DALLAS--(BUSINESS WIRE)--Puration Inc. (the “Company”), (Pink Sheets: SWRS) a Dallas-based water-purification products company, announced today the Company has sold the manufacturing and distribution rights for all of CANADA for the Company’s flagship product line of personal water filter bottles to privately held GTTB Limited of Toronto, Ontario, Canada.
The terms of the Agreement provide for a US$500,000 initial license fee with a US$50,000 advance payment already received, with US$450,000 to be paid monthly over an 18 month period, plus a royalty of ten percent of all gross revenues in Canada. In addition, the Agreement provides for minimum sales volumes from GTTB Limited in the Canadian Territory in the amount of $3,250,000 in year one, $6,500,000 in year two, and $16,500,000 per year thereafter. GTTB will bear all costs for the production and distribution of the products to the specifications of Puration.
“The Canadian Market is very environmentally aware,” stated Brian Shibley, President of GTTB, citing recent news articles that several Universities are going ‘Bottle Water Free.’ “Puration’s products provide both environmental and economical advantages over bottled water. We at GTTB are very pleased to be selected to represent Puration’s products in Canada.”
The article at: http://vancouver.24hrs.ca/News/local/2012/03/22/19538076.html discusses Vancouver Community College’s decision to phase out bottled water sold on its campus as a common-sense approach to the unsustainable bottled water craze. Other bottle-free Canadian Campuses Include: Fleming College, Concordia University, Brandon University, University of Winnipeg, Memorial University of Newfoundland, University of Ottawa, Queen’s University, Ryerson University, and Trent University.
Puration’s “Sports Bottle” (www.filter2go.com) produces up to 400 bottles of great-tasting filtered water on-the-go from each replaceable filter, and may be re-filled at any water faucet or fountain with ordinary tap water. The bottles are also made from recycled, biodegradable, BPA-free, food-grade plastic.
Puration CEO Don Harris stated, “Canada is a great first international market for our products, and we believe that this Agreement validates our expansion strategy as we continue to negotiate additional license rights in other foreign markets. We estimate the Canadian market to be as big as California and Texas combined, with the advantage of heightened eco and carbon footprint awareness compared to most other countries. We expect this to precipitate a more rapid product acceptance and market penetration of our ‘Sports Bottle’ than other less eco-conscious global demographics.”
Puration Inc. is a Nevada Corporation that designs, develops, manufactures and distributes a number of water purification products. The Company’s Flagship product, the “Sport” Water Filter Bottle, provides consumers fresh drinking water on-the-go from tap water at a fraction of the cost of bottled water. The Company website is www.purationgroup.com and the product website is www.filter2go.com.
Safe Harbor Statement - This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "will," "looking ahead," "anticipates," "plans to," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings at OTCMarkets.com. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.