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MTrac Goes Live in Colorado, Continues to Expand Nationwide, Strong Revenue Projected

12 November 2018 - 8:00am

SAN DIEGO, Nov. 12, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Global Payout Inc. (OTCPink:GOHE) (“Global”) and its wholly owned subsidiary MTrac Tech Corp. (“MTrac” or the “Company”) are pleased to announce that their payments platform has gone live in Colorado, which represents its third active state in pursuit of its nationwide expansion plans, and boarded its newest San Diego client, which is one of the largest dispensaries in the county and represents MTrac’s fourth client in its home town.  

MTrac’s first Colorado client is a company with two dispensaries, one in Denver and one in Boulder.  The company is well-established and holds state licenses that comprise the full vertical from cultivation and manufacturing to retail.  As with most cannabis businesses, cash heavy operations pose many challenges, and this Colorado company was in need of a secure, compliant, and customer-friendly cashless solution to streamline its business expenditures processes.

“The launch in Colorado offers shareholders a firm example of MTrac following up on its promise to expand.” Said Global Payout COO, David Flores. “We are now live in 3 states and we expect that number to grow as we continue to streamline our onboarding processes. Colorado was the first to offer recreational cannabis, and many companies have attempted to solve the cash problem for those businesses. To date, many have tried but none have fully succeeded, and I believe MTrac to be the solution that this market has been waiting for.”

MTrac also went live this week with its newest San Diego client, which is one of the largest dispensaries in the county, where (7) processing terminals were deployed, and MTrac experienced its largest revenue numbers since its relaunch at the beginning of October. The MTrac team anticipates having another two San Diego locations live before month’s end. Because of its San Diego origin and executive headquarters, the MTrac team is committed to making San Diego the safest, most compliant, cannabis community in the nation. MTrac’s executive team recently sat down with the San Diego Mayor’s office to introduce the platform and the many government oversight benefits of ledger technology to facilitate regulatory compliance. MTrac aims to make San Diego the first cashless and compliant cannabis city as a model for others to follow.

“Now let’s consider the true potential of this company.” Said Global Payout CEO, Vanessa Luna. “Many of our shareholders have been wondering what this all means, and how we plan to increase shareholder value and clean up the company’s stock to showcase what I consider to be a hidden gem in the OTC market. With our technology partners and MTrac’s exclusive software licensing rights within the industry, our goal is focused on mass market adoption. We have an extensive pipeline of dispensary, CBD, other high-risk, and low risk sector accounts coming on board and would estimate our existing pipeline at around 50 merchants looking to be fully transacting before the end of the year. Our transactional revenue is steadily increasing with each new merchant that goes live on the system and takes advantage of the increased sales that accompany the ability to offer their customers secure and compliant card payments at the register.  After several months of hard work and dedication, MTrac has arrived at a point where we are creating value for our clients and, in my opinion, positioned perfectly to continue crushing revenue expectations over the coming months. To the loyal shareholders who have stuck with us throughout this entire process, we thank you and we offer you our continued assurance that we remain diligent in our intent of taking MTrac nationwide and turning this into a truly remarkable success story for you and for everyone who has contributed to our journey along the way.  I expect to have a lot of exciting announcements in the near future as we continue to execute our business objectives and cultivate larger relationships. I am always saying, “this is only the beginning” and by that, I mean there is no stopping our drive to successfully offer our service in the highest caliber possible. Stay tuned!”

In addition to MTrac’s ongoing expansion within the industry, the Company is also pleased to announce that it remains on track in its intention of completing and filing the Form-10 in the next few weeks and looks forward to the opportunity it will provide the Company to transparently showcase its growth and financial progress.

As a reminder, the MTrac Tech team will be represented in full-force at this week’s MJBizCon in Las Vegas. Those who are able to make the trip to the convention are encouraged to visit the MTrac Tech team at booth #1754 where the MTrac payment platform will be displayed proudly for all attendees.

About Global Payout, Inc. (OTC Pink:GOHE)
From 2014 to 2017 Global focused on identifying new state of the art technologies in a variety of industry sectors and successfully helped launch MoneyTrac Technology Inc. and other companies within the FinTech space. In 2018, Global completed a reverse triangular merger with MoneyTrac Technology Inc. resulting in Global retaining the wholly owned subsidiary, MTrac Tech Corporation. Global’s current focus is continuing to identify new business opportunities while it reorganizes its future business endeavors. 

About MTrac Tech Corp. 
MTrac Tech Corporation. a Nevada Corporation is a privately held wholly owned subsidiary of Global Payout, Inc. MTrac is a software technology, sales and marketing, and business development company focused on “high risk” and “high cost” industries. The Company’s flagship product is the MTrac payment platform offering a full-service solution for alternative banking and electronic financial marketplace with technology offerings including Payment Platform, Blockchain, Compliance, POS, E-Wallet, Mobile Application and Digital Payment Solutions. We are one network disrupting the status quo. It is MTRAC’S creative vision through the use of its innovative technology solution to become the premier service provider offering the “Key to CashlessTM”

Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Markets.com website.

Public Relations and Media Contact:
MTrac Tech Corp.
www.Mtractech.com 
(702) 790-2511 Ext. 101
Info@moneytractechnology.com

Communications Contact:
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
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Categories: State

Auxly Reports Q3 2018 Financial Results and Highlights Key Milestones

12 November 2018 - 7:30am

VANCOUVER, British Columbia, Nov. 12, 2018 (GLOBE NEWSWIRE) -- Auxly Cannabis Group Inc. (TSX.V - XLY) (OTCQX: CBWTF) ("Auxly" or the "Company") has reported its financial and operational results for the three and nine months ended September 30th, 2018. These filings are available for review on the Company’s SEDAR profile at www.sedar.com

Auxly is a global cannabis company with assets in every segment of the cannabis value chain. Through three distinct verticals: Upstream, Midstream and Downstream, Auxly's platform provides for a significant amount of operational flexibility and control resulting in improved margin dynamics. Auxly’s management team has prioritized the following objectives for each of the Company’s business segments.

  • Upstream: The Company continues to acquire cultivation capacity through the development of facilities in Canada and Uruguay. The development of a robust supply pipeline is the cornerstone of the Auxly platform, providing the Company with a secure and diverse source of cannabis which allows it to participate across the entire cannabis value chain. Auxly remains focused on building out its diverse cultivation platform comprised of wholly-owned assets, streaming partnerships, joint venture partnerships and commercial offtake arrangements.
     
  • Midstream: The strategic focus of Auxly's midstream business segment is to add value to the cannabis produced in the upstream segment through the application of intellectual property. The Company continuously evaluates a broad range of applicable intellectual property including extraction and purification methodologies, trademark and know-how licensing, patent acquisition and technology and product licensing. Through its wholly-owned subsidiaries, the Company also intends to develop its own proprietary cannabis-derived products and related intellectual property.
     
  • Downstream: The Company identified the need for a robust downstream distribution platform early in its corporate history and has continued to focus on the development of high value medical and non-medical channels. The Company has made strategic decisions on which distribution channels to prioritize based on production ramp-up and a focus on higher margin medical channels and non-medical channels that are owned by Auxly or where Auxly holds an equity interest in the retailer.
     
