far this year.
In February, PURA secured a $5 million investment to fund. The $5 million investment is structured as debt facility whereby funds can be drawn as needed to fund acquisitions. The drawn funds would be secured by the acquired asset and the debt can be repaid in stock at $0.10 per share. PURA management is actively pursuing additional investment to increase the potential of the current acquisition campaign.
PURA targets CBD product acquisitions that can be enhanced with PURA's patented technology. PURA owns a license to a U.S. Patented cannabis extraction process backed by extensive university medical research. The license, issued by NCM Biotech, is exclusive for beverages, edibles and cosmetics among other uses. NCM Biotech is focused on medical research and Puration has access to that research. See a recent research report on CBD extracts derived from NCM Biotech's patented extraction process: Journal of Cannabis Research.
PURA plans to publish a management narrative update review 2019 financial results in more detail next week on Tuesday, May 19th 2020. The management update will include a 2020 outlook.
For more information on Puration, visit http://www.purationinc.com
This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.
SOURCE Puration, Inc.