Alkaline Water Company Inc (OTCMKTS:WTER) has added three more distributors to its growing list of retailers, for its Alkaline88 water. All of these distributors are based in the Upper Midwest region. The news comes soon after the company filed its FY2014. As of March 31, 2015, the company had record revenues from its partnership with current distributors.
WTER produces clean bottled water, purified through its proprietary electrolysis purification method. While filing its 10-Q for the year ended March 31, 2015, the company had an excess of $3,700,000 in revenues. This accounted for more than 550% increase in year-over-year revenues. With the list of its distributors expanding, the company anticipates that revenues for the current year would exceed $10 million. However, the company management stated that they would be unable to meet the June 29 deadline for filing its 10-K, due to resource constraints. The new deadline is expected to be July 14.
Steven P. Nickolas, the CEO of Alkaline Water, stated that the company wants to keep this trend ongoing, through the expansion of the company’s sales footprint. He stated that the consumers are leaning towards Alkaline Water products and the lack of competition means that the company should remain dominant in the market.
The acquisition of three new distributors was a result of the efforts put forth by Beacon United and their broker team. WTER CEO stated that the new partnerships provide his company with an opportunity for improved penetration in the market. Additionally, the timing for these signings could not have been better. The summers are around the corner and as the demand for healthy and safe drinkable water rises with temperature, WTER can take advantage of the additional 116 retail stores to target a larger market. Conventionally, the company has been concentrating on health conscious consumers.
Alkaline Water Company Inc (OTCMKTS:WTER) saw 2.6 million shares being traded during the June 26 session, to register a rise of 4.03% and reach a closing price of $0.142 at the end of the session.