  • International: In order to best address expanding global demand for cannabinoid-based products, the Company has acquired an 80% ownership in Inverell S.A. (“Inverell”) providing the Company with a long term, stable supply of CBD molecules to sell into the Company’s international distribution channels. In addition, to meet near term demand generated by the Company’s international channels, the Company signed an international supply agreement with Aphria Inc. (“Aphria”) to purchase up to 20,000 kilograms of cannabis products on an annual basis, during the term of the agreement. The Company is increasingly evaluating new opportunities across the cannabis value chain in North America and Internationally as several jurisdictions look to legalize cannabis use for medicinal and/or recreational use. The Company anticipates that the International segment of the business will become progressively more important to the overall strategy in the long term.

Q3 2018 Highlights

Upstream Business

The Company views its upstream segment, comprised of Auxly’s streaming partners and wholly-owned subsidiaries, as a critical component to the overall success of the Company’s objective of becoming a fully vertically integrated global cannabis company. The quarter was highlighted by several licensing milestones on the part of Kolab Project and CannTx as well as the closing of the Inverell acquisition, welcoming a new upstream partner in Delta 9 Cannabis, and additional investments in FSD Pharma and Lotus Ventures. The Company is pleased to provide the following updates with respect to its upstream business:

  • Kolab Project: Kolab Project Inc. ("Kolab Project") received its sales license from Health Canada, pursuant to the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The issuance of the sales license to Kolab Project marks a significant milestone for the Company as it allows Kolab Project to participate in the sale of cannabis to both medical patients and adult use consumers across the country through its online portal at www.kolabproject.com as well as other various distribution channels. Kolab Project seeks to differentiate its cannabis offerings by providing a highly curated experience to its consumer base through a carefully selected collection of unique strains and premium products.

    In addition, Kolab Project has successfully completed the design of the third phase of its facility in Carleton Place, Ontario. In addition to incremental cultivation space, Auxly has strategically designed the space for the Company’s plant genetic development initiatives. In particular, the Company expects to use this space to house the Company’s genetics in addition to conducting activities related to genetic breeding, tissue culture, phenotyping and seed breeding. Upon completion, the genetics facility will act as a cornerstone for the development of unique genetics for the Company’s wholly-owned cultivation facilities and for the broader upstream segment.

  • Inverell: Subsequent to the end of the third quarter, the Company received the final Uruguayan regulatory approval from the Secretaría Nacional para la Lucha contra el Lavado de Activos y el Financiamiento del Terrorismo to complete the acquisition of Inverell. Led by Dr. Raúl Urbina, previously the Founder and CEO of Stevia One, Inverell provides the Company with a highly efficient, low-cost source of cannabinoids to address expanding global demand for cannabinoid-based products. A cornerstone asset in the Auxly portfolio, Inverell provides Auxly with an avenue to address emerging international distribution channels, including through the Company's strategic partnership with ICC International Cannabis Corp. (“ICC”).
     
  • Delta 9 Cannabis: The Company made a strategic investment and entered into a long-term supply agreement with Delta 9 Cannabis Inc. (“Delta 9”), a Winnipeg, Manitoba based licensed producer operating an 80,000 square foot facility using proprietary hydroponic grow pods. The investment is of strategic importance to Auxly’s upstream segment as it provides a near-term source of supply into the Auxly platform for immediate redistribution and product development purposes, from a high-quality operator. Pursuant to the agreement with Delta 9, Auxly invested $16,250,000 in exchange for 5,909,090 shares of Delta 9 and received the right to purchase a fixed amount of cannabis at preferential pricing for a period of 10 years. Beginning in January 2019, Auxly will receive the right to purchase 1,000 kilograms of dried cannabis and 100 kilograms of trim per annum from Delta 9, expanding to a total of 5,000 kilograms of dried cannabis and 500 kilograms of trim per annum beginning in July 2020.
     
  • CannTx Life Sciences: Auxly’s streaming partner, CannTx Life Sciences Inc. (“CannTx”) was granted a cultivation license for its production facility in Puslinch, Ontario pursuant to the ACMPR and has subsequently commenced cultivation activities. Auxly holds a minority equity interest in CannTx and an entitlement to purchase 33% of all cannabis (or cannabis-derived products including any cannabis trim) produced at the CannTx facility for a period of 10 years from the date of first sale, at a fixed cost.
     
  • Aphria: The Company announced that its wholly-owned subsidiary Dosecann Inc. (“Dosecann”) entered into a definitive international supply agreement with Aphria pursuant to which Dosecann will have the option to purchase cannabis, including dried flower and cannabis oil, for distribution to certain international markets, including Mexico, Portugal, and Serbia, as well as a certain amount for distribution into the Canadian market. Under the agreement, Dosecann will retain the option to purchase up to 20,000 kilograms of dried flower or oil equivalent, subject to certain minimum purchase quantities and Aphria receiving the necessary regulatory approvals. The Agreement extends until January 31st, 2022 with an option to renew. The supply agreement enables the Company to accelerate its international strategy by providing the Company with a near-term source of product to supply its international channels.
     
  • Lotus Ventures: Pursuant to the streaming agreement with Lotus Ventures Inc. (“Lotus”), the Company advanced $4,000,000 in exchange for 3,755,868 common shares of Lotus to partially fund the completion its 22,500 square foot cultivation facility in Armstrong, British Columbia. Under the agreement, Auxly has the right to purchase up to 50% of the Lotus facility’s total production as well as the right of first offer to purchase the remaining 50% of cultivation output. In addition, the Company has a right of first refusal to finance a prescribed portion of the first expansion of Lotus’ cultivation facility and all or a portion of any further expansions.
     
  • FSD Pharma: Pursuant to its streaming agreement with FSD Pharma Inc. (“FSD Pharma”), the Company subscribed for 7,500,000 shares of FSD Pharma for $7,500,000. Proceeds from the financing subscription will be used to fund the ongoing construction of the joint cultivation space that the Company and FSD Pharma are co-developing. The Company will retain a 49.9% stream of all cannabis (or cannabis-derived products including any cannabis trim) produced at the facility under partnership with Auxly in perpetuity. The Company expects that the product sourced from the FSD Pharma facility will be a significant contributor to the overall supply of indoor product into Auxly’s upstream segment.

Midstream Business

Throughout the quarter, the Company dedicated significant resources towards the development of its midstream business. The Company, alongside it’s cornerstone midstream asset Dosecann, is building a high-value and high-margin derivative cannabis business through the development of its midstream channel. The acquisition of KGK Science is integral to the Company as it brings clinical study and research study capabilities in-house to support the Dosecann product pipeline expected to launch in late 2019. The Company is pleased to provide the following updates with regards to its midstream business:

  • Dosecann: The Company’s wholly-owned subsidiary, Dosecann, successfully obtained a Dealer’s License for Controlled Drugs and Substances from Health Canada pursuant to the Narcotics Control Regulations. Securing the Dealer’s License marks a significant milestone as it authorizes Dosecann to engage in various activities related to the manufacturing of cannabis oils and resins through extraction of dried cannabis flower, production of authorized cannabis products, product formulation, research and development and quality testing. Dosecann’s purpose-built 42,000 square foot facility located in Charlottetown, PEI, will serve as a hub for Auxly and its partners to develop and manufacture high-margin, value-added products through two segments: medical products and consumer packaged goods. Dosecann has recently received its first shipment of cannabis flower and expects to commence its extraction and research and development activities imminently.
     
