HIRU CORPORATION - Purchase of California Water Company

Rhea-AI Summary

Hiru Corporation (OTC Markets: HIRU) has acquired a water bottling plant in Roseville, California, valued at approximately $7M. This facility spans 133,000 square feet and contains four automated bottling lines, with two already operational. All lines are expected to be fully operational by December 31, 2022. The acquisition aims to enhance production capabilities for Hiru's major clients, including Alkaline 88, potentially increasing revenue beyond the projected $30M for 2023. The CEO emphasized the strategic importance of this purchase for future growth.

Positive

• Acquisition of a water bottling plant valued at $7M enhances production capabilities.
• The facility's four automated bottling lines will significantly increase production efficiency.
• Expected revenue surpassing $30M for 2023 demonstrates growth potential.
• Partnership expansion with Alkaline 88 and other clients indicates strong market positioning.

Negative

• None.

PHOENIX, Oct. 20, 2022 /PRNewswire/ -- Hiru Corporation (OTC Markets: HIRU), a Georgia corporation (the "Company" or "HIRU"), is proud to announce that they have officially purchased a full scale, water bottling company out of Roseville, California.

The Company purchased the water bottling plant in Roseville, California pursuant to an agreement for both cash and equity ("New Bottling Plant"). The value of the New Bottling Plant is approximately $7M USD. The New Bottling Plant has the following material benefits to the Company:

• 133,000 Square Foot of Floor Space
• Four Automated Bottling Lines (Two of Which are Fully Operational)
• All Four Bottling Lines will be in full production by December 31, 2022
• Can produce all sizes of water bottles which will allow the Company to fulfill the invoices more effectively from Alkaline 88 and our other major clients
• Capacity should allow us to expand and generate more top line revenue with both our current and future clients

Ms. Kathryn Gavin (President and CEO of the Company), states…" The acquisition of the Roseville water bottling plant will allow us to expand our relationship with Alkaline 88 and our other major national and regional clients. It will also let us to significantly surpass our previous projected top line revenue for 2023 which was $30,000,000 USD. We are currently working to make sure all four automated bottling lines are fully operational as soon as possible. This new location is very versatile as it will allow us to produce any size water bottle to meet all of our current client needs. Closing this acquisition was a priority for the Company as soon as we discovered it was available. It is exactly what we needed to move to the next level and to continue the exponential growth we have experienced since inception."

Disclaimer Regarding Forward Looking Statements

Certain statements that we make may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would," as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements.

ABOUT US

Hiru Corp. is a Georgia corporation, is a public quoted Pink Sheet OTC issuer under the ticker symbol "HIRU" (the "Company"). The Company reports as an alternative reporting issuer with OTC Markets Group, Inc. and is current in its mandatory required filings (e.g., Pink Sheet Current). Currently, the Company has one wholly owned, operational subsidiary, AZ Custom Bottled Water, Inc., a Nevada corporation ("AZ Water"), which owns and operates a commercial water bottling and labeling facility based in Phoenix, Arizona. AZ Water operates a B2C website at https://azcustombottledwater.com/.

View original content:https://www.prnewswire.com/news-releases/hiru-corporation--purchase-of-california-water-company-301655516.html

SOURCE Hiru Corporation

FAQ

What did Hiru Corporation announce on October 20, 2022?

Hiru Corporation announced the acquisition of a water bottling plant in Roseville, California, valued at approximately $7M.

How much is the Roseville water bottling plant worth?

The Roseville water bottling plant is valued at approximately $7M.

What is the expected revenue for Hiru Corporation in 2023 after the acquisition?

Hiru Corporation expects to surpass $30M in revenue for 2023 following the acquisition.

When will all bottling lines at the new plant be fully operational?

All four automated bottling lines at the new plant are expected to be fully operational by December 31, 2022.

How does the acquisition impact Hiru Corporation's relationship with Alkaline 88?

The acquisition is expected to expand Hiru Corporation's relationship with Alkaline 88, allowing for increased production to meet client needs.