DALLAS, Nov. 04, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- PRESS RELEASE -- Puration, Inc. (USOTC: PURA) has announced executing a letter of intent to acquire a company headquartered in Germany as part of a strategy to bottle PURA’s CBD infused beverages locally. PURA recently announced a distribution agreement in Europe for its EVERx CBD Sports Water with other CBD-infused beverages to follow. The initial 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 project to reach nearly US $17 billion by 2023. PURA management anticipates the acquisition can be completed by the end of next week.
PURA realized $1 million in revenue last year in 2018 and then reported another $1 million in revenue in just the first six months of 2019. PURA management has set a $4 million revenue target for year-end 2019. With PURA’s growing number of new distribution agreements in strategic markets, a recent analyst projection has PURA reaching $8 million in revenue in 2020.