  • KGK Science: The Company completed the acquisition of KGK Science Inc. (“KGK”) for total consideration of $12,300,000 payable in cash and common shares of the Company. KGK Science is one of the leading contract research organizations offering clinical trial services and regulatory consulting for the cannabis, dietary supplement, functional food, beverage, ingredient and cosmetic industries. Having served many of North America’s leading nutraceutical, natural health product and consumer packaged goods companies such as Kraft Foods, Sanofi, Nature’s Bounty and Nuskin, KGK, using industry leading research and science, will work closely with the team at Dosecann in order to ensure that the products developed and manufactured by Dosecann’s team meet the highest quality and safety thresholds. Outside of the distinct collaboration with Dosecann, KGK will continue to operate its current business in the ordinary course, substantiating claims for their client’s products through randomized clinical trials in addition to providing other research services such as participant recruitment, regulatory compliance solutions, research support services and consulting.

  • Cannabis OneFive: The Company entered into a strategic partnership with Cannabis OneFive, Inc. (“C15”), a leading provider of quality management and document control software systems for the cannabis industry. In connection with the strategic partnership, the Company and C15 entered into a share exchange agreement resulting in Auxly obtaining a 30% equity ownership interest in C15. The Company intends for Dosecann to become the initial lead subscriber of C15’s software with an eventual broader rollout to be deployed at other Auxly facilities across its platform.

Downstream Business

The Company recognizes the value and the opportunity to develop meaningful downstream distribution channels and has prioritized its efforts accordingly. This quarter marked continued domestic and global expansion for the Company through a newly announced strategic partnership with Atlantic Cultivation in Newfoundland & Labrador and through a strategic investment into ICC that provides the Company with access to over 16 jurisdictions across the globe in a capital efficient manner. The Company is pleased to provide the following updates on the development of its medical and adult use channels:

  • Inner Spirit: The Company exercised its pre-emptive right to acquire an additional 7,058,824 units of Inner Spirit Holdings Ltd. (“Inner Spirit”) in order to maintain ownership of approximately 15% of the total issued and outstanding common shares of Inner Spirit. Inner Spirit and Auxly previously entered into a strategic arrangement whereby the companies will collaborate on retail initiatives, including Auxly supplying cannabis products to Inner Spirit’s existing licensed locations in Alberta and Saskatchewan and into any future locations in Canada. To date, Inner Sprit has successfully signed over 110 franchise agreements and has successfully obtained 5 licenses for the sale of recreational cannabis, 4 of which are in Alberta. By applying Inner Spirit’s franchise and retail models to the cannabis space, Auxly believes Inner Spirit is positioned to be a major player and trusted source in the distribution of adult use cannabis in markets where privately owned cannabis retail stores are permitted.

  • ICC International Cannabis: The Company formed a strategic partnership with ICC which included a strategic investment and commercial rights agreement. The strategic investment of $5,000,000 was made by way of convertible debentures bearing an interest rate of 8% with a maturity date of September 17th, 2021. ICC has a number of agreements and licenses in place related to pharmaceutical distribution, wholesale importation, research and development, cultivation, production, storage, and exportation of cannabis. In particular, ICC has agreements in place to supply a European-based pharmaceutical distributor with a network of 35,000 pharmacies in 16 countries, in addition to working interests in industrial hemp licenses in Greece and wholly-owned licenses to cultivate, produce, distribute, store, and export cannabis in Colombia, the Kingdom of Lesotho, and Denmark.

    In connection with the transaction, Auxly will become a preferred commercial partner to ICC, through various rights of first refusal including: supplying ICC's extensive world-wide distribution channels in the event that ICC is looking to source cannabis products; any sale or off-take agreement pursuant to which ICC intends to sell or distribute cannabis products to any third party; purchasing any of ICC’s assets (including its subsidiaries) in the event that it intends to sell any such assets to a third party; and licensing any intellectual property owned or developed by ICC, or its subsidiaries, in the event that ICC intends to license such intellectual property.

  • Atlantic Cultivation: Subsequent to the end of the third quarter, the Company entered into a strategic partnership to collaborate on the development of a 110,000 square foot indoor cultivation facility in St. Johns, Newfoundland and Labrador and on the development of retail locations in the Province. In connection with the partnership, Auxly will invest $2,500,000 into Atlantic in exchange for a 50% equity stake in Atlantic and a long term right to purchase up to 30% of dried cannabis (or cannabis-derived products including any cannabis trim) produced at Atlantic's facility. In tandem with the investment, the founding shareholders of Atlantic will contribute an additional $2,500,000 in funding to the entity and, together with the investment from Auxly, such funds will be used towards the development of retail locations, upon obtaining the requisite approval from the government of Newfoundland and Labrador, and for general working capital purposes. The partnership allows Auxly to expand its presence in Eastern Canada with an exceptionally strong team led by experienced Newfoundland and Labrador entrepreneurs.

Select Summary of Quarterly Results
(Expressed in Canadian Dollars in Thousands)

Period ended (000s)September 30th, 2018December 31st, 2017Cash and Cash Equivalents$236,920 $33,454 Total Current Assets$268,475 $35,521 Total Non-Current Assets$232,565 $57,058 Total Assets$501,040 $92,579 Long-Term Convertible Debt$92,327 $17,738 Total Equity$367,823 $62,793    Three months ended (000s)September 30th, 2018 September 30th, 2017 Revenue$512 $0 Unrealized Gains and fair value changes$6,205 $0 Total Income$6,717 $0 Total Expenses$17,056 $5,211 Total Comprehensive Profit or Loss($4,592)($5,703)Net cash used in operating activities($9,031)($5,256)Net cash used in investing activities($52,172)($15,705)Net cash from financing activities$2,320 $248    Nine months ended (000s)September 30th, 2018 September 30th, 2017 Revenue$512 $0 Unrealized Gains and fair value changes$7,105 $0 Total Income$7,617 $0 Total Expenses$36,815 $8,255 Total Comprehensive Profit or Loss($28,331)($8,772)Net cash used in operating activities($25,591)($8,236)Net cash used in investing activities($75,307)($18,155)Net cash from financing activities$304,364 $51,767 

The Company maintained a strong balance sheet and liquidity position with $236,920,000 in cash and cash equivalents at the end of the third quarter earmarked for funding Auxly’s streaming partners, wholly-owned subsidiaries, downstream distribution efforts and general and administration costs. The increase in the cash and working capital balances are attributable primarily to the Company raising $215,115,000 in debt and equity financings year to date in addition to raising $95,017,000 in warrant and broker warrant unit exercises. During the nine months ended September 30th, 2018, cash used in investing activities totaled $75,307,000 which includes strategic investments made in subsidiaries, streaming partners and strategic partners.

In connection with the scaling up of business operations, hiring of additional talent, executing on existing agreements and the addition of three subsidiaries, the Company’s cash outflows related to operations increased to $25,591,000 during the nine months ended September 30, 2018 compared to $8,236,000 for the nine months ended September 30th, 2017.

