No more PURE water
treatment business, which includes the Fillmaster line used in the
pharmaceutical industry, in order to focus on its
environmentally-friendly antimicrobial products.
The business has been sold to Data Recovery Continuum Inc (DRCI), based in California, for $2.75 million in cash plus up to $1.25 million in deferred payments over the next year. PURE is also selling DRCI notes valued at $2million, and said the total cash proceeds from the deal will be used to pay off debt and develop its antimicrobials.
PURE formerly traded as Innovative Medical Services but changed its name last month to reflect the new focus of the business in the build-up to the latest divestment.
In its last-published set of financial figures (for the third quarter ending April 30), IMS reported that sales of its water treatment business were $633,000, a rise of 9 per cent year-on-year. The company's Fillmaster dispenser and Pharmapure reverse-osmosis water filtration systems provide measured amounts of purified water for reconstituting liquid antibiotics.
PURE said that it believes the greatest growth potential in its portfolio comes from a range of hard surface disinfectants based on Axenohl (silver dihydrogen citrate), a compound that the company claims is effective in killing bacteria, fungi and viruses but which is less toxic to humans than other types of disinfectant.
