CORRECTION: PURA – Puration Sets Closing Date For Acquisition To Expand CBD Beverage Bottling In Europe
DALLAS, Nov. 08, 2019 (GLOBE NEWSWIRE) — via OTC PR WIRE – Puration, Inc. (USOTC: PURA) today announced a closing date of November 14, 2019 (date in original release inadvertently indicated October) has been set to finalize the acquisition in Germany previously announced under a letter of intent (LOI). The acquisition scheduled to close next Thursday is intended to establish a bottling capacity in Europe for PURA’s CBD beverages. The acquisition initiative was driven by PURA recently signing a distribution agreement in Europe for its EVERx CBD Sports Water with other CBD infused beverages to follow. The initial European distribution agreement is estimated to add $4 million in sales next year. Management indicates that the potential of European distribution beyond the initial $4 million projection warrants the establishment of a local bottling capacity. The European market for CBD is projected to reach nearly US $17 billion by 2023. The bottling expansion in Europe is part of a bigger plan to expand bottling in Canada and Latin America. A second LOI to make a similar acquisition for the Latin American CBD beverage market is anticipated to be announced next week in addition to the German acquisition closing next week.
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.