Seychelle’s reports Q2 loss while anticipated guidance indicates a strong recovery with a return to profitability in Q3 and going forward
Seychelle has moved into a larger facility to accommodate anticipated growth from both new domestic initiatives and the World Filter Project.
SAN JUAN CAPISTRANO, Calif. -- (BUSINESS WIRE) October 17, 2016 – Seychelle Water Filtration Products, a DBA of Seychelle Environmental Technologies, Inc. (Seychelle, we, us, our or the Company) (OTCQB: SYEV), a worldwide leader in the development, assembly and sale of proprietary portable water filtration bottles made several announcements today.
For Q2 period ended August 31, 2016, Revenue was $728,232 compared to $2,724,829 in the prior year, a decrease of $1,996,597 (- 68%). In addition, Net Loss of $148,466 was a decrease of $663,543 (-129%) compared to the prior year’s Net Income of $515,077.
In addition, the Company reported for the first six months period ended August 31, 2016, Revenue was $1,627,367 compared to $5,072,012 in the prior year, a decrease of $3,444,645 (- 73%). In addition, Net Loss of $592,811 was a decrease of $1,589,386 (-160%) compared to the prior year’s Net Income of $987,585.
A sizable share of the losses are directly attributable to the loss of our largest customer in February of last fiscal year. Now that we have moved into a larger facility to accommodate the anticipated growth, the objective of our new efforts will be to expand the product distribution base to minimize the effects of the loss of any one customer.
It should be noted, as of April 25, 2016, Carl Palmer assumed his past position as CEO and regained his title as President of Seychelle. During the previous 60 days, Seychelle has brought back our primary customer base, four major customers that were lost during the time of the takeover. Over the past year, he and his Executive Team brought in over 11.5 million in sales and intend to make every effort to resume sales & marketing of Seychelle.
On October 7, 2016, Mr. Jim Place resigned his position on the board. As a result, the Board is actively working in direct association with Seychelle.
Based on our sales history with a limited number of customers of the new pH20 product line, with both pitchers and bottles which increases the alkalinity of tap water to between 8.0 and up to 9.5 pH, we plan to aggressively expand this new product line to our other customers due to its profitability to the Company.
Other new products include the new pocket pump and the standard pump for home, travel and disaster preparedness with 100 gallon capacity before filter replacement and will be sold domestically through both existing and new accounts. In addition, we have a new product, the inline filter with a quick disconnect valve, which can be used for hydration packs or as a drinking water straw and has military and outdoor sports applications. These two new pumps and the in-line filter can be used for the removal of heavy metals, volatile organic compounds, bacteriological contaminants, radiological removal and pH for increased hydration.
We anticipate that the new World Advanced Filter Project, our newest product for the segment of the world where quality drinking water is not available, could substantially enhance our sales and earnings impact starting in Q3 due to its profitability. To support this new product we will help source the bottle and cap. We plan to add additional Multiple Exclusive Sales Agents and Exclusive Distributors around the world. The complete list to-date of territories includes Mexico and Vietnam in addition to Sri Lanka, India, South Korea, the Philippines, Mexico, Vietnam, the Caribbean, South America and Europe. Finally we continue to have discussions both domestically and internationally to expand our sales and net income to increase the Company’s shareholder value.
“Dedicated to improving the quality of life through the quality of our drinking water.”
Media Contact: Carl Palmer-(949) email@example.com
Note to Investors
This press release may contain certain forward-looking information about the Seychelle’s business prospects/projections. These are based upon good-faith current expectations of Seychelle’s management. Seychelle makes no representation or warranty as to the attainability of such assumptions/projections. Investors are expected to conduct their own investigation with regard to Seychelle. Seychelle assumes no obligation to update the information in this press release. For more information, please visit www.seychelle.com or call (949) 234-1999.
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