Burchill continues, “Very recently we were informed that a key resin used in EPX-H2O was not available in inventory and would no longer be manufactured and we had to halt production. This impacted Q2 2022 revenue and, as required, we promptly informed our shareholders of this material event.”
“Simultaneously, we were informed that there was an offset from the same manufacturer… a new resin… that might work as a replacement. We began testing it. I returned from
The Company states that production of EPX-H2O has started again, that no sales were lost, only postponed, and expects the postponed sales to occur in Q3 2022.
The Company will be offering a revised revenue forecast after confirmation from other major new EPX-H20 customers that the new formula is satisfactory. The Company is confident that it will be satisfactory as the thermal performance is actually improved.
Update re
Burchill concludes, “I am very confident in the future of the Company, very grateful for the brilliant minds and exceptional work ethic of our science team who reformulated EPX-H2O in record time, and very appreciative of our loyal shareholders who continue to support us. I look forward to discussing this and many other topics at the next live shareholder Zoom event on
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Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise/update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
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