PuriCore revenue increases 28% to $40.0 million for year ending December 31, 2009

May 28 2010

PuriCore (LSE:PURI), the water-based clean technology company focused on developing and commercializing proprietary, green solutions that safely, effectively, and naturally kill infectious pathogens, today announced its Final Results for the year ending December 31, 2009, and the availability of its 2009 annual report on its website. PuriCore also announces today the proposed issue of £8.0 million in Convertible Loan Notes, subject to shareholder approval, and its Interim Management Statement for Q1 2010 (see separate releases).

Financial Results

• Revenue up 28% (at constant currency) to $40.0 million (2008: $33.7 million)
  • Food Safety sales up 19% to $23.1 million (2008: $19.4 million)
  • Endoscopy sales, including Labcaire revenue as at August 2009, up 41% (at constant currency) to $16.5 million (2008: $13.8 million)

• Cash of $5.4 million at period end, including $1.1 million in restricted cash
  • Net cash flow from financing activities of $0.4 million

• Operating expenses (net of depreciation, amortization, and non-cash share option expense)
  • Decreased 20% for legacy business
  • Decreased 10% including Labcaire

Operational Results

• Endoscopy
  • Completed acquisition of Labcaire Systems, a major UK endoscopy provider
  • Launched Endoscopy on Demand, managed service delivery
  • Launched a new pass-through automated endoscope reprocessor (AER)
  • Installed equipment now in more than 350 UK NHS and private hospitals including more than 900 AERs
• Food Safety
  • Completed the installation in all US and Canadian stores of Safeway, a top-five US supermarket retailer
  • Awarded the contract and completed installation for another top-five US supermarket retailer
  • Expanded the customer base from 30 to 53 brands including another top-10 US supermarket and leading regional chains
• Wound Care
  • Achieved positive results for Vashe Wound Therapy in a clinical burn study
  • Received a new FDA 510(k) with expanded shelf-life claims
• Successful Fundraising
  • £2 million equity (gross) raised in a Placing to fund the acquisition of Labcaire Systems
  • $2.7 million raised through the issuance of debt

Greg Bosch, PuriCore CEO, said:

"PuriCore has an established track record of driving top-line growth while reducing costs. Anticipated sales growth and continued cost control should enable PuriCore to achieve operational leverage of its business model. The Directors are confident the Company can reduce net cash consumption and move the Company towards being cash flow positive."

A complete business report and financial statements for the year 2009 is available PuriCore's website.