Geyser Reports First-Quarter Financial Results, Updates on Solace Acquisition
VANCOUVER, Aug. 29, 2019 /PRNewswire/ - Geyser Brands Inc. (TSXV:GYSR) ("Geyser Brands" or the "Company") today released its Q1 financial statements for the three months ended June 30, 2019. Interim financials and accompanying MD&A have been filed on SEDAR. The Company also updated this week that it is submitting all information to the TSX Venture Exchange for review in connection with its conditional approval of the Solace Management Group Inc. acquisition.
Q1 financial highlights include:
- The Company generated its first revenues of $79,434 during the quarter
- Gross profit was $64,690, representing a gross profit margin of 81%
Q1 FINANCIAL STATEMENT HIGHLIGHTS
For the three months ended |
||||
June 30, 2019 |
July 31, 2018 |
|||
Revenue |
$ |
79,434 |
$ |
- |
Cost of Sales |
$ |
14,744 |
$ |
- |
Gross Profit |
$ |
64,690 |
$ |
- |
Operating Expenses |
$ |
853,931 |
$ |
439,688 |
Operating Loss |
$ |
(789,241) |
$ |
(439,688) |
Net Loss for the period |
$ |
(785,407) |
$ |
(414,688) |
Loss per share (1) |
||||
Basic |
$(0.04) |
$(0.07) |
||
Diluted |
$(0.03) |
$(0.07) |
||
Weighted average number of common shares outstanding |
8,725,004 |
5,782,941 |
||
Basic |
21,458,483 |
5,782,941 |
||
Diluted |
23,986,288 |
5,782,941 |
||
March 31, 2019 |
July 31, 2018 |
|
Total Assets |
$4,890,422 |
$4,504,411 |
Total Liabilities |
$1,047,269 |
$1,099,012 |
Total Shareholders' Equity |
$3,843,153 |
$3,405,399 |
MANAGEMENT COMMENTARY
Andreas Thatcher, CEO commented, "We have begun to operationalize our manufacturing and processing capabilities, generating our first revenues during Q1. We are continuing to explore new brand opportunities and develop our manufacturing capacity to position the company for rapid expansion as our remaining Health Canada licenses get awarded. I am excited about the many opportunities that have been presented to us for producing and distributing hemp-based products on a global basis. We look forward to delivering additional, high-margin revenue streams once our R&D and sales licensing are in place."
UPDATE ON SOLACE ACQUISITION
The Company is pleased to announce that, further to the Company's press releases February 11, 2019, March 11, 2019 and May 28, 2019, and August 6, 2019, regarding the TSXV Exchange (the "Exchange") conditional approval of the transaction, that the Company is working on providing the Exchange with the necessary documents and anticipates receipt of final approval shortly.
ABOUT GEYSER BRANDS
Geyser Brands Inc. builds health-based hemp CBD consumer products in the nutraceutical, cosmetics, food & beverage and pet sectors world-wide. Geyser Brands owns a Health-Canada approved Licensed Producer (LP) in Port Coquitlam, BC that holds cultivation and processing licenses and is anticipating its R&D and sales licenses. Geyser Brands will utilize its GMP- licensed facilities in British Columbia for the manufacturing and distribution of its hemp and CBD-based products internationally.
For more information, visit Geyser Brands' website at www.geyserbrands.com.
On Behalf of the Board of Directors
Andreas Thatcher
Director and CEO
THIS NEWS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.
CAUTIONARY AND FORWARD-LOOKING STATEMENTS
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. Forward‐looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the marijuana industry in general such as operational risks in growing; competition; incorrect assessment of the value and potential benefits of various transactions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws and government regulations.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Geyser Brands Inc.
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