PURE Bioscience, Inc. (OTCQB: PURE), creator of the patented, non-toxic silver dihydrogen citrate (SDC) antimicrobial, announced today that the Board of Directors has taken a number of initiatives to accelerate its goal of reaching profitability in calendar Q4 2019.
Hank Lambert is retiring as CEO and a member of the Board of Directors effective August 7, 2019, after serving four decades in leadership roles in the food industry. Lambert will remain as a consultant to PURE through a transition period.
Tom Y. Lee, Chairman of the Board of Directors and PURE’s largest shareholder, will become acting CEO effective the same date.
PURE’s corporate headquarters will move to Rancho Cucamonga, CA, and co-locate with Swabplus, Inc., a privately held manufacturer of single-dose applicator and formulation OEM products. Swabplus operates a GMP-compliant, FDA-registered and ISO 9001-certified facility. Lee is CEO and Chairman of the Board of Directors of Swabplus.
Lee said that, “As part of our ongoing efforts to achieve profitability, the Board has taken these steps to move us closer to our goal of PURE becoming profitable for the first time in our history. We estimate these initiatives will bring our annual cash flow breakeven revenue run rate down to $4.5 to $5.0 million.
“In addition to our ongoing sales and marketing initiatives, I look forward to continuing our efforts to promote future sales of PURE Hard Surface disinfectant in Taiwan and other Asian markets.”
Lee continued, “The Board and I are grateful to Hank and acknowledge his efforts and accomplishments during the past six years he spent leading PURE into the food safety solutions business, including receiving FDA and USDA approvals for PURE Control (direct food contact antimicrobial). Under Hank’s leadership, we are now commercializing two product lines (PURE Hard Surface disinfectant and PURE Control) and our growing customer base includes the largest produce processor in the U.S. and two of the largest food transportation companies in the U.S.”
Lambert stated, “It’s been a privilege to lead the early food safety commercialization of PURE’s powerful SDC antimicrobial. Having spent my career in the food industry, I immediately appreciated the game-changing value proposition of SDC’s ability to significantly reduce food borne illness.
“I’ve been looking forward to the right time to retire and believe that, with the pieces in place for the Company to achieve profitability, this is the right time.”
About PURE Bioscience, Inc.
PURE Bioscience, Inc. is focused on developing and commercializing our proprietary antimicrobial products primarily in the food safety arena -- providing solutions to the health and environmental challenges of pathogen and hygienic control. Our technology platform is based on patented, stabilized ionic silver, and our initial products contain silver dihydrogen citrate, or SDC. SDC is a broad-spectrum, non-toxic antimicrobial agent, which offers 24-hour residual protection and formulates well with other compounds. As a platform technology, SDC is distinguished from existing products in the marketplace because of its superior efficacy, reduced toxicity and mitigation of bacterial resistance. PURE is headquartered in El Cajon, California (San Diego metropolitan area). Additional information on PURE is available at www.purebio.com.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Statements in this press release concerning the company’s expectations, plans, business outlook or future performance, and any other statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are “forward-looking statements.” Forward-looking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from any forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company’s failure to implement or otherwise achieve the benefits of its proposed business initiatives and plans; acceptance of the Company's current and future products and services in the marketplace, including the Company’s ability to convert successful evaluations and tests for PURE Control into customer orders and customers continuing to place product orders as expected and to expand their use of the Company’s products; the Company’s ability to generate sufficient revenues and reduce its operating expenses in order to reach profitability; the Company’s ability to raise the funding required to support its continued operations and the implementation of its business plan; the ability of the Company to develop effective new products and receive required regulatory approvals for such products, including the required data and regulatory approvals required to use its SDC-based technology as a direct food contact processing aid in raw meat processing and to expand its use in OLR poultry processing; competitive factors, including customer acceptance of the Company’s SDC-based products that are typically more expensive than existing treatment chemicals; dependence upon third-party vendors, including to manufacture its products; and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission (the SEC), including its Form 10-K for the fiscal year ended July 31, 2018 and Form 10-Q for the third fiscal quarter ended April 30, 2019. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
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