PITTSBURGH, PA -- (Marketwired) -- 06/25/15 -- Cardinal Resources Inc. (OTC PINK: CDNL), a global producer of patented, solar powered, community-scale drinking water systems, today announced that it completed a series of meetings with government officials in Panama last week as it advances its initiative to open the massive Latin American market for its patented, solar-powered Red Bird water systems beginning this summer.
Accompanied by Cardinal's Latin American reseller/distribution partner, Panama City-based Agua Saludable Group, Inc., and led by Cardinal's Chief Executive Officer Kevin Jones, the Cardinal team met in Panama City with senior advisors on national water policy from the Office of the President, officials from Cosejo Naticional parap el Desarrollo Sostenible, the Sistema Nacional de Proteccion Civil, the Instituto de Acuductos y Alcantarillados Nacionales and Panama's Ministry of Health.
Further, the Company met with senior officials in the Chiriuqui Province, to select the location in Chiriuqui for the August installation of Latin America's first Cardinal Red Bird water system.
Beyond the implementation of the first system, discussions centered on terms and sites for a comprehensive initiative that envisions the sale of five Red Bird systems, per month, to be rolled out nationwide in 2016. The first system to be installed, in August, is an upgraded CRB-10 and the team's joint strategic planning sessions focused on this and other, larger systems from the Company's Red Bird product line (www.cardinalres.com/red-bird/overview). Seventy-five percent of the revenue from this first system sale will be booked upon delivery expected in the third calendar quarter.
The addressable Latin American market for clean water is enormous, with the World Health Organization ("WHO") estimating over 50 million people in the region are without adequate access to clean, pure water. In Panama, where the access to water is among the best in the region, the UNICEF and WHO 2013 update to its "Progress on Sanitation and Drinking Water" report estimates over 500,000 people lack access to clean pure water. Depending on the Red Bird model selected, just one system can provide clean water for communities of 5,000 to 20,000 people.
Commenting on the Company's Latin American initiative, Cardinal Resources CEO, Kevin Jones, said, "We are encouraged by the forward thinking of the senior Panamanian officials we are working with; cautiously optimistic that we will be successful this year in completing a series of transactions starting in Panama and expanding throughout Costa Rica, Nicaragua, Peru, Columbia and the rest of the region that will ultimately involve over 100 of our Red Bird units - and excited to contribute to dramatically improving the lives of hundreds of thousands of people beginning with Panama.
"The demand is there," Mr. Jones added. "Our next-generation, solar-powered technology is state of the art, and with over 500,000 Panamanians without access to affordable clean, pure water, the long term economics of Cardinal's family of Red Bird water systems are as compelling as is its ease of installation and low maintenance costs. Looking ahead, we estimate the regional addressable market for our family of systems is $825 million and growing."
Additionally, the installation of the CRB-10 system will enable Cardinal's distributor, Agua Saludable Group, to showcase an actively working Red Bird System to other potential customers from throughout the region. As reported in Cardinal's February 9, Special Letter to Shareholders, Agua Saludable Group (www.aguasaludablegroup.com) has committed to the purchase/resale of a minimum of ten Cardinal Red Bird Systems by September or risk losing its regional distribution exclusivity.
Cardinal Resources will continue to advance the discussions with Panamanian officials, and will update its shareholders on its progress in the weeks ahead.
About Cardinal Resources
Cardinal Resources brings a unique blend of experience, technology, and focus to projects worldwide and across the United States from its office in the Pittsburgh, Pennsylvania area. Its commitment to Clean Water, Clean Environment, Worldwide includes the patented Red Bird System, a solar-powered community-sized drinking water system, and the Grey Bird Approach to wastewater treatment and green infrastructure as well as a deep range of traditional environmental and engineering services. For more info, visit us at www.cardinalres.com.
Certain statements in this presentation constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, such as business and political conditions in the geographic areas in which we sell our products, weather and natural disasters, changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which we are engaged.
The information set forth herein should be read in light of such risks. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this presentation and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company¹s expectations.
Source: Cardinal Resources Inc.