Eve & Co Announces Financial Results for the Three Month Period Ended March 31, 2019
May 24 2019 - 8:45AM
Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSXV:
EVE; OTCQB: EEVVF) is pleased to announce its interim financial
results for the three month period ended March 31, 2019. The
financial statements and management discussion and analysis for
such interim period are available on the System for Electronic
Document Analysis and Retrieval ("SEDAR") at www.sedar.com and on
Eve & Co's website at www.evecannabis.ca.
HIGHLIGHTS
The Company is pleased to provide the following
highlights of its progress over the three month period ended March
31, 2019 and subsequent events:
- The Company reported revenue of $1.7 million and a net loss and
comprehensive loss of $1.0 million for the three months ended March
31, 2019;
- On January 30, 2019, the Company announced that the Company’s
wholly owned subsidiary, Natural MedCo Ltd. (“NMC”) had entered
into a binding non-exclusive supply agreement for the sale of dried
cannabis to an established German importer and distributor of
parapharmaceutical and medicinal products;
- On March 19, 2019, the Company announced that NMC had entered
into an $18.7 million credit facility with a Canadian Schedule I
Bank to fund the completion of the expansion of the Company’s
facility located in Strathroy, Ontario. Eve & Co’s 780,000
square foot greenhouse expansion continues to progress on schedule
with the roof structure and boiler room now mostly complete and
completion expected by the end of June
2019;
- The Company announced the appointment of two new Board members,
Shari Mogk-Edwards on January 3, 2019 and Alice Murphy on April 23,
2019;
- On March 29, 2019, the Company announced that the remaining
$4.0 million principal amount of senior unsecured convertible
debentures of the initial $10.0 million principal amount issued by
the Company in June 2018 had been converted into 13,333,333 common
shares;
- On April 18, 2019, the Company announced that 16,665,000 common
share purchase warrants had been exercised for proceeds of
approximately $5.8 million; and
- On May 10, 2019, the Company announced that the previously
announced bought deal special warrant private placement had closed,
and gross proceeds of $10,450,000 were received by the
Company.
“We are very pleased with our progress in Q1 of
2019. We ramped up production from our second flower room and
continued to increase efficiencies. These developments have allowed
us to increase our production potential and sales volumes.
Furthermore, we have now commissioned our automated packaging
line,” said Melinda Rombouts, President and Chief Executive Officer
of Eve. “Progress continues on our expansion and we are on track to
complete the 780,000 square foot greenhouse expansion project by
the end of June 2019.”
The Company is also pleased to announce that it
has granted options to purchase up to 6,500,000 common shares for a
period of five years to certain directors, and officers of the
Company. Each option will be exercisable at a price per share equal
to the greater of (i) the closing price of the common shares on the
TSX Venture Exchange on May 23, 2019 and (ii) the closing price of
the common shares on the TSX Venture Exchange on May 24, 2019.
ABOUT EVE & CO INCORPORATED
Eve & Co, through its wholly-owned
subsidiary Natural MedCo Ltd., holds cultivation and processing
licenses under the Cannabis Act (Canada) for the production and
sale of various cannabis products, including dried cannabis,
cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s
first female founded licensed producer of medicinal marijuana and
received its cultivation license from Health Canada in 2016.
Eve & Co is led by a team of agricultural
experts and has a licenced 220,000 sq. ft. scalable greenhouse
production facility located in Middlesex County, Ontario with 32
acres of adjacent land for future expansion. Eve & Co is
constructing an additional 780,000 sq. ft. expansion, bringing Eve
& Co’s total anticipated greenhouse capacity to 1,000,000 sq.
ft.
The Company’s website can be visited at
www.evecannabis.ca.
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.
Certain statements in this press release
constitute forward-looking information. All statements other than
statements of historical fact contained in this press release,
including, without limitation, those regarding the Company’s
expansion and construction plans and the expected timing of
completion, opportunities for growth, future, strategy, plans,
objectives, goals and targets, and any statements preceded by,
followed by or that include the words “believe”, “expect”, “aim”,
“intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”,
“estimate”, “forecast”, “predict”, “project”, “seek”, “should” or
similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead
represent only the Company’s expectations, estimates and
projections regarding future events. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict, including those
described in the Company’s management’s discussion and analysis for
the two and fourteen months ended December 31, 2018 which is
available on the Company’s SEDAR profile. Therefore, actual results
may differ materially from what is expressed, implied or forecasted
in such forward-looking statements. The forward-looking information
and forward-looking statements included in this news release are
made as of the date of this news release the Company does not
undertake an obligation to publicly update such forward-looking
information or forward-looking information to reflect new
information, subsequent events or otherwise unless required by
applicable securities law.
For further information, please
contact:
Melinda RomboutsPresident and Chief Executive OfficerEve & Co
IncorporatedTelephone: (855) 628-6337 |
|
Landon RoeddingChief Financial OfficerEve & Co
IncorporatedTelephone: (647) 473-4947 |
|
Eve & (TSXV:EVE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eve & (TSXV:EVE)
Historical Stock Chart
From Jul 2023 to Jul 2024