DELTA, British Columbia, May 26, 2020 (GLOBE NEWSWIRE) -- WestBond Enterprises Corporation (TSX-V: WBE) is pleased to announce that its wholly owned subsidiary, WestBond Industries Inc. has been issued a DIN (Drug Identification Number) by Health Canada to produce wet disinfectant wipes. These surface wipes will be marketed under WestBond’s trademark VIROBAN PLUS.
The company already produces dry patient wipes for the health care industry and recognized the need for adding wet wipes to its product line. The manufacturing equipment was purchased over the last year and is now being tested after all the regulatory requirements were satisfied regarding the disinfectant formulation and product claims.
Production and sales are planned for late July of this year. The company expects to significantly increase sales and profits due to the high demand for these wiping products in light of the COVID-19 situation. As a result of the resources that are already in place and other equipment that is on its way, the supply chain for all raw materials will be mainly based in BC. This should ensure there is little or no interruption to the finished product inventories.
WestBond already has a distribution network of major medical distributors as well as some government agencies that will facilitate a fast market penetration of VIROBAN PLUS. In addition, this new project is expected to create upwards of 20 full time positions at the company’s Delta, BC operation.
This product introduction will be the first phase of re focusing the company’s efforts toward expanding its core business in the Health Care market.
The board of directors has suspended the quarterly dividend to ensure an efficient and timely completion of the project.
Cautionary Note Regarding Forward Looking Statements: This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws, including statements regarding the Company’s intentions. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should” or “would” occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including the ability to develop markets and increase profitability. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors may include, among others, changes in operating performance, availability of and prices for raw materials, availability of trained labour, foreign currency exchange rate fluctuations, unexpected competition and other technical, market and economic factors. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that is incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbour.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact: Gennaro Magistrale Chief Executive Officer, President and Director WestBond Enterprises Corporation 101 – 7403 Progress Way, Delta, B.C. V4G 1E7 Tel: (604) 940-3939