Management Commentary

Chuck Rifici, CEO and Chairman of Auxly commented: “Auxly continues to build out its platform at an industry leading pace and make progress on the development of its assets and partners at all touch points of the cannabis value chain. We continue to make strategic additions to the overall platform in line with the company’s domestic and international expansion plans. Needless to say, we are pleased with the steady progress we have made in the last three months as the Company works towards achieving its long -term strategic goals.”

Hugo Alves, President and Director of Auxly commented: “The third quarter of 2018 was highlighted by the further progress we have made in developing our assets and securing new accretive relationships across all of our business channels. We are increasingly differentiating ourselves through our focus on science-driven product innovation at Dosecann. We have assembled a world class team and have continued to invest in the infrastructure and strategic initiatives that we feel will best position Dosecann to be a leading player in the product development and manufacturing segment of the cannabis market."

ON BEHALF OF THE BOARD
"Chuck Rifici" Chairman & CEO

About Auxly Cannabis Group Inc. (TSX.V: XLY)

Auxly Cannabis Group is a collective of entrepreneurs with a passion for the cannabis industry past, present and future. Our mandate is to facilitate growth for our partners by providing them with financial support and sharing our collective industry experience. Our partners all have different visions, voices and brand values, and all share a common goal—to build a world-class industry based on ethics, diversity, quality and innovation.

Investor Relations:
For more information about investing in Auxly Cannabis Group, please visit: http://www.auxly.com or contact our Investor Relations Team: 
Email: IR@auxly.com
Phone: 1.833.695.2414

Stay Connected: 
Follow up on Twitter @Auxlygroup

Media Enquiries (only): 
For media enquiries or to set up an interview please contact:
Sarah Bain, VP External Affairs 
Email: sarah@auxly.com 
Phone: 613.230.5869

Notice Regarding Forward Looking Information:

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities law. Forward-looking information is frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. This information is only a prediction. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking information throughout this news release. Forward-looking information includes, but is not limited to: the proposed operation of Auxly, its subsidiaries and streaming partners, future legislative and regulatory developments involving cannabis and cannabis products, the timing of proposed research and clinical trials, the timing and outcomes of regulatory or intellectual property decisions, the relevance of Auxly’s subsidiaries’ and partners’ proposed products, consumer preferences, political change, competition and other risks affecting the Company in particular and the cannabis industry generally.

A number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking information in this release including, but not limited to, whether: Auxly’s subsidiaries and partners are able to obtain and maintain the necessary regulatory authorizations to conduct business, the Company is able to successfully manage the integration of its various business units with its own, the Company’s subsidiaries and partners obtain all necessary governmental and regulatory permits and approvals for the operation of their facilities and the development of its proposed products, and whether such permits and approvals can be obtained in a timely manner, the success of Dosecann and KGK’s research strategies, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process, the acceptance of future Dosecann products by consumers and medical professionals, and general economic, financial market, legislative, regulatory, competitive and political conditions in which the Company and Dosecann operate will remain the same. Additional risk factors are disclosed in the revised annual information form of the Company for the financial year ended December 31, 2017 dated May 24, 2018.

New factors emerge from time to time, and it is not possible for management to predict all of those factors or to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The forward-looking information in this release is based on information currently available and what management believes are reasonable assumptions. Forward-looking information speaks only to such assumptions as of the date of this release. In addition, this release may contain forward-looking information attributed to third party industry sources, the accuracy of which has not been verified by the Company. The purpose of forward-looking information is to provide the reader with a description of management's expectations, and such forward-looking information may not be appropriate for any other purpose. Readers should not place undue reliance on forward-looking information contained in this release.

The forward-looking information contained in this release is expressly qualified by the foregoing cautionary statements and is made as of the date of this release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

Neither 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.

Categories: State

Medical Cannabis is Now Legal in Utah, One Company Is Poised for Breakout

12 November 2018 - 6:30am

Undervalued CBD/Cannabis Play Is November’s Stock to Watch After UTAH’s Recent Legalization Approval

NEW YORK, Nov. 12, 2018 (GLOBE NEWSWIRE) -- News Commentary: www.PSInvestor.com

Last week’s vote in the state of UTAH was monumental for many reasons. Medical cannabis, on the ballot as “Proposition 2”, was a proposal that had been a difficult sell to Mormon church leaders who were concerned about the possibility that it could expand to broader use but passed getting 54% of the Utahn population to vote YES.

Besides the struggle to win over the Mormon Church, and a population viewed as being quite conservative, Utah residents collected about 200,000 signatures by mid-April, which was well over the 113,143 required for ballot inclusion. Enthusiastic residents are excited about the medicinal properties that marijuana and CBD, short for cannabidiol, brings while state economists welcome the measure which will include a sales tax increase expected to generate $90 million in tax revenue that will combine with an additional $800 million in federal money to fund the expansion.

Hemp based CBD, whose market nationally could reach $22B by the year 2022 according to the Brightfield Group in a recent Rolling Stone magazine report, was made legal in Utah in 2014, after businesses began extracting it from cannabis plants and using the extract to make pills, oils and other products that people say helps with an array of conditions.

The approval may create a barrier for entrepreneurs and new businesses that wish to establish new CBD related business in UTAH as there has been discussion of going to a county dispensary type system. Grandfathered or established businesses such as Enviro Technologies International Inc. (OTC: ETII), a holdings company based in Utah, already has 2 CBD related businesses in CBD Health Co. (www.cbdhealthco.com) and Phytolife Fitness. Both companies were acquired earlier this year. CBD Health Co. markets and sells high quality and proprietary hemp-based, natural CBD health products, while their sister fitness site and media company will market fitness hemp-based products and health films. Hemp products are now used in sports medicine to control pain, decrease inflammation and reduce stress; hemp-based products have also been found to aid in bone, nerve and tissue regeneration, which are particularly relevant and needed remedies in the amateur and professional sports arenas.

ETII is one of the few, if not only public CBD related company in the state of UTAH as investors are taking notice. The company has traded at $1 or more on 3 separate occasions this year, which ironically coincided with their CBD-related news announcements. Their stock price is climbing once again as investors scramble to find undervalued public companies that will be affected by the recent positive legalization news in the state of Utah. On Friday, ETII closed at $0.375 +0.14 (+59.57%) on 469,890 shares traded. The company, which hasn’t released official news since it’s press releases on entering the CBD market for Pets in March and its sister CBD website in April of this year, is moving on clear speculation they’ll be able to emerge as a CBD leader in UTAH. As much as investors wish to focus on UTAH alone, according to the company’s website, it states that their products are distributed in all 50 states, USA-made, and produced with CBD derived from the industrial hemp plant. This means they have the ability to generate sales nationwide via web sales, but potentially can exploit the legalization with in-state “brick and mortar” retail/wholesale business locations.

Cannabis stocks have been one of the most Bullish sectors performance wise in 2018. While investors are always seeking the next “hot company”, some of the well-known cannabis stocks such as Tilray Inc. (NASDAQ: TLRY) ran from $23 to $300, Canopy Group (NYSE: CGC) has climbed from $12.60 to 52 Week Highs of $59.25 and Cronos Group (NASDAQ: CRON) was as low as $3 last year at this time and hit a 52W High of $15.30, have all grossly out performed both the DOW ($DJI) and the S&P 500 ($SPX).

