Eve & Co Announces Financial Results for the Three Month Period Ended March 31, 2019
TORONTO, May 24, 2019 (GLOBE NEWSWIRE) — Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSXV: EVE; OTCQB: EEVVF) is pleased to announce its interim financial results for the three month period ended March 31, 2019. 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 & Co’s website at www.evecannabis.ca.
The Company is pleased to provide the following highlights of its progress over the three month period ended March 31, 2019 and subsequent events:
- The Company reported revenue of $1.7 million and a net loss and comprehensive loss of $1.0 million for the three months ended March 31, 2019;
- On January 30, 2019, the Company announced that the Company’s wholly owned subsidiary, Natural MedCo Ltd. (“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. Eve & Co’s 780,000 square foot greenhouse expansion continues to progress on schedule with the roof structure and boiler room now mostly complete and completion expected by the end of June 2019;
- The Company announced the appointment of two new Board members, Shari Mogk-Edwards on January 3, 2019 and Alice Murphy on April 23, 2019;
- 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 18, 2019, the Company announced that 16,665,000 common share purchase warrants had been exercised for proceeds of approximately $5.8 million; and
- On May 10, 2019, the Company announced that the previously announced bought deal special warrant private placement had closed, and gross proceeds of $10,450,000 were received by the Company.
“We are very pleased with our progress in Q1 of 2019. We ramped up production from our second flower room and continued to increase efficiencies. These developments have allowed us to increase our production potential and sales volumes. Furthermore, we have now commissioned our automated packaging line,” said Melinda Rombouts, President and Chief Executive Officer of Eve. “Progress continues on our expansion and we are on track to complete the 780,000 square foot greenhouse expansion project by the end of June 2019.”
The Company is also pleased to announce that it has granted options to purchase up to 6,500,000 common shares for a period of five years to certain directors, and officers of the Company. Each option will be exercisable at a price per share equal to the greater of (i) the closing price of the common shares on the TSX Venture Exchange on May 23, 2019 and (ii) the closing price of the common shares on the TSX Venture Exchange on May 24, 2019.
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 is constructing an additional 780,000 sq. ft. 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 Company’s expansion and construction plans and the expected timing of completion, 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:
President and Chief Executive Officer
Eve & Co Incorporated
Telephone: (855) 628-6337
Chief Financial Officer
Eve & Co Incorporated
Telephone: (647) 473-4947