PureSafe Water Systems, Inc. (OTCBB: PSWS) is trading at .253, up .048 or 23.41%. This company develops advanced mobile water purification systems for disaster relief. On May 11th, PureSafe announced that it will introduce the production unit of its First Response Water Sysem to shareholders as well as the public on June 2, 2010. PureSafe’s First Respone Water System (FRWS) is designed specifically to meet on-site clean drinking water needs during natural and man-made disasters. This system can deliver up to 30,000 gallons per day of fresh water from “any source at any time” within 30 minutes of reaching the affected scene. It can provide clean potable water for up to 45,000 people per day. Leslie J. Kessler, Chairman and CEO of PureSafe Water Systems, Inc.stated that this event is “significant for the First Responder Community as a turning point in the way Emergency Managers provide critical water supplies during emergencies in the U.S. and worldwide.” The company currently expects to recognize the first sales of this product in the third quarter of 2010.
On Monday, the company filed its 10-Q Quarterly Report. The company currently expects to recognize the first sales of its product in the third quarter of 2010. It had experienced a net loss for three months ended March 31, 2010 and 2009 of ($1,095,507) and ($628,225) respectively. This is primarily due to the research and development stages it has been in with the First Response Water Systems. Since the beginning of 2010, they have spent considerable amount of funds on redesigning and modifying the unit from the prototype that was built and completed in July 2008. The expenses associated with this were $22,598, an increase of $20,364 or 912% from the previous year. They plan to cease being a development stage enterprise at the time of their recognition of significant revenue from sales of the PureSafe FRWS product.
Disclosure: no positions
Source by World Market Media