Most cannabis stocks added to their gains recently, after reports that U.S. Attorney General Jeff Sessions was fired. Sessions, an opponent of marijuana's legalization, had given prosecutors a green light to aggressively enforce federal laws against the drug in states where it had been decriminalized. Whether Sessions had a direct impact or not, the passage of state initiatives and last week’s general voter sentiment indicate growing momentum for the cannabis industry.

Even beverage companies like Coca-Cola and Pepsi are attempting to position themselves with cbd/hemp drinks in this booming sector. Soft drink companies are not alone, as alcoholic beverage companies are following suit because of declining sales as the market shifts towards using cannabis for recreational purposes. Yes, that means, CBD/THC wines and beers or nonalcoholic beverages that will enhance one’s mood is where these companies are diving to be ahead of the trend.

The hemp-cbd beverage sector has also produced some very rewarding stock returns in the microcap space. American Premium Water Corp. (OTC: HIPH) who manufactures LALPINA Hydro CBD water, was only $0.015 in mid-September and surged to high of $0.12 last month. Kona Gold (OTC: KGKG), whose hemp energy drinks had a 225% increase in sales for the month of October, was only $0.013 the beginning of October and is currently above .07 and climbing. Puration Inc. (OTC: PURA), whose cannabis infused beverage business has grown 600% in the last year alone, was just $0.035 the beginning of October and peaked at $0.25 mid-month. This sector continues to bring huge profits to penny stock investors and Enviro Technologies (OTC: ETII) is our stock to watch for November.

For Commentary & Market Awareness inquiries, please contact: info@psinvestor.com

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and PSI undertakes no obligation to update such statements.

You should not rely on the information presented; you should do independent research to form your own opinion and decision. Information contained in our disseminated emails does not constitute investment, legal or tax advice upon which you should rely. The purchase of high-risk securities may result in the loss of your entire investment. Advertisements received by you are not a solicitation or recommendation to buy securities of the advertised company. PSI was not compensated by (OTC: ETII), (OTC: KGKG), (OTC: PURA), (OTC: HIPH) or any other company mentioned in this article.

Full Disclaimer: http://psinvestor.com/disclaimer

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Categories: State

Larson Electronics Releases 25W Handheld LED Hunting Spotlight with 1000’ Light Beam

10 November 2018 - 4:00pm

KEMP, Texas, Nov. 10, 2018 (GLOBE NEWSWIRE) -- Larson Electronics, a Texas-based company with over 40 years of experience spearheading the industrial and recreational lighting sectors, announced the release of a 25-watt handheld LED hunting spotlight. This IP65-rated unit offers powerful Cree® LED illumination that generates a total of 2,000 lumens of light with 70% lumen retention at 50,000 hours of use.

The HUL-LED25WRE-CPR-TRP-9 handheld LED hunting spotlight features a 120mm parabolic reflector and projects a focused light beam up to 1,000 feet. The body of this light is made of ultra-durable ABS polymer with an aluminum alloy light head housing and an impact resistant polycarbonate lens. This ergonomically designed and compact unit is waterproof, dust proof and shock proof for demanding outdoor conditions and applications.

This hunting spotlight features an articulated light head that can be tilted up or down independently of the handle for more precise positioning of the beam. This unit features a no-slip textured nylon handle that ensures a firm grip in wet conditions and a booted push-button that adds protection from water and dust.

This hunting spotlight comes with a 16-foot detachable cord and a 9-pin round trailer hitch plug. The cord is detached with a weatherproof 2-pin Deutsch connector that attaches and detaches the coil cord from the spotlight easily and securely. Suitable applications for this spotlight include hunting, marine and boating, camping, emergency services and first responders.

“This LED spotlight is a lightweight, yet ultra-rugged spotlight, perfect for outdoor uses in rough environments,” said Rob Bresnahan, CEO of Larson Electronics LLC. “It’s powerful illumination and far reaching beam is also ideal for emergency and first responder services.”

About Larson Electronics LLC: Larson Electronics LLC is a manufacturer of industrial lighting equipment and accessories. The company offers an extensive catalog of industry-grade lighting and power distribution products for the following sectors: manufacturing, construction, food processing, oil and gas, military, marine and automobile. Customers can benefit from the company’s hands-on, customized approach to lighting solutions. Larson Electronics provides expedited service for quotes, customer support and shipments.

For further information, please contact:
Rob Bresnahan, President and CEO
Toll-free: 1-800-369-6671
Phone: 214-616-6180
Fax: 903-498-3364
E-mail: sales@larsonelectronics.com

Categories: State

SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Camping World Holdings Inc. of Class Action Lawsuit and Upcoming Deadline – CWH

9 November 2018 - 7:35pm

NEW YORK, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Camping World Holdings Inc. (“Camping World” or the “Company”) (NYSE:  CWH) and certain of its officers.   The class action, filed in United States District Court, Northern District of Illinois, Eastern Division, and index under 18-cv-07158, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise acquired shares of Camping World Class A common stock between March 8, 2017 and August 7, 2018, both dates inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Camping World securities between March 8, 2017, and August 7, 2018, both dates inclusive, you have until December 18, 2018, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.  To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here to join this class action]

Camping World has long been majority owned and controlled by its Chairman and Chief Executive Officer (“CEO”), Marcus Lemonis (“Lemonis”), and private equity firm Crestview Partners II GP, L.P. (“Crestview”) and its affiliates. Historically, the Company specialized in selling recreational vehicles (“RVs”) and related services such as travel assist programs, emergency roadside assistance, property and casualty insurance programs, extended vehicle service contracts, and vehicle financing and refinancing.

In October 2016, defendants took Camping World public in a $261 million initial public offering (the “IPO”). In the months that followed the IPO, defendants emphasized the Company’s earnings growth and profit potential as Camping World engaged in a number of strategic acquisitions. Most significantly, in May 2017, Camping World announced that it would be expanding its operations to include retail stores for outdoor sporting supplies and accessories by acquiring certain assets of Gander Mountain Co. (“Gander”) from bankruptcy.

Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company failed to successfully integrate the assets acquired from Gander due to operational failures; (ii) the acquisition of Gander assets negatively impacted the Company’s profit margin, which consequently resulted in the Company’s inability to meet previously provided financial guidance; (iii) the Company maintained material weaknesses in its internal controls over financial reporting, which resulted in numerous errors and misstatements in every quarterly reporting period since the IPO; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

Beginning in February 2018, the Company issued a series of disclosures which revealed, inter alia: (i) that it needed to withdraw and restate its prior financial statements for 2016 and the first three quarters of 2017; (ii) that the integration and rollout of the Gander stores had suffered severe operational setbacks; (iii) that, rather than increasing profitability as represented, the Gander stores were negatively impacting margins; and (iv) that the Company had fallen far behind previously provided 2018 earnings figures. Camping World abruptly changed its auditor of 13 years soon after the Company admitted its prior financial statements were materially misstated and its internal controls suffered from material weaknesses.

