ORCHID
VENTURES ANNOUNCES SECOND RECORD MONTH IN A ROW WITH OVER
100%
GROWTH
AND $2MM
IN PURCHASE
ORDERS
IRVINE, CA
- July 28, 2020 -- InvestorsHub
Newswire -- ORCHID
VENTURES, INC. (CSE: ORCD OTC: ORVRF) (the
"Company"
or "Orchid"),
a multi-state cannabis innovation company, is pleased to announce
that, for the second month in a row, the Company has continued to
set purchase order records totalling over $2MM CAD, or over 100%
month-over-month growth.
On July 23, 2020,
through its wholly owned subsidiary, PurTec Delivery Systems, the
Company received purchase orders from both its licensee in Oregon
and from other substantial PurTec customers. The orders are for
PurTec's innovative PurCore Summit cartridge which is a direct
competitor to C-Cell, but with several engineering enhancements and
the only hardware delivery system that is emissions tested to meet
AFNOR safety standards. PurTec is also driving significant revenue
from eco-friendly, plastic free, wind energy manufactured child
resistant retail packaging cartons. In addition, the company has
seen its licensee in Oregon start to successfully ramp up the
Orchid business and with the company's newly developed
infrastructure for California they are making strong progress in
expanding their footprint, building inventory and growing
revenue.
"This is a huge
step for our organization and further validation that the
fundamental shifts we have undertaken as a company are
setting us on a course of accelerated growth and profitability. Our
focus has been on rebuilding the company by diversifying the
business, commercializing new product innovation and expanding the
Orchid brand through our licensing model. We are confident that
this strategic direction will lead to continued growth
opportunities and ultimately positive cash flow and incremental
profits. To me, it has been most rewarding to see the energy,
enthusiasm and dedication that everyone at Orchid has demonstrated
to build the momentum that we are now experiencing. I am proud to
be part of this exceptional group of people and excited to see our
vision for the business start to unfold." said Corey Mangold,
Founder & CEO. "Since the downturn in the cannabis public
markets, and Vape-Gate 2019, we have kept our heads down, and
developed two subsidiaries without further dilution or adding
additional debt. The fact that we are generating meaningful
cash
flows, and
servicing our existing obligations, is a huge turning point in our
evolution in becoming a profitable and innovative company. I'm
excited for our shareholders and for our vision as a
company."
The Company has
granted a total of 6,250,000 stock options to its officers and
employees in accordance with the Company's equity incentive
plan. Each
stock option is exercisable at a price of $0.06 per share for a
period of 5 years. The Company has
cancelled 1,750,000 stock options that were granted in March 2019
at a price of $0.33 per share.
The Company also
announces that its Chief Operating Officer, Eric Vaughan, has taken
a leave of absence. During this time and upon his return, Mr.
Vaughan will act as a consultant to the Company.
Investors are reminded of the
upcoming conference call scheduled for 11am PDT on July 28, 2020.
Dial-in information is listed below.
Orchid
Ventures Investor Update Call
Date: July 28,
2020
Time: 11:00 a.m.
PDT
Toll
Free: 844-407-9500
International:
862-298-0850
Replay Dial In: (replay expiration Tuesday, August 04,
2020)
Toll
Free: 877-481-4010
International:
919-882-2331
Replay
Passcode: 35713
ABOUT
ORCHID ESSENTIALS
Orchid Essentials
is an Irvine, CA-based cannabis innovation
company, that launched in Oregon and
California in August 2017 and has since developed a mass-market
brand and loyal consumer following with its premium cannabis
products and unique vape hardware delivery system. Since July 2019,
Orchid has diversified its efforts and has brought to market
innovative services and product offerings to support brands
throughout the global cannabis industry. Orchid has diversified its
portfolio to include PurTec Delivery Systems, a company that
produces, markets and sells clean vaporizer hardware that has been
emissions tested against the most stringent standards in the world
set forth by the EU and has unrivaled product quality and value
pricing. Orchid, through
its wholly owned subsidiary, has launched a patented and
clinically proven bioavailability solution to increase the
absorption of THC and other cannabinoids making products much more
effective and an activation time of less than ten minutes. With a continued
focus on brand and intellectual property development, Orchid will
continue to create new and innovative products and technologies,
then bring them to the global cannabis marketplace and set the gold
standard for delivery systems whether it's vape or formulation
sciences. Orchid's management brings significant branding, product
development and distribution experience with a proven track record
of scaling businesses and building sustainable revenue growth
through value-generating partnerships and innovation that creates
enterprise value. Learn more at https://orchidessentials.com/
ON BEHALF OF THE BOARD OF DIRECTORS – ORCHID VENTURES,
INC.
Corey
Mangold
CEO
and Director
investors@orchidessentials.com
Investor Relations
Corey
Mangold
949-357-5818
corey@orchidessentials.com
The CSE does not
accept responsibility for the adequacy or accuracy of this
release.
Safe Harbor
Statement
Except for
historical information contained herein, statements in this release
may be forward-looking and made pursuant to the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Words such as "anticipate",
"believe", "estimate", "expect", "intend" and similar expressions,
as they relate to Orchid Ventures, Inc. and Orchid Essentials any
of its affiliates or subsidiaries (collectively, the "Company") or
its management, identify forward-looking
statements. These statements are based on
current expectations, estimates and projections about the Company's
business based, in part, on assumptions made by management. These
statements are not guarantees of future performance and involve
risks, uncertainties, and assumptions that are difficult to
predict. Therefore, actual outcomes and results may, and probably
will, differ materially from what is expressed or forecasted in
such forward-looking statements due to numerous factors, including
those described above and those risks discussed from time to time
in the Company's Canadian securities regulatory filings with
sedar.com, Factors which could cause
actual results to differ materially from these forward-looking
statements include such factors as (i) the development and
protection of our brands and other intellectual property, (ii) the
need to raise capital to meet business requirements, (iii)
significant fluctuations in marketing expenses, (iv) the ability to
achieve and expand significant levels of revenues, or recognize net
income, from the sale of our products and services, (v) the
Company's ability to conduct the business if there are changes in
laws, regulations, or government policies related to cannabis, (vi)
management's ability to attract and maintain qualified personnel
necessary for the development and commercialization of its planned
products, and (vii) other information that may be detailed from
time to time in the Company's Canadian securities regulatory
filings with sedar.com. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or
otherwise.