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HaloSource – shares sparked by new technology announcement. BUT…

By Steve Moore | Tuesday 14 February 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

HaloSource (HALO) has updated that it is “delighted to be progressing toward full-scale production of an entirely new technology to address the issue of heavy metal contamination at the household level” - and the shares have currently responded 18% higher, to 1.625p. Hmmm.

The announcement notes that the company “has succeeded in pilot-scale production of a filtration media… (which) overcomes the challenge of reducing both colloidal lead and dissolved lead salts from water… The HaloSource solution is unique in the mechanism and cartridge life, which will be more than double the capacity compared to competitive gravity pitchers currently certified to reduce lead to NSF/ANSI 53 standards”.

It is added that samples of the material will ship to several interested commercial partners by the end of the month and that the company “will continue to press on further innovation to provide additional solutions to address the growing problem of contamination in our most precious resource: clean, safe, good tasting water”.

This sounds very worthwhile, but I remind that an update last month noted net cash down from $4.6 million to $2.1 million over 2016 and that the board “will pursue either additional external equity financing or a sale of the company”.

I.e. it is currently somewhat desperate financial times here – and will any sustained share price strength see attempted discounted fundraising ahoy? At this juncture, for me this remains a bargepole stock.

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