Upon the full disclosure of the above facts, the Company’s Class A common stock fell from over $28 per share from the Class Period high of $47.09 on January 24, 2018, to close at $18.88 on August 7, 2018, the last day of the Class Period. 

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980

Categories: State

Connecticut Water Service Inc. Reports Third Quarter 2018 Results

9 November 2018 - 4:02pm

CLINTON, Conn., Nov. 09, 2018 (GLOBE NEWSWIRE) --

  • Operating Revenues Increase 14 Percent

  • Net Income Increased $2.9 million or $0.23 per share  

  • PURA and MPUC Regulatory Applications Filed for the SJW Group Transaction

Connecticut Water Service, Inc. (Nasdaq:CTWS) (“Connecticut Water”) announced net income of $13.7 million or $1.15 earnings per basic common share (“EPS”) for the third quarter of 2018 on total revenues of $39.3 million. Total revenues include revenues generated by Connecticut Water’s three business segments: Water Operations, Service and Rentals, and Real Estate. In the third quarter of 2017, Connecticut Water had net income of $10.7 million or EPS of $0.92, on total revenues of $33.5 million.   Non-GAAP Adjusted Net Income*, which excludes merger and acquisition costs, for the third quarter of 2018 increased from the same period in the prior year by $5.1 million. 

The improvements in Non-GAAP Adjusted Net Income in 2018 were primarily driven by increases in revenues resulting from general rate increases authorized in both Connecticut and Maine, as well as increases in Water Infrastructure and Conservation Adjustment (“WICA”) and Water Infrastructure Charge (“WISC”) surcharges. These improved revenues were partially offset by increased operating expenses, depreciation and interest expense.

David C. Benoit, president and CEO of Connecticut Water, stated that, “Our strong third quarter results reflect our continued focus on operational excellence as a pure-play water company, our employees’ record of superior customer service, and our continued investment in water infrastructure. During the quarter, we also made progress toward the closing of our combination with SJW Group, which is on track to be completed in the first quarter of 2019. The combination with SJW Group will enable us to join another leading water company that shares our commitment to a strong, local team of employees and world-class service to customers and communities, while also providing our shareholders with significant, certain, premium value for their shares.”

Year-to-Date Results

Connecticut Water reported net income of $17.2 million, or EPS of $1.44, on total revenues of $97.3 million in the first nine months of 2018.  In the same period of 2017, Connecticut Water had net income of $23.2 million, or EPS of $2.03, on total revenues of $87.2 million.  Non-GAAP Adjusted Net Income*, which excludes merger and acquisition costs, for the first nine months of 2018 increased from the same period in the prior year by $1.5 million. 

The improvements in Non-GAAP Adjusted Net Income in 2018 were primarily driven by increases in revenues resulting from general rate increases authorized in Connecticut and Maine as well as increases in WICA and WISC surcharges. These improved revenues were partially offset by increased operating expenses, depreciation and interest expense.

* A description of Non-GAAP Adjusted Net Income is provided below under the heading “Use and Definition of Non-GAAP Financial Measures” and a reconciliation to GAAP financial measures is provided in the table at the end of this release.

Combination with SJW Group

On October 2, 2018, Connecticut Water announced that it had filed its definitive proxy materials in connection with a Special Meeting of Connecticut Water Shareholders (the “Special Meeting”) scheduled for November 16, 2018 to vote on the SJW Group transaction. In the proxy materials and related letters that have been sent to Connecticut Water shareholders of record as of September 24, 2018, the Connecticut Water Service Board of Directors unanimously recommends that shareholders vote “FOR” the proposal to approve the SJW Group merger agreement as well as all other proposals related to the SJW Group transaction on the GREEN proxy card or GREEN voting instruction form that was sent to shareholders.

In order for the transaction to be approved, Connecticut Water shareholders owning two-thirds (66 2/3%) of Connecticut Water’s outstanding shares of common stock entitled to vote on the proposed merger must vote “FOR” it. This is a high threshold, so every vote matters. Shareholders are reminded that the meeting date is rapidly approaching, and not voting is the same as voting against the SJW Group transaction. 

Additional highlights from the letters sent to Connecticut Water shareholders include:

  • By going GREEN and voting “FOR” the SJW Group transaction on the GREEN proxy card, shareholders are voting to receive significant, certain, premium value of $70 per share in cash.
  • The $70-per-share cash consideration represents a 33 percent premium to Connecticut Water’s unaffected closing share price.1
  • The value that Connecticut Water shareholders will receive exceeds Connecticut Water’s all-time high closing share price.2
  • The combined company will operate under local leadership and local operating teams, with no changes in customer rates and no employee layoffs as a result of the transaction.
  • Both Connecticut Water and SJW Group are committed to maintaining a New England headquarters in Clinton, Connecticut, and the existing local offices and work centers across Connecticut and Maine. 
  • The transaction creates a national pure-play water company with a continued focus on operational excellence, superior customer service, environmental stewardship as well as community investment, involvement and support.
  • Connecticut Water believes the meaningful benefits and protections for its stakeholders in the SJW Group transaction would not be available in other potential transactions.

On November 5, 2018 and November 7, 2018, leading independent proxy advisory firms Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co. (“Glass Lewis”), respectively, recommended that Connecticut Water shareholders vote “FOR” the SJW Group transaction at the Special Meeting of Shareholders. Many pension funds, mutual funds and other institutional shareholders around the world consider the analysis and recommendations conducted by ISS and Glass Lewis in their voting decision making process.

ISS and Glass Lewis are joined by other stakeholders, including local business leaders and Connecticut Water employees who also support the SJW Group transaction.  For example, as highlighted in one mailing by Connecticut Water:

  • “I’m a retired CEO, experienced in business and proud to be a long term CTWS shareholder. CTWS has been well managed, focused on customer service and its market area and an excellent investment. I strongly support the combination of CTWS and SJW. Acquisitions are a fact of business life today across many industries ... banking, utilities, insurance, etc. … so having the right combination is very important. By joining with San Jose Water, Connecticut Water will boost its ability to continue its record of service and level of investment in our communities under the leadership of the respected Connecticut management team.” – William J. “Bill” McGurk, Local Business Leader, Shareholder
  • “It was about a week and a half ago that I mailed my proxy in, voting yes on all the three things that the Board recommended ... I knew that it was good to do the right thing and help the company in its pursuit to be stronger, better.” – Adam S., CT Water Employee, Shareholder

As previously announced, the combination of Connecticut Water and SJW Group requires the approval of Connecticut Water’s shareholders and regulatory approvals from the Connecticut Public Utilities Regulatory Authority (“PURA”) and the Maine Public Utilities Commission (“MPUC”). As noted above, shareholders will vote on the proposal to approve the SJW Group merger agreement as well as all other proposals related to the SJW Group transaction at the Special Meeting scheduled for Friday, November 16, 2018. Applications to obtain regulatory approvals of the merger were filed with PURA and MPUC on July 18, 2018 and May 4, 2018, respectively.

PURA Rate Settlement Agreement

On August 15, 2018, PURA issued a final decision that accepted the terms of a revised rate settlement agreement that had been filed by the Connecticut Water Company and the Connecticut Office of Consumer Counsel.

Under the terms of the approved revised settlement agreement.

