Grove, Inc. Announces Unaudited Fiscal Year 2021 Results of Operations
September 16 2021 - 8:30AM
via NewMediaWire -- Grove, Inc. (NASDAQ:GRVI) ("Grove" or
the "Company"), a global innovator in hemp, health, and
wellness, today announced unaudited financial results for its
fiscal year ended June 30, 2021 were in line with preliminary
results issued on June 28, 2021.
Allan Marshall, Chief Executive Officer of Grove,
stated, “We are excited that our final numbers will come above our
preliminary expectations for revenues and at the top-end of net
income estimates released on June 28th 2021. Based on strong
growth and revenue acceleration to end 2021, we estimate revenues
for the fiscal year ended June 30, 2022 will be between $48 million
and $55 million.
Andrew Norstrud, Chief Financial Officer of Grove,
stated, “The ongoing audit of the VitaMedica Corporation
acquisition and the due diligence on the acquisition of Interactive
Offers pushed completion of our anticipated form 10-K filing from
Sept 15, 2021 to September 28, 2021.”
Grove also announced it will release the Form 10-K
on or before September 28, 2021.
About Grove, Inc.
Grove, Inc. is in the business of developing,
producing, marketing and selling raw materials, white label
products and end consumer products containing the industrial hemp
plant extract, Cannabidiol (“CBD”). The Company sells to numerous
consumer markets including the botanical, beauty care, pet care and
functional food sectors. It seeks to take advantage of an emerging
worldwide trend to re-energize the production of industrial hemp
and to foster its many uses for consumers.
Forward-Looking Statements
This press release contains statements that
constitute "forward-looking statements," including with respect to
the Company's business strategy, product development and industry
trends. No assurance can be given that the offering will be
completed on the terms described, or at all. Forward-looking
statements are subject to numerous conditions, many of which are
beyond the control of the Company, including those set forth in the
Risk Factors section of the Company's registration statement and
preliminary prospectus for the offering filed with the SEC. Copies
are available on the SEC's website,www.sec.gov. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Company Contact
Andrew Norstrud
Email: investorinfo@cbd.io
Phone: (702) 332-5591
Investor Relations Contact
TraDigital IR
John McNamara
Email: john@tradigitalir.com
Phone: (917) 658-2602
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