VANCOUVER, BC, May 28, 2021 /CNW/ - GreenFirst Forest Products
Inc. (TSXV: GFP) ("GreenFirst" or the "Company")
today announces the filing of its unaudited consolidated interim
financial statements for the three months ended March 31, 2021.
Summary of Preliminary First Quarter Results
The Company reported a net loss attributable to common
shareholders of $1.6 million, or
$0.07 loss per share, and a total
comprehensive loss of $1.7 million in
the quarter ended March 31,
2021. This is compared to a net loss attributable to common
shareholders of $0.3 million, or
$0.01 loss per share, and total
comprehensive income of $0.8 million
(as a result of a currency translation gain) in the first quarter
of 2020. The increased net loss for the quarter was due to
higher professional fees associated with the previously announced
Asset Purchase Agreement.
As at March 31, 2021, the Company
reported a consolidated cash balance of $4.2
million and net working capital of $2.9 million.
All amounts are in Canadian dollars unless otherwise
indicated.
About GreenFirst
GreenFirst is a forest-first business, focused on
environmentally sustainable forest management and lumber
production. We believe that sustainable forest planting and
harvesting, coupled with the long-term green advantage of lumber,
provide GreenFirst with significant cyclical and secular advantages
in building products. GreenFirst's long-term pursuit is to be a
global leader in environmentally sustainable lumber. For more
information, please visit: www.gffp.ca.
Forward Looking Information
Certain information in this news release constitutes
forward-looking statements under applicable securities laws. Any
statements that are contained in this news release that are not
statements of historical fact are forward-looking statements.
Forward looking statements are often identified by terms such as
"may", "should", "anticipate", "expect", "potential", "believe",
"intend", "estimate" or the negative of these terms and similar
expressions.
Forward-looking statements in this news release include, but are
not limited to statements regarding: the expected financial results
of the Company; the timing for the expected filing of the financial
results; the details of the proposed offering of Rights; the
expectation of the Rights being listed on the TSXV; and details
with respect to the shares for debt transaction. Forward-looking
statements are based on certain assumptions and, while GreenFirst
considers these assumptions to be reasonable, based on information
currently available, they may prove to be incorrect. In addition,
forward-looking statements necessarily involve known and unknown
risks, including those set out in GreenFirst's public disclosure
record filed under its profile on www.sedar.com. Readers are
further cautioned not to place undue reliance on forward-looking
statements as there can be no assurance that the plans, intentions
or expectations upon which they are placed will occur. Such
information, although considered reasonable by management at the
time of preparation, may prove to be incorrect and actual results
may differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement and reflect our expectations as of the
date hereof, and thus are subject to change thereafter. GreenFirst
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Neither TSXV nor its Regulation Services Provider (as that
term is defined in policies of the TSXV) accepts responsibility for
the adequacy or accuracy of this news release.
SOURCE GreenFirst Forest Product Inc.