Radient Technologies Inc. Releases First Quarter 2021 Financial Results
October 08 2020 - 7:44PM
Radient Technologies Inc. (“Radient” or the
“Company”) (
TSX Venture: RTI), a manufacturer of
high quality cannabinoid-based formulations and products, today
announced its results for the first quarter ended June 30, 2020 and
provided an update on recent corporate developments.
“The first fiscal quarter presented numerous
challenges for Radient and the entire cannabis industry,” said Jan
Petzel, Interim CEO of Radient. Radient entered the quarter with
operations at our manufacturing and lab facilities significantly
reduced due to the uncertainty around COVID-19, and this extended
for much of the period. Despite these challenges, the Company was
able to close an equity offering in the latter part of the quarter
and we received our sales amendment from Health Canada at the end
of June. The Company built on this momentum and our team was able
to sign new white label deals to further our strategic transition
into multiple product offerings.
Fiscal Q1 Highlights and Recent Developments
- Closed a fully subscribed equity
offering for gross proceeds of $5.75 million in May 2020 and raised
an additional $0.7 million during the quarter through the Company’s
At-The-Market (“ATM”) offering.
- Received a sales license amendment
at the end of June 2020, allowing for the sale of extracts, edibles
and topicals directly to provincial distributors. As a follow up to
this, Radient has been actively involved in building white labeled
products specifically for Cannabis 2.0 roll out including cannabis
vapes, edibles, drink formulations, powders and crystals in its
Edmonton facilities.
- Announced participation in a
first-of-its-kind medical cannabis real world evidence study led by
UHN in partnership with Medical Cannabis by Shoppers. This is on
the back of the successful launch of the exclusive bioU brand
carried by Shoppers as a part of the partnership with Radient.
- Signed white label supply
agreements with Premium 5 and Fluum. Radient and Premium 5
completed the first shipment of Cannabis 2.0 products in British
Columbia including the Live Resin and Live ResinX vape cartridges
that was the largest SKU assortment purchase order for Premium 5 to
date.
- Successfully registered for sales
directly to the provinces of Alberta, British Columbia,
Saskatchewan and Manitoba, New Brunswick, Nova Scotia as well as
Nunavut and the North West Territories.
- Following the traction on the first
shipment of Cannabis 2.0 products in the high-end concentrate
market in BC, Radient was in receipt of additional purchase orders
from three provinces with more orders expected in the coming
quarters. Radient will be making follow up announcements as it
builds its brand and capabilities in this specific market.
Fiscal Q1 Summary
- Revenues generated in the quarter
of $42,435 reflected the significantly reduced operations that was
impacted due to the shutdown of manufacturing activities at the
plant and reduced staff. As of late June 2020, the plant had been
restarted on a reduced operational basis to execute on the shipment
of orders to Shoppers and roll out of Cannabis 2.0 products with
Premium 5.
- Net loss of $5,431,086 compared to
$6,350,972 the previous year. Radient continues to restructure its
operations by a combination of cost reductions and deferring
construction initiatives in Edmonton and Germany. Radient is also
looking at various options to restructure its liabilities and will
provide guidance on such measures to the market as it becomes
available.
The management's discussion and analysis for the
period and the accompanying financial statements and notes are
available under the Company's profile on SEDAR at
www.sedar.com.
About Radient
Radient Technologies is a commercial
manufacturer of high-quality cannabinoid based formulations,
ingredients and products. Utilizing a proprietary extraction and
downstream processing platform that recovers up to 99% of
cannabinoids from the cannabis plant, Radient develops specialty
products and ingredients that contain a broad range of cannabinoid
and terpene profiles while meeting the highest standards of quality
and safety. Please visit www.radientinc.com for more
information.
SOURCE: Radient Technologies Inc. For further
information please contact:
Radient - Investor Relations,
ir@radientinc.com
Forward Looking
Information:This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, statements regarding the growth of the Company’s
business operations; the Company’s financial results; the Company’s
ability to complete the construction of facilities and expected
timing thereof; the various uses of the Company’s facilities; the
growth of the cannabis market; the Company’s product offerings; the
Company’s ability to grow its business in the cannabis sector and
the Company’s future plans. Generally, forward-looking information
can be identified by the use of forward- looking terminology such
as “plans”, “expects” or “does not expect”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates” or “does not anticipate”, or “believes”, or
variations of such words and phrases or state that certain actions,
events or results “may”, “could”, “would”, “might” or “will be
taken”, “occur” or “be achieved”. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Radient, as the case may be, to be materially
different from those expressed or implied by such forward-looking
information. Although Radient has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information. Radient does not undertake to update
any forward-looking information, except in accordance with
applicable securities laws.
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.
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