Eve & Co Incorporated Financial Results for the Nine Months
STRATHROY, Ontario, Nov. 25, 2021 (GLOBE NEWSWIRE) — Eve & Co Incorporated (“Eve & Co”, “we”, “us” or the “Company”) (TSX-V: EVE; OTCQX: EEVVF), is pleased to announce that it had gross revenues of $6.5 million in the first nine months of 2021, successfully surpassing its gross revenues of $3.8 million for the entire 2020 financial year and $2.6 million for the comparative nine month period in 2020.
The Company is also pleased to announce its financial results for the three and nine months ended September 30, 2021 and wishes to highlight the following items;
- During the first three quarters of 2021, the Company completed additional shipments of EU-GMP certified cannabis to its German customers;
- During the first three quarters of 2021, the Company has increased the number of provinces in which our products are available: from five to eight provinces. Additionally, the Company introduced four new product SKUs into the Canadian cannabis market;
- During the first three quarters of 2021, the Company has more than doubled their revenue from the comparable 2020 periods. Furthermore, net loss for the three months was $298,000, down from $4.3 million in 2020;
- On July 13, 2021, the Company announced that it had entered into a supply agreement with Adjupharm GmbH (“AP”) for the purchase and export to Germany of its dried cannabis flower. Under the initial three-year agreement, AP is expected to order up to 660 kilograms of dried cannabis flower;
- On July 19, 2021 the Company announced that it had entered into a supply agreement with Cannamedical Pharma® GmbH (“CM”) for the purchase and export of medical grade dried cannabis flower to CM who will distribute medical grade cannabis products in Germany;
- On August 11, 2021, the Company announced that it had successfully completed its largest shipment of cannabis to a customer in Germany with an estimated retail value of $1.8 million;
- On August 18, 2021, the Company announced that it had entered into a supply agreement with TCann Pty Ltd., Australia (“TCann”) for the purchase and export of medical grade dried cannabis flower to TCann who will distribute medical grade cannabis products in Australia;
- On September 28, 2021, the Company announced the closing of a private placement of 2,777,778 units, with each unit having one common share and ½ common share purchase warrant at a conversion price of $0.25 for gross proceeds of $500,000. This placement is with a multi-national medical cannabis company who will also lease of a portion of the cultivation area in the Company’s Strathroy facility; and,
- On September 30, 2021, the Company announced Jeannette VanderMarel had joined the Board of Directors, replacing Yasir Naqvi. The Board also appointed Kim Arnel as Interim Chief Financial Officer.
“We are very pleased with the success and progress of the Eve & Co team and the sales results of Q3 of the 2021 financial year. Our focus has been on the emerging and growing foreign markets of Israel, Australia, Germany and of the EU. We expect our EU-GMP certification to allow Eve to continue to increase sales as these foreign markets mature and expand,” said Melinda Rombouts, President and Chief Executive Officer of Eve & Co.
Eve & Co has granted an aggregate of 850,000 stock options (each an “Option”) to certain directors, officers, and employees of the Company. The Options vest through the passage of time or the achievement of specific goals. The specific goals for the Options vary based upon the duties and responsibility of the recipient. Each Option is exercisable into one common share (“Share”) of the Company at a price of $0.14 per Share for a period of five years from the date of grant. All of the Options have been granted pursuant to the Company’s Stock Option Plan which has been previously approved by the Company’s shareholders and the TSX Venture Exchange.
The financial statements and management discussion and analysis are available on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com and on Eve & Co’s website at www.evecannabis.ca.
ABOUT EVE & CO
Eve & Co Incorporated, through its wholly owned subsidiary Natural MedCo Ltd. (“NMC”), 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 extraction of cannabis oil and has received EU GMP certification. NMC 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 licensed 1,000,000 sq. ft. greenhouse located in Strathroy, Ontario.
The Company’s website can be visited at www.evecannabis.ca
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this release.
This news release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (“forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur, and include, but are not limited to, the production and sale of bath bombs by the Company, whether sales of bath bombs will occur, if any at all, or recur and the timing thereof. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements, including general business and economic conditions, changes in laws and regulations, product demand, changes in prices of required commodities, competition, the effects of and responses to the COVID-19 pandemic and other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s management’s discussion and analysis dated April 30, 2021 and November 24, 2021 (“MD&A”) and filed with Canadian securities regulators available on the Company’s issuer profile on SEDAR at www.sedar.com. The Company cautions that the list of risks, uncertainties and other factors described in the MD&A is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.
For further information, please contact:
President and Chief Executive Officer
Eve & Co Incorporated
Telephone: (855) 628-6337