STRATHROY, Ontario, November 25, 2021 (GLOBE NEWSWIRE) – Eve & Co Incorporated (âEve & Coâ, âweâ, âourâ or the âCompanyâ) (TSX-V: EVE; OTCQX: EEVVF), is pleased to report that it achieved gross revenues of $ 6.5 million in the first nine months of 2021, successfully exceeding its gross revenues of $ 3.8 million for the full year 2020 and $ 2.6 million for the comparative nine-month period in 2020.
The Company is also pleased to announce its financial results for the quarter and nine-month period ended September 30, 2021 and wishes to highlight the following;
- 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. In addition, the Company introduced four new product SKUs to the Canadian cannabis market;
- During the first three quarters of 2021, the Company more than doubled its sales compared to comparable periods of 2020. In addition, the net loss for the three months was $ 298,000, compared to $ 4.3 million. dollars in 2020;
- On July 13, 2021, the Company announced that it had entered into a supply agreement with Adjupharm GmbH (âAPâ) for the purchase and export to Germany of its dried cannabis flower. As part of the initial three-year deal, AP is expected to order up to 660 kilograms of dried cannabis flowers;
- On July 19, 2021, the Company announced that it had entered into a supply agreement with Cannamedical PharmaÂ® GmbH (âCMâ) for the purchase and export of medical grade dried cannabis flowers to CM which 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 flowers from TCann which 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, each unit comprising one common share and Â½ common share purchase warrant at a conversion price of $ 0.25 for a product. gross of $ 500,000. This placement is with a multinational medical cannabis company that will also lease a portion of the grow area at the company’s Strathroy facilities; and,
- On September 30, 2021, the Company announced that Jeannette VanderMarel had joined the board of directors, replacing Yasir Naqvi. The board also appointed Kim Arnel as interim CFO.
âWe are very pleased with the success and progress of the Eve & Co team and the business results for the third quarter of fiscal 2021. We have focused on the emerging and growing overseas markets of Israel, Australia , Germany and the EU. We hope that our EU-GMP certification will allow Eve to continue to increase sales as these overseas markets mature and expand, âsaid Melinda Rombouts, President and CEO of Eve & Co.
Eve & Co has granted a total of 850,000 stock options (each an âOptionâ) to certain directors, officers and employees of the Company. Options vest over time or upon the achievement of specific objectives. The specific objectives of the Options vary depending on the duties and responsibility of the beneficiary. Each option may be exercised in one common share (âshareâ) of the Company at a price of $ 0.14 per share for a period of five years from the date of grant. All options were granted under the Company’s stock option plan which was previously approved by the shareholders of the Company and the TSX Venture Exchange.
The financial statements and the MD&A are available on the Electronic Data Analysis and Research System (âSEDARâ) at www.sedar.com and on the Eve & Co website at address 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 cannabis oil extraction and has received GMP certification from the EU. NMC was the first licensed producer of medicinal marijuana founded by a woman in Canada and received its cultivation license from Health Canada in 2016. Eve & Co is led by a team of agricultural experts and has a licensed greenhouse of 1,000 000 square feet located in Strathroy, Ontario.
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 any responsibility for the adequacy or accuracy of this release.
This press release includes statements containing certain âforward-looking informationâ within the meaning of applicable securities laws (âforward-looking statementsâ). Forward-looking statements are often characterized by words such as “plan”, “continue”, “expect”, “plan”, “intend”, “believe”, “anticipate”, “estimate”, “Could”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur, and include, without limitation, the production and sale of bath bombs by the Company, whether sales of bath bombs will occur, if any, or will recur and when. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements do not guarantee future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual 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 considers relevant and reasonable in the circumstances that could cause events, results, level of activity, performance, actual prospects, opportunities or achievements differ materially from those projected in forward-looking statements, including general business and economic conditions, changes in laws and regulations, product demand, changes in required commodity prices, competition, effects and responses to the COVID-19 pandemic and other risks, uncertainties and factors set out under âRisk Factorsâ in the Company’s MD&A dated April 30, 2021 and November 24 2021 (âmanagement reportâ) and filed with the Canadian securities regulators available on the Company’s issuer profile been on SEDAR at www.sedar .com. The Company cautions that the list of risks, uncertainties and other factors described in the management report is not exhaustive and that other factors could also have an unfavorable impact on its results. Readers are urged to carefully consider risks, uncertainties and assumptions when evaluating 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 does not undertake to update them publicly to reflect new information or the occurrence of future events or circumstances, unless the law does not require otherwise.
For more information, please contact:
President and CEO
Eve & Co Incorporated
Telephone: (855) 628-6337