Cardinal Resources set to enter the Panama Market
Panama Business. Cardinal Resources Inc. 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 in the following months.
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 “Consejo Nacional para el Desarrollo Sostenible”, SIP, IDAAN and Panama's Ministry of Health.
Further, the Company met with senior officials in the Chiriqui Province, to select the location in 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. 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.