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Eve & Co Files Financial Results for the Three and Nine Month Periods Ended July 31, 2018
TORONTO, Oct. 01, 2018 (GLOBE NEWSWIRE) -- Eve & Co Incorporated (the “Company” or “Eve”) (TSXV: EVE) is pleased to announce that it has filed its interim financial results for the three and nine month periods ended July 31, 2018. 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's website at www.evecannabis.ca.
The Company is pleased to provide the following highlights of its progress over the three month period ended July 31, 2018 and subsequent events:
- Qualifying Transaction; TSXV Listing – The Company completed its qualifying transaction by way of a three-cornered amalgamation with Natural MedCo Ltd. and corresponding listing on the TSX Venture Exchange.
- Private Placements – The Company completed private placements for combined aggregate gross proceeds of approximately $20.8 million.
- Provincial Supply Arrangements – The Company entered into a memorandum of understanding with the Province of British Columbia and supply agreements with the Ontario Cannabis Retail Corporation and the Newfoundland and Labrador Liquor Corporation with respect to the supply of adult-use cannabis.
- Licensing Approvals – The Company received amended licenses from Health Canada under the Access to Cannabis for Medical Purposes Regulations for (i) the sale of certain medical cannabis products; and (ii) the production of bottled cannabis oil.
- Chief Financial Officer – The Company appointed Landon Roedding, its new Chief Financial Officer, effective October 23, 2018.
“This was a very successfully quarter for Eve and our team,” said Melinda Rombouts, CEO of Eve. “We completed our qualifying transaction and listing on the TSXV, finished construction of our first 100,000 sq. ft. expansion, began construction of our second expansion of approximately 780,000 sq. ft., received our sales license, secured supply arrangements for distribution from the coast-to-coast of Canada, increased production to full capacity in our initial 120,000 sq. ft. greenhouse and were granted DTC eligibility. With our new authorization to produce extracts, we are also excited to begin producing test batches for Health Canada during our fourth quarter.”
In addition, the Company announced that effective today, Michael Young has resigned from Eve’s board of directors.
ABOUT EVE & CO INCORPORATED
Eve, through its wholly owned subsidiary Natural MedCo Ltd., is a licensed producer and seller of dried cannabis and cannabis plants, and licensed producer of cannabis oil under the Access to Cannabis for Medical Purposes Regulations. Natural MedCo Ltd. is Canada’s first female founded licensed producer, and received its cultivation license from Health Canada in 2016 and its sales license from Health Canada in June 2018.
Eve is led by a team of agricultural experts and has a 220,000 sq. ft. scalable greenhouse production facility located in Middlesex County, Ontario with 32 acres of adjacent land for future expansion. Eve has broken ground on an additional 780,000 sq. ft. expansion, bringing Eve’s total anticipated greenhouse capacity to 1,000,000 sq. ft.
The TSX Venture Exchange (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.
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 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 filing statement dated June 18, 2018 and 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:
President and Chief Executive Officer
Eve & Co Incorporated
Telephone: (855) 628-6337
Telephone: (416) 807-1009