PITTSBURGH, PA -- (Marketwired) -- 10/01/15 -- Cardinal Resources Inc. (OTC PINK: CDNL), a global producer of patented, solar powered, community-scale drinking water systems, today announced that the first of a series of systems for communities in Panama is on the way. This CRB-10 will be installed near Soloy as a demonstration of the capabilities of the patented Red Bird System.
Agua Saludable Group, Inc., our Latin American partner has worked closely with government officials and officials in Chiriuqui Province to establish the requirements of the demonstration as well as the final location.
Beyond this system, discussions centered on terms and sites for a prospective initial order of five Red Bird Systems that is intended to lead to a rolling order of five water systems per month to be rolled out nationwide over the next 12 to 18 months. While the first system to be installed is a CRB-10, the long term plan will include other, larger systems from the Company's Red Bird product line (www.cardinalres.com/red-bird/overview). This first system was a cash transaction and the revenue from this first system sale has been booked in the third calendar quarter.
The addressable Latin American market for clean water is enormous, with the World Health Organization estimating over 50.0 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 Progress on Sanitation and Drinking Water 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. 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.
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 Company's expectations.
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Source: Cardinal Resources Inc.