BLVD Centers Posts Audited Financial Statements for Period Ending February 28, 2018
June 29 2018 - 11:20AM
NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
BLVD Centers Corporation (“
BLVD” or the
“
Company”) (CSE:BLVD), today posted its financial
statements for the year ended February 28, 2018.
Selected Highlights:
- Revenue increased to $31,201,000
- Real estate assets (listed as PP&E) increased from
$4,775,000 to $7,648,000
- Bad Debt decreased from $8,313,000 to $2,100,000
- Net loss decreased from $29,524,000 in fiscal 2017 to
$1,782,000 in fiscal 2018
- Cash and Accounts Receivable balance of $13,112,000
“We are pleased to post these audited
statements,” said CEO Chris Heath. “We have a very stable business
with significant revenue and a strong balance sheet. These
statements highlight the nature of our opportunity to be a platform
company with which to launch into the marijuana industry. With
solid eight figure revenues and a strong balance sheet, as well as
several locations on the west coast and a deep database with
thousands of patients in need of addiction services and products,
we are very well placed to take advantage of the market”.
“We have focused all of our efforts since the
end of the third fiscal quarter to reorganize our business to that
end”, continued Mr. Heath. “We have paired revenue lines that were
low margin and had little value to a marijuana strategy. We have
invested in several real estate properties that have unique
licensing. We have also taken a closer look at our accounts
receivable and bed debt figures, and considering our strategy, have
decided to take a very conservative approach to these balances,
reducing bad debt expense from over eight million to just over two
million. My energy has focused almost entirely on getting to a
transaction or series of transactions in the marijuana industry,
either where we are acquired or we acquire operations, expertise
and leadership, that can lever our platform and result in a more
valuable company. On an industry level, we are tracking several
studies that are investigating whether certain strains of marijuana
show promise in reduction of cravings for opioids. With each
passing month, there are more and more synergies that appear using
our current operations to expand into the marijuana industry.”
Completion of any transaction would be subject
to applicable conditions and approvals. There can be no assurance
that a transaction will be agreed to or
completed.
Forward-Looking Statements
Certain statements contained in this press
release constitute "forward-looking information" as such term is
defined in applicable Canadian securities legislation. The words
"may", "would", "could", "should", "potential", "will", "seek",
"intend", "plan", "anticipate", "believe", "estimate", "expect" and
similar expressions as they relate to the Company, including, the
Company completing a transaction/merger with a company in the
cannabis industry, are intended to identify forward-looking
information. All statements other than statements of historical
fact may be forward-looking information. Such statements reflect
the Company's current views and intentions with respect to future
events, and current information available to the Company, and are
subject to certain risks, uncertainties and assumptions. Material
factors or assumptions were applied in providing forward-looking
information. Many factors could cause the actual results,
performance or achievements that may be expressed or implied by
such forward-looking information to vary from those described
herein should one or more of these risks or uncertainties
materialize. These factors include, without limitation: changes in
law; the ability to implement business strategies and pursue
business opportunities; the state of the capital markets; the
availability of funds and resources to pursue operations; decline
of reimbursement rates; dependence on few payors; possible new drug
discoveries; a novel business model; dependence on key suppliers;
granting of permits and licenses in highly regulated businesses and
industries; competition; changes in healthcare regulations or
insurance coverage, particularly those relating to mental health or
younger citizens; difficulty integrating newly acquired businesses;
the time, outcome and cost of any inquiries, audits or litigation
with insurance providers, or federal, state or local regulators;
low profit market segments; fluctuations in exchange rates;
investing in companies or projects which have limited or no
operating history and/or are engaged in activities currently
considered illegal under US Federal laws; hindering market growth
and state adoption due to inconsistent public opinion and
perception of the medical-use and adult-use marijuana industry;
general economic, market and business conditions, as well as those
risk factors discussed or referred to in the Company's disclosure
documents filed with the securities regulatory authorities in
certain provinces of Canada and available at www.sedar.com. Should
any factor affect the Company in an unexpected manner, or should
assumptions underlying the forward looking information prove
incorrect, the actual results or events may differ materially from
the results or events predicted. Any such forward-looking
information is expressly qualified in its entirety by this
cautionary statement. Moreover, the Company does not assume
responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release and the Company undertakes no obligation to publicly update
or revise any forward-looking information, other than as required
by applicable law. All figures are in Canadian dollars unless
otherwise indicated.
BLVD Centers Corporation Nitin Kaushal Director (424) 372-1123
investorinfo@BLVDcenters.com www.BLVDir.com
Boulevard Acquisition Corp. Ii (NASDAQ:BLVD)
Historical Stock Chart
From Apr 2024 to May 2024
Boulevard Acquisition Corp. Ii (NASDAQ:BLVD)
Historical Stock Chart
From May 2023 to May 2024