Update on Business and PURE’s SDC-Based Antimicrobial Food Safety Solutions
El CAJON, CA (October 30, 2023) – PURE Bioscience, Inc. (OTCQB: PURE) (“PURE,” the “Company” or “we”), creator of the patented non-toxic silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for the fiscal year ended July 31, 2023.
Summary of Results – Year-End Operations
Customer acceptance of our revolutionary SDC solutions in the food processing industry has increased dramatically over the last year, due in part to following reasons:
Robert Bartlett, Chief Executive Officer and President, said, “Our customer driven focus is beginning to pay off. Q4 revenue increased both versus the prior year, as well as our previous quarter. Pure’s overall ending revenue for fiscal year 2023 showed a slight increase over fiscal year 2022, and while not substantial on its own, it is important to note that Q4 revenue 2023 vs. Q4 revenue 2022 experienced a 49% increase. A quarter does not make a year, but I see this increase as a turning point and confirmation of our team’s implementation of ‘new customer driven programs.’ These programs were initiated during the Q3 and Q4 of fiscal year 2023. With that said, the Team’s focus and continuation of these programs is paramount to our future success,” concluded Bartlett.
All-remote Work Environment
Since 2019, when PURE closed its El Cajon offices / warehouse facility, the Company moved almost entirely to a work-from-home model with a few people working at the underutilized corporate office / warehouse location in Rancho Cucamonga. Over the course of FYQ4, PURE has relocated all remaining assets held at the Rancho Cucamonga location to new third-partly facilities throughout the United States. This decision was made, in part, to better service our customers by reducing lead times and costs associated with logistics and for the following key points:
“When the pandemic forced people to stay at home, our remote workforce was already prepared to manage our customers’ needs without having to scramble to develop remote workflows. Our success during this demanding time led us to evaluate the benefits of a virtual workplace as a long-term model. We believe having employees working all-remote directly supports our vision as we design the future of PURE. We will continue to evaluate and align the needs of our business and evolve with our workforce to better serve our customer needs,” said Jeff Kitchell, VP of Operations and Corporate Secretary.
About PURE Bioscience, Inc.
PURE is focused on developing and commercializing our proprietary antimicrobial products primarily in the food safety arena. We provide solutions to combat 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, better known as SDC. This is a broad-spectrum, non-toxic antimicrobial agent, 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’s mailing address located in El Cajon, California (San Diego County area) serves as its official address for all business requirements. Additional information on PURE is available at www.purebio.com.
Forward-looking Statements: 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, including quotes from management, concerning the Company’s expectations, plans, business outlook, future performance, future potential revenues, expected results of the Company’s marketing efforts, the execution of contracts under negotiation 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 and PURE Hard Surface 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 maintain relationships with its partners and other counterparties; 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, 2023. 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.
Mark Elliott, VP Finance
PURE Bioscience, Inc.
Phone: 619-596-8600 ext.: 116