  • Connecticut Water Company is able to seek approval to adjust WICA charges in the future through separate filings with PURA as additional WICA work is completed and serving customers.
  • Connecticut Water Company is recovering through increased rates, retroactive to April 1, 2018, the $36.3 million of plant in service with Connecticut Water Company’s generational investment in clean drinking water at the newly upgraded Rockville Drinking Water Treatment Facility.
  • The WICA surcharge on customers’ bills has been rolled into base rates and the surcharge has been reset to zero.
  • Connecticut Water Company will not increase its base rates until January 2020 at the earliest, with an exception for extraordinary circumstances.

Maine Water Conservation Easement to Protect Source Water and Open Space

On September 27, 2018, The Maine Water Company (“Maine Water”) closed on the sale of a conservation easement with the Coastal Mountain Land Trust (“CMLT”) to protect 786 acres of watershed land in Rockport and Hope, Maine. This is first of two transactions through an agreement with CMLT that, when fully executed, will protect 1,300 acres of watershed land around Mirror Lake and Grassy Pond, the primary sources of drinking water for the region. Much of the land lies on and around “Ragged Mountain” in the towns of Camden, Hope and Rockport and the conservation easement allows for expanded recreational access to the property for activities such as hiking, mountain biking, cross country, and skiing through the construction of a defined public access trail. Maine Water also contributed $250,000 to the construction of the trail.

As a result of the first transaction, an after-tax gain of $435,000 was realized in Q3. Maine Water’s Camden Rockland customers will share in the net benefit of the transaction, with $435,000 of credits on customer bills applied over a one-year period beginning in January, 2019. The second, and final, transaction related to the conservation easement sale is expected to occur in 2020.

Infrastructure Replacement

Maine Water files for WISC increases with the MPUC on a system-by-system basis. Six WISC applications filed since the fourth quarter of 2017 have been approved to date in 2018, and the WISC surcharge in the Biddeford Saco division was reset to zero with the approval of the general rate case in December 2017. The current average of approved WISC surcharges of all divisions of Maine Water is 6.8 percent. The maximum WISC surcharge allowed in Maine ranges from 10 to 20 percent, depending on the size of the water system.

The current WICA charge was reset to zero for Connecticut Water Company as a result of the rate settlement agreement approved by PURA and is 7.51 percent for Avon Water. Heritage Village Water has not filed for a WICA surcharge.

WICA and WISC allow for recovery of eligible infrastructure replacements on a semiannual basis.

About CTWS

CTWS is one of the 10 largest U.S.-based publicly traded water utilities, and is listed on the Nasdaq Global Select Market under the ticker symbol CTWS. Through its regulated utility subsidiaries, CTWS serves more than 135,000 water customers, or more than 425,000 people in 80 communities across Connecticut and Maine, and more than 3,000 wastewater customers in Southbury, Connecticut.

Additional information regarding results, performance or achievements noted in this news release is available in the CTWS Form 10-Q that was filed with the U.S. Securities and Exchange Commission earlier today. A link to the Form 10-Q filing can be found at http://ir.ctwater.com.

Use and Definitions of Non-GAAP Financial Measures

We consider Adjusted Net Income as a key business metric, which is a Non-GAAP financial measure.

We define Adjusted Net Income as Net Income excluding certain material items outside of normal business operations. For this Non-GAAP financial measure, we consider these items to be income or expenses that have not been recorded within the prior two years and are not expected to recur within the next two years. Such items may include certain costs incurred for merger and acquisition activities such as the proposed merger with SJW Group.

Adjusted Net Income is a supplemental financial measure used by us and by external users of our financial statements and is considered to be an indicator of the operational strength and performance of our business. Adjusted Net Income allows us to assess our performance without regard to the impact of matters that we do not consider indicative of the operating performance of our business.

We use Adjusted Net Income to facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting our business. We believe Adjusted Net Income assists our Board of Directors, management and investors in comparing our operating performance on a consistent basis from period to period because they remove the impact of certain material items outside of normal business operations (such as the costs incurred for the proposed merger with SJW) from our operating results.

Despite the importance of this Non-GAAP financial measure in analyzing our business, measuring and determining incentive compensation and otherwise evaluating our operating performance, Adjusted Net Income is not a measurement of financial performance under GAAP, may have limitations as an analytical tool and should not be considered in isolation from, or as an alternative to, Net Income or any other measure of our performance derived in accordance with GAAP. Adjusted Net Income is not a measure of profitability under GAAP.

We also urge you to review the reconciliation of this Non-GAAP financial measure included in the Results of Operations section of our quarterly report on From 10-Q that was filed earlier today. To properly and prudently evaluate our business, we encourage you to review the Condensed Consolidated Financial Statements and related notes included elsewhere in our Quarterly Report and to not rely on any single financial measure to evaluate our business. In addition, because the Adjusted Net Income measure is susceptible to varying calculations, such Non-GAAP financial measures may differ from, and may therefore not be comparable to, similarly titled measures used by other companies.

The following table provides a reconciliation of Net Income to Non-GAAP Adjusted Net Income:

 Three Months EndedNine Months Ended September 30,September 30,(In thousands except per share amounts)2018201720182017     Net Income$13,663$10,716$17,165$23,202Merger and Acquisition Costs2,114117,766266Adjusted Net Income$15,777$10,727$24,934$23,468


Connecticut Water Service, Inc. & Subsidiaries

Selected Income Statement Information (unaudited)

 Three Months EndedNine Months Ended September 30,September 30,(In thousands except per share amounts) 2018 2017 2018 2017     Operating Revenues$36,269$31,797$91,026$82,162Other Water Activities Revenues 348 455 1,084 1,096Real Estate Revenues 1,350 -- 1,350 212Service and Rentals Revenues 1,333 1,256 3,815 3,745Total Revenues$39,300$33,508$97,275$87,215     Operating Expenses$18,905$19,252$59,805$53,615Other Utility Income, Net of Taxes$200$264$715$619Total Utility Operating Income$17,564$12,809$31,936$29,166Gain on Property Transactions, Net of Taxes$626$--$626$33Non-Water Sales Earnings (Services and Rentals), Net of Taxes$469$252$1,297$842Net Income$13,663$10,716$17,165$23,202Net Income Applicable to Common Shareholders$13,663$10,706$17,155$23,173Basic Earnings Per Average Common Share$1.15$0.92$1.44$2.03Diluted Earnings Per Average Common Share$1.13$0.90$1.42$1.99Basic Weighted Average Common Shares Outstanding 11,951 11,817 11,899 11,436Diluted Weighted Average Common Shares Outstanding 12,045 12,041 12,069 11,661Book Value Per Share$24.75$24.39$24.75$24.39

Condensed Consolidated Balance Sheets (unaudited)

(In thousands)September 30, 2018September 30, 2017 ASSETS  Net Utility Plant$721,488$683,738Current Assets 46,966 47,149Other Assets 175,587 208,489 Total Assets$944,041$939,376 CAPITALIZATION AND LIABILITIES  Shareholders’ Equity$298,200$294,405Preferred Stock -- 772Long-Term Debt 250,877 255,193Current Liabilities 76,645 39,835Other Liabilities and Deferred Credits 318,319 349,171Total Capitalization and Liabilities$944,041$939,376

Cautionary Statement Regarding Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended.  Some of these forward-looking statements can be identified by the use of forward-looking words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “strategy,” or “anticipates,” or the negative of those words or other comparable terminology.

