BOCA RATON, FL -- July
12, 2023 -- InvestorsHub NewsWire
-- Greenlite Ventures,
Inc (OTC:
"GRNL") reported results for the year
ended March 31,
2023.
The Company reported
an operating loss of $8,294,982 ($0.38 per share) for
the year ended March 31, 2023,
compared to a net loss of $10,058 ($0.00 per share) for
the year ended March 31,
2022.
The year ended March
31, 2023 contains one-time, non-recurring expenses primarily
dealing with non-cash stock-based related charges as well as
extinguishment of debt. For this reason,
the Company believes that a non-GAAP presentation of its operating
loss for 2022 will be beneficial to investors for them to be able
to obtain a better understanding of the Company's operating results
and progress for the current year.
The following is a
brief description of these non-recurring items:
2022
Items Include:
-
A non-cash charge
of $7,695,000 related to
the issuance of stock based compensation
-
A charge
of $502,074 for the
extinguishment of debt
Excluding these items,
the Company's adjusted net loss from operations, which is a
non-GAAP measure, amounted to $97,908 for the year
ended March 31,
2023.
Adam Pennington, GRNL
CEO stated. "We made significant progress during 2022, which
includes key milestones and events that have laid the foundation
for future growth at the Company."
These items
include:
-
November 4, 2022----Current
management finalized purchase of control block of GRNL
-
February 22, 2023----GRNL finalized
purchase of Artinian LLC dba Game Time Watches and Bands giving
Company active License Agreements with NFL, NHL, MLB, NASCAR, WWE,
and many more iconic names and brands. This purchase enabled the
Company to have its shell designation removed on March 29,
2023.
-
May 5, 2023----GRNL signed Agreement
with noted author/investor Charles Mizrahi
to develop a series
of podcasts featuring top executives as well as up-and-coming
business leaders.
-
May 23, 2023----GRNL signed exclusive
Consulting Agreement with simulated altitude pioneer Dave Vincent
to lead
GRNL's entry into the
altitude training market as well as other related
businesses.
-
June 16, 2023----GRNL
finalized 3 targeted acquisitions giving the Company entry into
simulated altitude training, atmospheric water generators, and the
health and wellness markets.
-
June 30, 2023----GRNL
signed multi-year Corporate Partnership Agreement with New York
Jets providing a wide variety of sponsorship, sales, and
promotional benefits for the Company's Game Time Watches and
Bands
-
July 6, 2023----GRNL
signed Consulting Agreement with Sports Celebrity Agent Jaron Hines
to help launch GRNL's Game Time Media subsidiary along with Charles
Mizrahi, Jeff DeForrest, and newly hired media firms New to the
Street and Lynn Aronberg PR. Hines will also be
seeking major celebrity signings for
licensing deals, endorsements, podcasting, appearances, social
media monetization, sponsorships, and charitable outreach
programs,
Safe
Harbor Statement
This press release
contains certain forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements are identified by the use of
the words "could," "believe," "anticipate," "intend," "estimate,
"expect," "may," "continue," "predict," "potential," "project" and
similar expressions that are intended to identify forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. You should not place undue reliance on
these forward-looking statements. Although we believe that our
plans, objectives, expectations, and intentions reflected in or
suggested by the forward-looking statements are reasonable, we can
give no assurance that these plans, objectives, expectations, or
intentions will be achieved. Forward-looking statements involve
significant risks and uncertainties (some of which are beyond our
control) and assumptions that could cause actual results to differ
materially from historical experience and present expectations or
projections. Actual results could differ materially from those in
the forward-looking statements and the trading price for our common
stock may fluctuate significantly. Forward-looking statements also
are affected by the risk factors described in the Company's filings
with the U.S. Securities and Exchange Commission. Except as
required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
No information
contained in this press release should be construed in any manner
as an indication of the Company's future stock price, revenues, or
results of operations.
Non-GAAP
Financial Measures
This press release
contains a non-GAAP financial measure. The Company believes that,
in addition to other financial measures, "Adjusted Net Loss from
Operations" is an appropriate indicator to assist in the evaluation
of its operating performance on a period-to-period basis. "Adjusted
Net Loss from Operations" should be
considered as a supplement to, not a substitute for, operating
income, net income or other financial performance measures prepared
in accordance with U.S. generally accepted accounting
principles.
As such,
because
non-GAAP financial measures are not in accordance with generally
accepted accounting principles in the United States, they should
not be considered in isolation from or as a replacement for the
most directly comparable GAAP financial measures.
Contact:
Lynn Aronberg Public
Relations
Lynn Aronberg,
President (310) 299-6143
Email: lynn@lynnaronberg.com
