EarthRenew Announces First 6 Months Revenue and Option Grant
TORONTO, Aug. 03, 2021 (GLOBE NEWSWIRE) — EarthRenew Inc. (CSE: ERTH; OTCQB: VVIVF; Frankfurt:WIMN) (“EarthRenew” or the “Company”) today announced that its wholly owned subsidiary, Replenish Nutrients Ltd. (“Replenish”), which was acquired by EarthRenew on May 1, 2021, is reporting revenue for the period of January to June 30 2021 of $4.3 million. Replenish is also reporting revenue for the 12 month period July 2020 to June 2021 of $9 million. Since the closing of the acquisition, Replenish Nutrients reports $1.4 million in revenue.
CEO Keith Driver commented, “We continue to see the strategic growth from the Replenish Nutrients acquisition and the growth in revenue from regenerative agriculture inputs. We are moving ahead with the expansion of the Replenish’s Bieseker facility to expand production capacity in short order and look forward to strong uptake in the fall season.”
EarthRenew is also reporting power generation revenue for the first 6 months of 2021 totalling $0.65 million.
Stock Option Grants
EarthRenew has granted a total of 3,890,000 stock options to certain officers, directors, employees, and consultants of the Company pursuant to the Company’s stock option plan. The stock options vest immediately and may be exercised at a price of $0.25 per option for a period of five years from the date of grant.
EarthRenew is driven to support a farm system that puts healthy soils and grower profitability back on the table. Using circular economic principles of upcycling waste materials into high value agronomic inputs, we are building an innovative platform of soil health products that offer growers an alternative to conventional fertilizers which leave the soil devoid of the nutrients and bacteria essential to plant life. EarthRenew benefits from multiple revenue streams including, primarily, the sale of regenerative fertilizers, but also enjoys secondary revenue from generating power and selling surplus electricity.
Cautionary Note Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the Company’s ability to execute its business plan, including its objectives to scale and build a regenerative fertilizer business . 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 statements 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 the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; regulatory risks; and other risks of the energy and fertilizer industries. Although the Company 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.