Eve & Co Files Financial Results for the Three and Nine Month Periods Ended July 31, 2018
October 01 2018 - 7:01PM
Eve & Co Incorporated (the “Company” or “Eve”)
(TSXV: EVE) is pleased to announce that it has filed its interim
financial results for the three and nine month periods ended July
31, 2018. The financial statements and management discussion and
analysis for such interim period, are available on the System for
Electronic Document Analysis and Retrieval ("SEDAR") at
www.sedar.com and on Eve's website at www.evecannabis.ca.
HIGHLIGHTS
The Company is pleased to provide the following
highlights of its progress over the three month period ended July
31, 2018 and subsequent events:
- Qualifying Transaction; TSXV Listing – The Company completed
its qualifying transaction by way of a three-cornered amalgamation
with Natural MedCo Ltd. and corresponding listing on the TSX
Venture Exchange.
- Private Placements – The Company completed private placements
for combined aggregate gross proceeds of approximately $20.8
million.
- Provincial Supply Arrangements – The Company entered into a
memorandum of understanding with the Province of British Columbia
and supply agreements with the Ontario Cannabis Retail Corporation
and the Newfoundland and Labrador Liquor Corporation with respect
to the supply of adult-use cannabis.
- Licensing Approvals – The Company received amended licenses
from Health Canada under the Access to Cannabis for Medical
Purposes Regulations for (i) the sale of certain medical cannabis
products; and (ii) the production of bottled cannabis
oil.
- Chief Financial Officer – The Company appointed Landon
Roedding, its new Chief Financial Officer, effective October 23,
2018.
“This was a very successfully quarter for Eve
and our team,” said Melinda Rombouts, CEO of Eve. “We
completed our qualifying transaction and listing on the TSXV,
finished construction of our first 100,000 sq. ft. expansion, began
construction of our second expansion of approximately 780,000 sq.
ft., received our sales license, secured supply arrangements for
distribution from the coast-to-coast of Canada, increased
production to full capacity in our initial 120,000 sq. ft.
greenhouse and were granted DTC eligibility. With our new
authorization to produce extracts, we are also excited to begin
producing test batches for Health Canada during our fourth
quarter.”
In addition, the Company announced that
effective today, Michael Young has resigned from Eve’s board of
directors.
ABOUT EVE & CO
INCORPORATED
Eve, through its wholly owned subsidiary Natural
MedCo Ltd., is a licensed producer and seller of dried cannabis and
cannabis plants, and licensed producer of cannabis oil under the
Access to Cannabis for Medical Purposes Regulations. Natural MedCo
Ltd. is Canada’s first female founded licensed producer, and
received its cultivation license from Health Canada in 2016 and its
sales license from Health Canada in June 2018.
Eve is led by a team of agricultural experts and
has a 220,000 sq. ft. scalable greenhouse production facility
located in Middlesex County, Ontario with 32 acres of adjacent land
for future expansion. Eve has broken ground on an additional
780,000 sq. ft. expansion, bringing Eve’s total anticipated
greenhouse capacity to 1,000,000 sq. ft.
The TSX Venture Exchange (the “TSXV”)
has neither approved nor disapproved the contents of this news
release. Neither the TSXV nor its Regulation Service Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
Certain statements in this press release
constitute forward-looking information. All statements other than
statements of historical fact contained in this press release,
including, without limitation, those regarding the Company’s
future, strategy, plans, objectives, goals and targets, and any
statements preceded by, followed by or that include the words
“believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”,
“may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”,
“project”, “seek”, “should” or similar expressions or the negative
thereof, are forward-looking statements. These statements are not
historical facts but instead represent only the Company’s
expectations, estimates and projections regarding future events.
These statements are not guarantees of future performance and
involve assumptions, risks and uncertainties that are difficult to
predict, including those described in the Company’s filing
statement dated June 18, 2018 and available on the Company’s SEDAR
profile. Therefore, actual results may differ materially from what
is expressed, implied or forecasted in such forward-looking
statements. The forward-looking information and forward-looking
statements included in this news release are made as of the date of
this news release the Company does not undertake an obligation to
publicly update such forward-looking information or forward-looking
information to reflect new information, subsequent events or
otherwise unless required by applicable securities law.
For further information, please
contact:
Melinda RomboutsPresident and Chief Executive OfficerEve & Co
IncorporatedTelephone: (855) 628-6337 |
|
Shobana ThayaInvestor RelationsTelephone: (416) 807-1009 |
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