HaloSource Inc. (HAL.LN, HALO.LN), the global clean water technology company traded on London’s AIM, announces today it has reached agreement to partner with Seven Step Ecotech Co. Ltd. (“Seven Step”) to launch a new line of purifying water bottles for the Asian market. These devices will be powered by HaloSource’s class-leading HaloPure® disinfection technology.
As a division of Xiamen HONTAY Plastic Industrial Co. Ltd, Seven Step has access to a mature distribution channel in China and Southeast Asia for Hontay’s “non-functionalized” (eg. non-filtering or purifying) bottles and pitchers and believes there is a significant potential for functionalizing bottles and pitchers with filters that can make water safe to drink. To capitalize on this opportunity, Hontay launched a new brand called “Seven Step” which will build upon its solid foundation and experience selling bottles in the Asian markets. The company plans to initially leverage its distribution channels in India and Indonesia, and plans to expand into China, SE Asia and the Middle East over the coming years.
James Thompson, CEO of HaloSource, commented:
“This is a significant deal and illustrates the movement from traditional bottles and pitchers to functionalized devices (making potable water safe) by housewares companies to fully differentiate offerings in the marketplace. This agreement demonstrates the desire of traditional hydration companies to avoid commoditization and create a more defensible recurring revenue stream with the addition of filtering cartridges. We are excited to be working with Hontay, a leading Chinese company with a strong reputation as they launch this new line-up of hydration products under the Seven Step brand. We too believe in the opportunity in the hydration segment and this deal with Hontay reaffirms the market’s confidence in our HaloPure® disinfection technology as the best-in-class option for providing safe water in gravity, point-of-use devices.”
Mr. LiTai Zhang, President of Seven Step, commented:
“We spent a great deal of time evaluating the technologies available to functionalize our offerings and found HaloPure® to be unmatched in performance, flexibility and regulatory certifications. We look forward to a long and fruitful partnership in exploiting this opportunity that we jointly believe to be significant.”
James Thompson, Chief Executive Officer
+1 425 419 2258
Craig Crowell, Chief Financial Officer
+1 425 419 2248
Liberum Capital (NOMAD and Broker)
Richard Bootle, Jill Li, Steve Pearce
+44 203 100 2222