Entourage Health Corp. (formerly WeedMD Inc.)
(
TSX-V:ENTG) (
OTCQX:ETRGF)
(
FSE:4WE) (“
Entourage” or the
“
Company”), a Canadian producer and distributor of
award-winning cannabis products, announced today it will defer its
fourth quarter and full-year 2021 press release and conference call
previously scheduled for May 3, 2022, to coincide with its
projected first quarter 2022 financial results, expected on or
before May 31, 2022.
The deferral is a result of the Company's new
external auditors advising they were not able to complete required
procedures and issue an audit opinion on May 2, 2022 in time to
support the Company’s management conference call on May 3,
2022 as previously expected, in respect of the Company’s
financial statement for the year ended December 31, 2021 and the
related management’s discussion and analysis. Entourage
further advised it will file its fourth quarter and full-year 2021
financial results in the coming days, with filing timing to be
provided once confirmed by auditors. Additionally, filing and
conference call details for first quarter 2022 will be provided in
a subsequent announcement.
Entourage also reaffirmed today that its
previously reported full-year 2021 record preliminary unaudited
total revenue improved slightly and is now $55.2 million(1)
together with preliminary gross margins of 7.0%(1).
In accordance with Entourage’s Trading Policy,
directors, officers, and other insiders of the Company are
currently restricted from trading in the Company’s securities until
after it files its full-year 2021 financials. The Company expects
the trading window to open subsequent to the filing of first
quarter 2022 financial results, expected by no later than May 31,
2022.
To read Entourage’s recent Shareholder
Newsletter 2022, visit our website here. To access our corporate
video, visit us here and to access our latest investor presentation
and corporate deck here.
About Entourage Health
Corp.
Entourage Health Corp. is the publicly traded
parent company of Entourage Brands Corp. (formerly WeedMD RX Inc.)
and CannTx Life Sciences Inc., licence holders producing and
distributing cannabis products for both the medical and adult-use
markets. The Company owns and operates a state-of-the-art hybrid
greenhouse and processing facility located on 158-acres in
Strathroy, ON; a fully licensed 26,000 sq. ft. Aylmer, ON
processing facility, specializing in cannabis extraction; and a
micropropagation, tissue culture and genetics centre-of-excellence
in Guelph, Ontario. With its Starseed Medicinal medical-centric
brand, Entourage has expanded its multi-channeled distribution
strategy. Starseed’s industry-first, exclusive partnership with
LiUNA, the largest construction union in Canada, along with
employers and union groups complements Entourage’s direct sales to
medical patients. Entourage’s elite adult-use product portfolio
includes Color Cannabis, Saturday Cannabis and Royal City Cannabis
Co. – sold across eight provincial distribution agencies. The
Company also maintains strategic relationships in the seniors’
market and supply agreements with Shoppers Drug Mart. It is the
exclusive Canadian producer and distributor of award-winning
U.S.-based wellness brand Mary’s Medicinals sold in both medical
and adult-use channels. Under a collaboration with The Boston Beer
Company subsidiary, Entourage is also the exclusive distributor of
cannabis-infused beverages in Canada, expected to launch in
2022.
For more information, please visit us at
www.entouragehealthcorp.com
Follow Entourage and its brands on LinkedIn
Twitter: Entourage, Color Cannabis, Saturday
Cannabis, Starseed & Royal City Cannabis Co.
Instagram: Entourage, Color Cannabis, Saturday
Cannabis, Starseed & Royal City Cannabis Co.
For further information, please
contact:
For Investor Enquiries:Valter
Pinto or Scott EcksteinKCSA Strategic
Communications1-212-896-1254entourage@kcsa.com
For Media Enquiries:Marianella
delaBarreraSVP, Communications & Corporate
Affairs416-897-6644marianella@entouragecorp.com
(1) |
Preliminary and unaudited financial results are subject to
customary financial statement procedures by the Company and its
auditors. Actual results could be affected by subsequent events or
determinations. While the Company believes there is a reasonable
basis for these preliminary financial results, the results involve
known and unknown risks and uncertainties that may cause actual
results to differ materially. These preliminary fiscal results
represent forward-looking information. See "Forward Looking
Information" and “Financial Outlook”. |
Financial Outlook This news
release contains a financial outlook within the meaning of
applicable Canadian securities laws. The financial outlook has been
prepared by management of the Company to provide an outlook for the
Company’s forecasted revenue for the fiscal year ended December 31,
2021 and may not be appropriate for any other purpose. The
financial outlook has been prepared based on a number of
assumptions including the assumptions discussed under the heading
“Forward Looking Information” below. The actual results of the
Company’s operations for any period will likely vary from the
amounts set forth in these projections and such variations may be
material. The Company and its management believe that the financial
outlook has been prepared on a reasonable basis. However, because
this information is highly subjective and subject to numerous
risks, including the risks discussed under the heading "Forward
Looking Information" below, it should not be relied on as
necessarily indicative of future results.
Forward Looking Information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation which are
based upon Entourage's current internal expectations, estimates,
projections, assumptions and beliefs and views of future events.
Forward-looking information can be identified by the use of
forward-looking terminology such as "expect", "likely", "may",
"will", "should", "intend", "anticipate", "potential", "proposed",
"estimate" and other similar words, including negative and
grammatical variations thereof, or statements that certain events
or conditions "may", "would" or "will" happen, or by discussions of
strategy. Forward-looking information included in this press
release includes, but is not limited to, statements in respect of
the Company’s forecasted revenue for the fiscal quarter ended
December 31, 2021.
The forward-looking information in this news
release is based upon the expectations, estimates, projections,
assumptions and views of future events which management believes to
be reasonable in the circumstances. Forward-looking information
includes estimates, plans, expectations, opinions, forecasts,
projections, targets, guidance or other statements that are not
statements of fact. Forward-looking information necessarily involve
known and unknown risks, including, without limitation, risks
associated with general economic conditions; adverse industry
events; loss of markets; future legislative and regulatory
developments; inability to access sufficient capital from internal
and external sources, and/or inability to access sufficient capital
on favourable terms; the cannabis industry
in Canada generally; the ability of Entourage to
implement its business strategies; the COVID-19 pandemic;
competition; crop failure; and other risks.
Any forward-looking information speaks only as
of the date on which it is made, and, except as required by law,
Entourage does not undertake any obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise. New factors emerge from
time to time, and it is not possible for Entourage to predict all
such factors. When considering this forward-looking information,
readers should keep in mind the risk factors and other cautionary
statements in Entourage’s disclosure documents filed with the
applicable Canadian securities regulatory authorities on SEDAR at
www.sedar.com. The risk factors and other factors noted in the
disclosure documents could cause actual events or results to differ
materially from those described in any forward-looking
information.
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
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