Quadron Reports 2018 Six Month Revenue of $1,434,742, a 51% Increase Over 2017 Six Month Revenue
December 28 2018 - 8:30AM
Quadron Cannatech Corporation (the
“Company” or
“Quadron”)
– (CSE: QCC), is
pleased to report the financial and operating results for its
second quarter ended October 31, 2018.
Second quarter financial highlights
(unaudited):
- Revenue of $465,959, a 7% increase over Q2 October 31,
2017. Compared to six month revenue of $1,434,742 for the
period ended October 31, 2018 a 51% increase over the same period
ended October 31, 2017;
- Gross margin of $157,514 or 34% vs 53% in Q2 October 31, 2017.
Gross margins fluctuate dependent upon product mix;
- Loss of $972,099 compared to $367,602 for Q2 October 31, 2017.
The increased loss for the quarter includes stock based
compensation of $197,146, an increase in depreciation of
approximately $54,724, and the cost of leasing new facilities to
further development of its extraction equipment and processes; and
- Cash of $2,025,921 and working capital of $4,571,724 at quarter
end.
Rosy Mondin, CEO of Quadron states: “It’s
important to note that we’re in the infancy of the extracts market
- while others have been focused on cultivation, we have been
developing our turnkey extraction solutions. That solution includes
more than just the sale of equipment (such as the CO2 BOSS or
ethanol BEAST) - it includes biomass preparation, extraction,
filtration, distillation, formulation, and the provision of
ancillary products (such as vape pens). With the legalization of
oils, edible products and topicals happening in Canada no later
than October 17, 2019, licensed producers and new applicants are
now focussing their attention to extraction processes. Efficient
extraction equipment, techniques, procedures and formulation are
key to developing new cannabis products.”
Quadron’s full second quarter financial results are posted on
SEDAR at www.sedar.com.
About Quadron: Quadron provides
equipment, products and service solutions for the authorized
cannabis industry by providing a full array of end-to-end
extraction and processing solutions, including sales of end user
delivery options (such as vapour pens) for medical and recreational
consumers.
For more information, visit:
www.quadroncannatech.com.
On behalf of the Board of Directors ofQUADRON CANNATECH
CORPORATION
Rosy MondinCEOrosy@quadroncannatech.com
Investor Relations Contact:KIN Communications
Inc.Caleb Jeffries, VP, Investor
Relations1-866-684-6730QCC@kincommunications.com
Neither the CSE nor its Regulation Services
Provider (as that term is defined in the policies of the CSE)
accepts responsibility for the adequacy or accuracy of this
release.
Statements included in this announcement,
including statements concerning our plans, intentions and
expectations, which are not historical in nature are intended to
be, and are hereby identified as “forward-looking
statements”. Forward-looking statements may be identified by
words including “anticipates”, “believes”, “intends”, “estimates”,
“expects” and similar expressions. The Company cautions readers
that forward-looking statements, including without limitation those
relating to the Company’s future operations and business prospects,
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those indicated in the
forward-looking statements.
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