EVE & CO Reports Financial Results for the Fourteen Month Period ended December 31, 2018
TORONTO, April 30, 2019 (GLOBE NEWSWIRE) -- Eve & Co Incorporated (TSX-V: EVE; OTCQB: EEVVF) (“Eve & Co” or the “Company”) is pleased to report the filing of its audited financial results for the fourteen month period ended December 31, 2018. A copy of the audited consolidated financial statements (the “Financial Statements”) for the fourteen months ended December 31, 2018 prepared in accordance with International Financial Reporting Standards and the corresponding management’s discussion and analysis for this period will be available under the Company’s profile on “SEDAR” at www.sedar.com and on Eve & Co’s website at www.evecannabis.ca.
In connection with the Company’s qualifying transaction which closed on June 28, 2018, the Company changed its year-end from October 31 to December 31.
2018 was a successful year for Eve & Co with many milestones achieved. With the credit facility in place, and the recently announced bought deal financing, we believe the Company is in a strong financial position to complete the expansion of our Strathroy facility and support the development of our female-focused brand and products
commented Landon Roedding, CFO of Eve & Co.
- Completed qualifying transaction on June 28, 2018 consisting of the acquisition of all of the issued and outstanding shares of Natural MedCo Ltd. (“NMC”).
- Completed private placements of $10.8 million in subscription receipts and common shares and $10.0 million in convertible debentures in June 2018.
- Sales license from Health Canada for first 120k sq. ft. obtained in June 2018.
- Completed expansion from 120k sq. ft. to 220k sq. ft. in July 2018.
- License amended by Health Canada in December 2018 to use the Company’s 100,000 sq. ft. second flowering room as a grow area and a packaging room as an operations area, and to commence sales of additional types of cannabis products, including fresh and dried cannabis, to provincially authorized retailers and distributors.
- Completed agreements to supply British Columbia, Ontario and Newfoundland Labrador markets with adult-use recreational cannabis products.
- First delivery of the products to customers including 162,000 grams of product to the Province of Newfoundland where Eve & Co has an agreement.
- Revenues were $482,663 for the fourteen month period ending December 31, 2018, representing the first revenue for the Company as a result of its inaugural sales in the adult-use Canadian market. Expenses were $8,413,162 for the fourteen month period ending December 31, 2018.
- Continued construction on the Company’s expansion of approximately 780,000 sq. ft. which the Company expects to be completed by the end of the second quarter of 2019.
- Landon Roedding, CPA, appointed to the role of CFO effective October 23, 2018.
- Qualification for the OTCQB on the US OTC market and commencement of trading of the Company’s common shares under the symbol, “EEVVF”.
- On January 30, 2019, the Company announced that 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.
- 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 11, 2019, the Company announced that it had entered into an engagement letter with Haywood Securities Inc. for the purchase of 20,000,000 special warrants of the Company on a bought deal basis at a price of $0.50 per special warrant for aggregate proceeds of $10.0 million.
- 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.
- The Company announced the appointment of two new Board members, Shari Mogk-Edwards on January 3, 2019 and Alice Murphy on April 23, 2019.
I am very thankful to our team at Eve & Co and all they have achieved throughout the year. We are proud of the progress we made as a company in 2018 and believe that we have sown the seeds for growth in 2019. As a female-focused brand we see many opportunities for growth. Women represent a potential multi-billion market
said Melinda Rombouts, President and CEO of Eve & Co.
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 has commenced construction of an additional 780,000 sq. ft. proposed 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 terms of the credit facility, bought deal financing (including the expected use of proceeds thereof) and the Company’s related expansion and construction plans, 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.