DALLAS, June 29, 2020 /PRNewswire/ -- Puration, Inc. (USOTC: PURA) today confirmed a management update scheduled for tomorrow on Tuesday, June 30, 2020 to provide the latest details regarding the company's horizontal CBD market expansion efforts.
Last week the company announced its fourth acquisition of the year acquiring a CBD infused sexual wellness product line. Since launching the acquisition campaign in January, the company has additionally acquired a CBD confections business, a CBD pet products business and CBD sun care business. Tomorrow, management will share progress on the overall rebranding of the acquired businesses and plans for future sales growth as well as plans for continued acquisitions.
PURA's revenue is generated today primarily through the sales of its EVERx CBD Sports Water. PURA reported $2.7 million in annual sales last year and $800,000 in the first quarter of 2020. In January of this year, PURA initiated an acquisition campaign to acquire CBD infused beverage, edible and topical businesses.
Forbes reports that vertically integrated hemp and CBD companies capitalized under $6 million are at risk of not surviving the economic conditions resulting from COVID-19. The challenges facing such companies creates a target rich acquisition market.
In conjunction with the acquisition campaign, PURA secured a $5 million investment to fund its acquisition efforts. The acquisition today was secured with a royalty agreement and a commitment for PURA to fund a marketing expansion of the product line. Learn more about PURA's overall acquisition and expansion initiative next week on Tuesday, June 30, 2020.
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.