Eve & Co Announces Financial Results for the Three and Six Month Periods Ended June 30, 2019
TORONTO, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSX-V: EVE; OTCQX: EEVVF) is pleased to announce its interim financial results for the three and six month periods ended June 30, 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.
The Company is pleased to provide the following highlights of its progress over the three and six month periods ended June 30, 2019 and subsequent events:
- The Company reported revenue for the three and six month periods ended June 30, 2019 of $0.5 million and $2.2 million respectively. Further, the Company reported net income (loss) and comprehensive income (loss) for the three and six month periods ended June 30, 2019 of $0.4 million and ($0.6) million respectively.
- On August 6, 2019 the Company announced that it has completed construction of its 780,000 square foot hybrid greenhouse expansion located in Southwestern Ontario. The expansion is situated on the same property as the Company’s currently 220,000 square foot licensed hybrid greenhouse, bringing total capacity to approximately 1,000,000 square feet. The expansion project includes 135 km of heating pipe, 88 km of growing support troughs and approximately 300,000 plant irrigation drippers. The anticipated increase in production capacity to 50,000 kgs annually(1) will allow Eve & Co to introduce a number of value-added products to the Canadian market under its female-focused “Eve” brand while continuing to build and execute on its international wholesale program. By the end of August 2019, the Company expects to submit an application package to Health Canada in order to have the room properly licenced for use as a growing space.
- With respect to Eve & Co’s initial German supply agreement announced on January 30, 2019 the Company has received the necessary export permit for its first shipment from Health Canada and, subject to a final site visit by the German purchaser, the Company anticipates that it will commence shipping product pursuant to this supply agreement within the third quarter of 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.
- 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.
- On June 24, 2019, the Company announced that its common shares were listed for trading on the OTCQX Best Market in the United States under the symbol EEVVF, effective June 21, 2019.
- On July 11, 2019, the Company announced the approval from Health Canada for an additional two drying rooms. The new rooms are designed to maximize throughput, leveraging new designs to allow more plants at one time than the existing drying rooms.
We are pleased with our progress in Q2 of 2019. One of our key efforts was to ensure that the 780,000 square foot expansion project was advancing on track and on budget. We have now completed construction and are finalizing the application for this additional flowering space for Health Canada approval. Going forward, we will be focusing on additional distribution of our products across Canada and into the EU market
said Melinda Rombouts, President and Chief Executive Officer of Eve & Co.
(1) This is forward-looking information and is based on a number of assumptions. See “Cautionary Notes”.
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 Strathroy, Ontario. Eve & Co has completed construction of an additional 780,000 sq. ft. expansion, bringing Eve & Co’s total greenhouse capacity to 1,000,000 sq. ft.
The Company’s website can be visited at www.evecannabis.ca.
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, the expected increase in production capacity, the expanded product lines, the commencement of shipments to Germany, 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.
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.
For further information, please contact:
President and Chief Executive Officer
Eve & Co Incorporated
Telephone: (855) 628-6337
Chief Financial Officer
Eve & Co Incorporated
Telephone: (647) 473-4947