The Purifloh Limited (ASX: PO3) share price has soared more than 19% in today's trade, following an update from the company this morning.
What did PuriflOH announce?
PuriflOH released an update this morning informing the market that the company's application to join the OTCQX exchange has been approved.
Following the approval, PuriflOH will commence trading on the OTCQX on 24 October 2019 under the stock code PUFLF. According to PuriflOH, listing on the OCTQX is a cost-effective method of accessing trading opportunities within the US.
PuriflOH also provided an update on the company's progress with securing eligibility from the Depository Trust and Clearing Corporation (DTC). DTC manages the electronic clearing and settlement of publicly traded companies in the US and over 130 other countries. DTC approval will further allow common shares in PuriflOH to be traded in a more liquid and transparent market.
What does PuriflOH do?
PuriflOH operates in the air and water purification space and holds the exclusive rights to free radical generation (FRG) technology. FRG is a platform technology that allows PuriflOH to develop new products in the key markets of air purification, water treatment and medical sterilisation.
The FRG technology works by creating a 'cold plasma' and powerful radicals that eliminate biological and chemical contaminants and producing only water and ozone as by-products. As a result, FRG can power products that decontaminate and sterilise air, water and other surfaces.
PuriflOH continues to work with original equipment manufacturers (OEMs) in order to commercialise the company's FRG technology. According to PuriflOH, the market leading position of OEMs ensures a rigorous approach to testing and validation of new products.
PuriflOH is also pursuing commercial property opportunities. The company's controlling shareholder Dilato Holding Pty Ltd received approval for a 23 story hotel in the CBD of Melbourne, with PuriflOH air and water treatment systems set to be installed. The company's FRG air purification system is also in the process of conducting trials in India targeting the elimination of airborne tuberculosis.
Earlier this year, the PuriflOH board approved an OTCQX listing, where the company will join the likes of mining giant Fortescue Metals Group LTD (ASX: FMG). The board cited the potential commercialisation of PuriflOH's FRG platform as the basis of listing on the OTCQX, which will allow US-based investors direct access to invest in PuriflOH.
The PuriflOH share price is up more than 19% for the day, with shares going for $5.25 at the time of writing, bringing the company's share price gain over the past 12 months to more than 970%.
