PuriCore in $14 Million Deal
Published: Apr 08, 2013
Under the terms of the agreement, the retailer will broadly implement Sterilox Fresh in its enterprise and has agreed to a six-year warranty agreement. The agreement will come into effect in Q2 2013, and the Company expects the majority of the revenue will be booked in the FY 2013 financial accounts. The remaining revenue will be recognised over the term of the warranty.
Leading US and Canadian supermarket retailers, including three of the top-five US chains, rely on Sterilox Fresh to extend shelf-life and to address cross-contamination for fresh produce. Sterilox Fresh is a natural food- safe rinse that kills harmful pathogens and spoilage organisms on contact to keep perishable products safer and fresher for longer. With extended freshness, Sterilox provides labour and inventory shrink cost savings to supermarket retailers.
Michael Ashton, Executive Chairman, said: “Leading US supermarkets continue to recognise the value of Sterilox Fresh as a company-wide solution for waste reduction in fresh produce as well as for food safety. Sterilox Fresh is a valuable tool for supermarkets looking to reduce inventory costs and improve margins.”
PuriCore plc (LSE: PURI) is a water-based clean technology company focused on developing and commercialising proprietary solutions that protect people from the spread of infectious pathogens without causing harm to human health or the environment. The Company’s products are used in a broad range of markets that depend upon effective pathogen control. PuriCore is the leading full provider of all products and services required for a safe, efficient, and compliant endoscope decontamination to protect patients in UK hospitals. The Company’s products are the standard for food safety and are used for floral care in leading US supermarket chains. PuriCore also offers a breakthrough wound therapy solution to treat chronic and acute wounds including diabetic ulcers and burns. PuriCore is headquartered in Malvern, Pennsylvania, with operations in Stafford and Clevedon, UK. To receive additional information on PuriCore, visit www.puricore.com, which does not form part of this announcement.
Susan Stuart/Simon Conway
Victoria Foster Mitchell
+44 (0) 20 7831 3113
Sage Strategic Marketing
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.