Eve & Co Announces Financial Results For The Year Ended December 31, 2019
April 16 2020 - 5:49PM
Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSX-V:
EVE; OTCQX: EEVVF) is pleased to announce its financial results for
the year ended December 31, 2019. The financial statements and
management discussion and analysis for such 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 months and year ended
December 31, 2019 and subsequent events:
- For the year ended December 31,
2019, the Company generated revenue of $3,706,722, a 668% increase
over the fourteen months ended December 31, 2018 of $482,663 due to
the commencement of cannabis sales in December 2018.
- For the three months ended December
31, 2019, the Company reported revenue of $608,247, a 34% decrease
from the three months ended September 30, 2019.
- The Company reported a Net Loss and
Comprehensive Loss for the three months and year ended December 31,
2019 of $3,115,693 and $5,706,489 respectively.
- On December 16, 2019, Health Canada
amended the cannabis cultivation and processing licence of its
wholly-owned subsidiary Natural MedCo Ltd (“NMC”) to permit the use
of a third flowering room as a grow area comprising of 780,000 sq.
ft.
- From January to September 2019, the
Company entered into three binding non-exclusive supply agreements
for the sale of dried cannabis to German importers and
distributors.
- On March 6, 2020, the Company
announced that it received notification that NMC had been issued
its European Union Certificate of Good Manufacturing Practice from
the Government of Upper Bavaria, Germany (the “EUGMP Certificate”).
As a result, the Company anticipates that it will commence shipping
product to Germany pursuant to the supply agreements in 2020,
subject to receipt of requisite permits and licensing.
- On April 2, 2020, the Company
announced that NMC had made its initial sales to Canadian medical
cannabis patients through its agreement with Cannalogue entered
into on March 9, 2020.
“We are moving forward in these uncertain times
to realize our plans for distribution into the European Union now
that we are one of a handful of Canadian cannabis companies in
receipt of an EUGMP Certificate. We continue to focus on sales and
distribution in Canada and into the European Union with our German
partners. We also anticipate executing on our plans to launch
female-focused cannabis products with our brand partners,” said
Melinda Rombouts, President and Chief Executive Officer of Eve
& Co.
The Company also announces the grant of options
to purchase up to 1,000,000 common shares of Eve & Co to Yasir
Naqvi following his recently announced appointment to the Board of
Directors. The options are exercisable for a period of five years
at an exercise price equal to the greater of $0.08 per common share
and the closing price of the Company’s common shares on the TSX
Venture Exchange as at the end of trading on April 17, 2020.
ABOUT EVE & CO
INCORPORATED
Eve & Co, through its wholly-owned
subsidiary Natural MedCo Ltd., holds cultivation and processing
licences under the Cannabis Act (Canada) for the production and
sale of various cannabis products, including dried cannabis,
cannabis plants and extraction of cannabis oil and has received EU
GMP certification. Natural MedCo Ltd. was Canada’s first
female-founded licensed producer of medicinal marijuana and
received its cultivation licence from Health Canada in 2016. Eve
& Co is led by a team of agricultural experts and has a
licensed 1,000,000 sq. ft. greenhouse located in Strathroy,
Ontario.
The Company’s website can be visited at
www.evecannabis.ca.
CAUTIONARY NOTES
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, licensing, the expected increase in production capacity,
the expanded product lines, the commencement of shipments to
Germany, opportunities for growth, sales, 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 management’s discussion and analysis for
the year ended December 31, 2019 which is 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 and 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.
Neither the 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.
For further information, please
contact:
Melinda RomboutsPresident and Chief Executive OfficerEve & Co
IncorporatedTelephone: (855) 628-6337 |
Rory TaylorInterim Chief Financial OfficerEve & Co
IncorporatedTelephone: (855) 628-6337 |
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