Puration Inc (PURA)

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DALLAS, Texas, Nov. 08, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – Puration, Inc. (PURA) today announced a closing date of October 14, 2019 has been set to finalize the acquisition in Germany previously announced under a letter of intent (LOI). The acquisition scheduled to close next Thursday is intended to establish a bottling capacity in Europe for PURA’s CBD beverages. The acquisition initiative was driven by PURA recently signing a distribution agreement in Europe for its EVERx CBD Sports Water with other CBD infused beverages to follow. The initial European distribution agreement is estimated to add $4 million in sales next year. Management indicates that the potential of European distribution beyond the initial $4 million projection warrants the establishment of a local bottling capacity. The European market for CBD is projected to reach nearly US $17 billion by 2023. The bottling expansion in Europe is part of a bigger plan to expand bottling in Canada and Latin America. A second LOI to make a similar acquisition for the Latin American CBD beverage market is anticipated to be announced next week in addition to the German acquisition closing next week.