EVE & CO Reports Financial Results for the Fourteen Month Period ended December 31, 2018
April 30 2019 - 5:15PM
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.
2018 Highlights
- 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”.
Subsequent Events
- 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.
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 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.
For further information, please
contact:
Melinda
RomboutsPresident and Chief Executive OfficerEve & Co
IncorporatedTelephone: (855) 628-6337 |
Landon
RoeddingChief Financial OfficerEve & Co IncorporatedTelephone:
(647) 473-4947 |
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