Eve & Co Announces First Shipment of Dried Cannabis Product and Files Financial Results for the Three and Twelve Month Period...
December 31 2018 - 6:00AM
Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSXV:
EVE; OTCQB: EEVVF) is pleased to announce that it has completed its
first shipment of dried cannabis product. "Since receiving the
amendment to our license to include additional sales on December
10th, 2018, we have initiated our first sales transactions and have
completed delivery of approximately 162,000 grams of product. We
will continue to focus on harvesting weekly, B2B sales of current
and new inventory as well as fulfillment of our provincial and
export agreements," said Melinda Rombouts, President and Chief
Executive Officer of Eve.
Further, the Company has filed its interim financial results for
the three and twelve month periods ended October 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 & Co'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
October 31, 2018 and subsequent events:
- Additional Provincial Supply Arrangements – The Company entered
into 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 authorization from
Health Canada to use its recently constructed 100,000 sq. ft.
second flowering room as a grow area, and a packaging room as an
operations area. The Company also received an amendment to its
license under the Cannabis Act to commence sales of additional
types of cannabis products, including fresh and dried cannabis, to
provincially authorized retailers and distributors.
- Product Release - The Company announced that its initial
product line consisting of a selection of clones is now available
for purchase on the Cannabis NL website.
- Update on Phase 2 Expansion – Eve & Co’s proposed 780,000
square foot greenhouse expansion continues to progress with the
construction of the initial structure and foundation including
stump post installation being completed. The building of the main
structure can now continue through the winter months, weather
permitting. The municipal drain was completed as required by the
municipality and provides proper drainage capable of handling
excessive levels of rainfall. Construction is currently
focused on irrigation infrastructure and the enclosure which is to
house the large-scale boiler system. The buildout will
continue throughout the winter months, depending on weather
conditions with the roof structure expected to be added early
spring. Completion of the expansion remains subject to the
Company securing sufficient funding.
- OTCQB Listing – The Company’s common shares commenced trading
on the OTCQB venture market in the United States.
- Chief Financial Officer – The Company appointed Landon
Roedding, its new Chief Financial Officer, effective October 23,
2018.
“We are very pleased with our progress in Q4 of
2018. We continue to harvest on a weekly basis, increase
efficiencies and also received multiple approvals from Health
Canada. These have allowed us to more than double our
production potential, add automated packaging capabilities and
expand into additional sales markets. Eve is well-positioned
to develop sales in multiple markets including B2B, provincial and
global medical cannabis markets and become a leader in large scale,
efficient and economic production of cannabis in Canada,” said
Melinda Rombouts, President and Chief Executive Officer of Eve. “We
continue to focus on our expansion, increasing efficiencies at our
220,000 sq. ft. facility and the development of partnerships in our
female-focused brand, Eve.”
ABOUT EVE & CO
INCORPORATED
Eve & Co, through its wholly-owned
subsidiary Natural MedCo Ltd., holds cultivation and processing
licenses under the Cannabis Act (Canada) for the production and
sale of various cannabis products, including dried cannabis,
cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s
first female founded licensed producer of medicinal marijuana and
received its cultivation license from Health Canada in 2016.
Eve & Co is led by a team of agricultural
experts and has a licenced 220,000 sq. ft. scalable greenhouse
production facility located in Middlesex County, Ontario with 32
acres of adjacent land for future expansion. Eve & Co has
commenced construction of an additional 780,000 sq. ft. proposed
expansion, bringing Eve & Co’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
expansion and funding therefor, 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 |
|
Landon RoeddingChief Financial OfficerEve & Co
IncorporatedTelephone: (647) 473-4947 |
|
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