/NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES/
VANCOUVER, BC, Nov. 15, 2021 /CNW/ - H-Source Holdings Ltd.
("H-Source" or the "Company") (TSXV: HSI) (OTCQB:
HSCHF), an innovative leader in the AI & SaaS-based technology
platform, seeking to revolutionize the Global Healthcare
procurement, logistics & distribution supply chain, is pleased
to announce the successful procurement of Personal Protective
Equipment ("PPE") by sourcing and securing the delivery of
Nitrile Gloves (the "Gloves") for their clients (the
"Contracts").
H-Source has successfully intiatied a restructuring and pivot to
provide PPE supplies, with direct product sales from PPE
manufacturers to clients, utilizing the H-Source ecosystem and
platform.
The first Contract secures the initial delivery of Two Hundred
& Fifty Thousand (250,000) boxes of Gloves for specific
buyers, with H-Source shareholders providing financing. The
second Contract is directly with the manufacturer and distributor
for the Nitrile Gloves. After the initial delivery, H-Source has
the option to extend the production contract to up to Five Hundred
Thousand (500,000) boxes of Gloves per month for twelve months.
The first shipment, via air freight, is to arrive and close
during the month of November, which will record material revenue
for November of 2021. The first delivery and subsequent
deliveries could generate top line revenue of up to USD Seven Million ($7,000,000), providing profitability for
H-Source. This is a significant milestone as H-Source continues to
execute on its growth strategy. The Company expects to
announce additional contracts before the 2021 year end.
The following material events provide a Corporate update as
H-Source restructures and continues to execute on its growth
strategy, and to monetize its proprietary technology platform:
- The following Board members have tenderded their resignation:
Murray Walden, Richard Umbdenstock, Martin Hubbes, and Chip
Overstreet. H-Source is grateful for their dedication and
commitment over the last 5 years. Their efforts helped position the
company for ongoing success.
- The announcement of three (3) interim Directors will occur this
week, including a new Audit Committee Chair. New Board members will
be nominated and voted on at the upcoming Annual Meeting planned in
Q1, 2022.
- The new Board members will primarily be from technology,
healthcare, and finance backgrounds. The new Board will support the
Company's strategy to transform healthcare supply chains utilizing
the H-Source platform and technology, and to move PPE products
direct from manufacturers to healthcare and government clients at a
significant reduction in costs.
- The Company is currently in a trading halt on the TSX-V and
OTCQB. For reasons set out in its news release of May 4, 2021, the filing of its annual audited
financial statements for the year ended December 31, 2020, the accompanying management's
discussion and analysis and the related CEO and CFO certifications
(collectively, the "Filings") were not filed by the prescribed
deadline. As a result, the Q1, Q2, and Q3 Filings were also not
filed by their prescribed deadlines. The Company expects to resume
trading in early 2022 on the respective exchanges after completion
of the Contracts mentioned above and the completion of the annual
and interim Filings. At that time, H-Source will apply for
reinstatement. In the interim, there is a possibility of trading on
the OTC via the Expert Market and possibly on the TSX-V via
NEX.
- The Company expects announcements of additional contracts, and
successful execution of these contracts, before the end of
2021.
- A complete overhaul, upgrade and release of a new version of
H-Source software occurred this past summer which completes the
full pivot to a SaaS based, technology solutions provider, helping
supply chains initially focused on healthcare.
- It has been mutually agreed by both parties that the Natrezza
Partnership and potential investment announced in the July 16, 2021 news release is not proceeding at
this time.
John Kupice, CEO of H-Source,
stated, "We are pleased to announce the contracts for Nitrile
Gloves. We have secured the product, the financing, and the
buyer. It is essential that we follow through and close this
initial transaction, thereby enabling the contract extensions which
are already presold. We will continue our transformation to a SaaS
based technology platform, providing solutions to our valued
clients, and direct engagement with our new Board members and
marketing initiatives."
About H-Source Holdings
Ltd.
H-Source Holdings Ltd. is a technology company operating
within the healthcare industry through its wholly owned subsidiary,
H-Source, Inc. The Company has developed a technology
solution that provides a private, secure and Software As A
Service ("SAAS") platform for members to buy, sell,
track, and transfer medical supplies, pharmaceuticals,
capital equipment and supplies. Integrated Artificial Intelligence
("AI") and Business Intelligence ("BI") enhance the data
analytics for supply chain optimization. The platform is FDA and
DSCSA compliant for pharmaceuticals including serialization ,
ownership and custody in extended modules. Blockchain is offered as
an add-on at additional cost for additional security and
traceability. This platform is designed to increase supply
chain efficiency and reduce costs moving products directly from
manufacturers to businesses or consumers. For more
information, please visit http://h-source.com/.
On behalf of the board of directors of H-Source Holdings
Ltd.
John Kupice
CEO & Director
CAUTIONARY DISCLAIMER STATEMENT: The TSXV has not
reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this news release.
This news release contains forward-looking statements
relating to the completion of the listing of the Company's shares
on the TSXV and other statements that are not historical facts.
Forward-looking statements are often identified by terms such as
"will", "may", "should", "anticipate", "expects" and similar
expressions. All statements other than statements of historical
fact, included in this release are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company's expectations include the
failure to satisfy the conditions of the TSXV and other risks
detailed from time to time in the filings made by the Company with
securities regulations.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward-looking statements as
expressly required by applicable law.
SOURCE H-Source Holdings Ltd.