Eve & Co Announces Financial Results For The Year Ended December 31, 2019
STRATHROY, Ontario, April 16, 2020 (GLOBE NEWSWIRE) — Eve & Co Incorporated (the “Company” or “Eve & Co”) (TSX-V: EVE; OTCQX: EEVVF) is pleased to announce its financial results for the year ended December 31, 2019. The financial statements and management discussion and analysis for such 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.
HIGHLIGHTSThe Company is pleased to provide the following highlights of its progress over the three months and year ended December 31, 2019 and subsequent events:For the year ended December 31, 2019, the Company generated revenue of $3,706,722, a 668% increase over the fourteen months ended December 31, 2018 of $482,663 due to the commencement of cannabis sales in December 2018.
For the three months ended December 31, 2019, the Company reported revenue of $608,247, a 34% decrease from the three months ended September 30, 2019.
The Company reported a Net Loss and Comprehensive Loss for the three months and year ended December 31, 2019 of $3,115,693 and $5,706,489 respectively.
On December 16, 2019, Health Canada amended the cannabis cultivation and processing licence of its wholly-owned subsidiary Natural MedCo Ltd (“NMC”) to permit the use of a third flowering room as a grow area comprising of 780,000 sq. ft.From January to September 2019, the Company entered into three binding non-exclusive supply agreements for the sale of dried cannabis to German importers and distributors.
On March 6, 2020, the Company announced that it received notification that NMC had been issued its European Union Certificate of Good Manufacturing Practice from the Government of Upper Bavaria, Germany (the “EUGMP Certificate”). As a result, the Company anticipates that it will commence shipping product to Germany pursuant to the supply agreements in 2020, subject to receipt of requisite permits and licensing.On April 2, 2020, the Company announced that NMC had made its initial sales to Canadian medical cannabis patients through its agreement with Cannalogue entered into on March 9, 2020.“We are moving forward in these uncertain times to realize our plans for distribution into the European Union now that we are one of a handful of Canadian cannabis companies in receipt of an EUGMP Certificate. We continue to focus on sales and distribution in Canada and into the European Union with our German partners. We also anticipate executing on our plans to launch female-focused cannabis products with our brand partners,” said Melinda Rombouts, President and Chief Executive Officer of Eve & Co.The Company also announces the grant of options to purchase up to 1,000,000 common shares of Eve & Co to Yasir Naqvi following his recently announced appointment to the Board of Directors. The options are exercisable for a period of five years at an exercise price equal to the greater of $0.08 per common share and the closing price of the Company’s common shares on the TSX Venture Exchange as at the end of trading on April 17, 2020.ABOUT EVE & CO INCORPORATEDEve & Co, through its wholly-owned subsidiary Natural MedCo Ltd., holds cultivation and processing licences 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. Natural MedCo Ltd. was Canada’s first female-founded licensed producer of medicinal marijuana and received its cultivation licence 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.CAUTIONARY NOTESCertain 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, licensing, the expected increase in production capacity, the expanded product lines, the commencement of shipments to Germany, opportunities for growth, sales, 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 year ended December 31, 2019 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 and 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.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.For further information, please contact: