VANCOUVER, Jan. 28, 2018 /CNW/ - Astron Connect Inc. (the
"Company" or "Astron") (TSX-V:AST) today announced its full year
results for the fiscal year ended September
30, 2018. All dollar amounts are in Canadian dollars, unless
otherwise indicated.
"It's been a transformational year for the Company as we
completed our reverse takeover of Exalt Capital and began trading
on the TSX Venture Exchange," said Randall
Smallbone, President and CEO of Astron Connect. "We saw
meaningful sales increases as Sachiel
Water and our honey products gained traction in China. We continued to grow our distribution
networks in China and made
significant progress towards gaining new food and beverage export
partners. As we enter 2019, Astron is well-positioned to expand our
product line and accelerate our growth trajectory."
FY 2018 Highlights
- Completed qualifying transaction on August 28, 2018 to amalgamate the company and
list on the TSX Venture Exchange;
- Rebranded company to Astron Connect;
- Grew sales by 16.8 per cent to $849,104 compared to 2017;
- Ended 2018 with a cash balance of $2,885,437 to fund future expansion;
- Established a Senior Leadership Team with Public Company,
M&A, Finance and Marketing experience;
- Full year loss of $2,706,721 as a
result of one-time transaction and listing expenses.
|
Selected Annual
Information
|
|
|
|
|
|
2018
|
2017
|
|
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$
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$
|
|
Revenue
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849,104
|
727,070
|
|
Operating
expenses
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2,867,640
|
688,780
|
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Other
income
|
|
336
|
882
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Net loss
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(2,706,721)
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(371,479)
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Basic and diluted
EPS
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(0.08)
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(0.01)
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|
Total
assets
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3,571,405
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1,128,771
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Current
assets
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417,887
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220,259
|
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Total non-current
liabilities
|
|
-
|
-
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For further financial information, please refer to the annual
audited financial statements.
"Despite the tensions between Canada and China, we continue to see strong demand for
our food and beverage brands in the country," continued Mr.
Smallbone. "We expect to further penetrate the Chinese market in
2019 while satisfying the growing demand for authentic,
high-quality Canadian products among the middle- and upper-class in
emerging markets."
Financial Statements and MD&A
The Company's Financial Statements and Management's Discussion
and Analysis (MD&A) for the three and twelve months
ended September 30, 2018 will be accessible on SEDAR
at www.sedar.com under Astron's profile and on the
Company's website at www.astronconnect.com.
ABOUT ASTRON CONNECT
Astron Connect (TSX-V:AST) helps Canadian enterprises in the
food and beverage industry break through the noise and bring their
products to new international markets in the emerging world. Astron
Connect brings Canadian food and beverage companies to the world
through its extensive connections and export logistics capabilities
in China and emerging markets.
Sachiel Water (an Astron brand)
supplies China and other emerging
markets with pure Canadian bottled spring water. For more
information, visit www.astronconnect.com.
The TSXV has neither approved nor disapproved the contents
of this news release. Neither the TSXV nor its Regulation Service
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Astron Connect Inc.