The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: (1) the risk that the conditions to the closing of the SJW Group transaction are not satisfied, including the risk that required approval from the shareholders of Connecticut Water for the transaction is not obtained; (2) the risk that the regulatory approvals required for the transaction are not obtained, on the terms expected or on the anticipated schedule; (3) the effect of water, utility, environmental and other governmental policies and regulations; (4) litigation relating to the transaction; (5) the ability of the parties to the transaction to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; (6) the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement between the parties to the proposed transaction; (7) changes in demand for water and other products and services of Connecticut Water; (8) unanticipated weather conditions; (9) catastrophic events such as fires, earthquakes, explosions, floods, ice storms, tornadoes, terrorist acts, physical attacks, cyber-attacks, or other similar occurrences that could adversely affect Connecticut Water’s facilities, operations, financial condition, results of operations, and reputation; (10) risks that the proposed transaction disrupts the current plans and operations of Connecticut Water; (11) potential difficulties in employee retention as a result of the proposed transaction; (12) unexpected costs, charges or expenses resulting from the transaction; (13) the effect of the announcement or pendency of the proposed transaction on Connecticut Water’s business relationships, operating results, and business generally, including, without limitation, competitive responses to the proposed transaction; (14) risks related to diverting management’s attention from ongoing business operations of Connecticut Water; (15) the trading price of Connecticut Water’s common stock; and (16) legislative and economic developments.

In addition, actual results are subject to other risks and uncertainties that relate more broadly to Connecticut Water’s overall business and financial condition, including those more fully described in Connecticut Water’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including, without limitation, its annual report on Form 10-K for the fiscal year ended December 31, 2017 and its quarterly report on Form 10-Q for the period ended September 30, 2018.  Forward-looking statements are not guarantees of performance, and speak only as of the date made, and neither Connecticut Water nor its management undertakes any obligation to update or revise any forward-looking statements except as required by law.

Additional Information and Where to Find It

This communication relates to the proposed acquisition of Connecticut Water by SJW Group.  In connection with the proposed transaction, on October 2, 2018, Connecticut Water filed a definitive proxy statement on Schedule 14A and the accompanying GREEN proxy card with the SEC.  SHAREHOLDERS OF CONNECTICUT WATER ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.  Investors and security holders may obtain a copy of the definitive proxy statement and the other documents filed by Connecticut Water with the SEC free of charge at the SEC’s web site, http://www.sec.gov, and shareholders of Connecticut Water may also obtain transaction-related documents free of charge by directing a request to Connecticut Water’s Corporate Secretary, Kristen A. Johnson, at Connecticut Water Service, Inc., 93 West Main Street, Clinton, Connecticut 06413, or by telephone at 1-800-428-3985. 

Participants in Solicitation

SJW Group and its directors and executive officers, and Connecticut Water and its directors and executive officers, may be deemed to be participants in the solicitation of proxies from the holders of Connecticut Water’s common stock in respect of the proposed transaction.  Information about the directors and executive officers of SJW Group is set forth in the proxy statement for SJW Group’s 2018 Annual Meeting of Stockholders, which was filed with the SEC on March 6, 2018.  Information about the directors and executive officers of Connecticut Water is set forth in the proxy statement for Connecticut Water’s 2018 Annual Meeting of Shareholders, which was filed with the SEC on April 6, 2018.  Investors may obtain additional information regarding the interest of such participants by reading the definitive proxy statement regarding the proposed transaction, which was filed on October 2, 2018, and other relevant materials filed with the SEC regarding the proposed transaction.




1 As of March 14, 2018, the last trading day before the original agreement with SJW Group was announced.

2 Prior to the announcement of the revised agreement with SJW Group on August 6, 2018.


CONTACT: News media contact: Daniel J. Meaney, APR Director of Corporate Communications Connecticut Water Service, Inc. 93 West Main Street, Clinton, CT 06413-1600 (860) 664-6016
Categories: State

CSE: 2018-1111 – Fundamental Change - Xanthic Biopharma Inc. (GGB)

9 November 2018 - 3:04pm

TORONTO, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Following a fundamental change Xanthic Biopharma Inc. has requalified for listing.

Shares will begin trading under a new symbol “GGB” on November 13, 2018.

Listing and disclosure documents will be available at www.thecse.com on the trading date.

The Company is a consumer products company in the business of cultivation, processing and retailing of cannabis, tetrahydrocannabidol, cannabidiol (“CBD”) and cannabis-infused consumer products.  Over the next 12 months, the Company intends to expand its retail and wholesale cannabis businesses as well as its CBD consumer products business through a combination of strategic partnerships, merger and acquisition activity, and organic license capture.  The Company’s objectives are to establish retail cannabis locations, or otherwise apply for such licenses, in various states within that timeframe, pursuant to state laws.  Such activity will focus on those certain states where cannabis has been legalized for medical and/or recreational use at the state level. 

                                                                                                                                                                                               ________________________

À la suite d'un changement fondamental, Xanthic Biopharma Inc. s'est requalifiée pour figurer sur la liste.

Les actions seront négociées sous le nouveau symbole «GGB» le 13 novembre 2018.

Les documents de cotation et d'information seront disponibles sur www.thecse.com à la date de négociation.

La Société est une société de produits de consommation spécialisée dans la culture, la transformation et la vente au détail de cannabis, de tétrahydrocannabidol, de produits de consommation à base de cannabis et de cannabidiol («CBD»). Au cours des 12 prochains mois, la Société prévoit d’élargir ses activités liées à la vente au détail et en gros de cannabis ainsi qu’à ses activités liées aux produits de consommation DBC grâce à une combinaison de partenariats stratégiques, d’activités de fusion et acquisition et de capture de licences biologiques. Les objectifs de la société sont d’établir des points de vente de cannabis au détail, ou d’appliquer autrement pour de telles licences, dans divers États au cours de cette période, conformément à la législation de cet État. Cette activité sera centrée sur certains États où le cannabis a été légalisé à des fins médicales et / ou récréatives au niveau des États.

Issuer/Émetteur:Xanthic Biopharma Inc.Security Type/Titre:Common Shares/Actions ordinairesSymbol(s)/Symbole(s):GGBNumber of securities issued and outstanding/ Titres émis et en circulation:165 960 705Number of Securities reserved for issuance/ Titres réservés pour émission:36 143 791CSE Sector/Catégorie:Life Sciences/ Sciences de la vieConsolidation1 new for 4 old/1 neuf pour 4 vieuxCUSIP/:98401B203ISIN:CA98401B2030Old/Vieux CUSIP & ISIN:98401B104/CA98401B1040Boardlot/Quotité:100Trading Currency/Monnaie de négociation:CDN$/$CDNTrading Date/Date de negociation:Le 13 novembre/November 2018Other Exchanges/Autres marches:N/AFiscal Year end /Clôture de l'exercice financier:December 31/Le 31 decembreTransfer Agent/Agent des transferts:Capital Transfer Agency ULC

The Exchange is accepting Market Maker applications for GGB. Please email: Trading@theCSE.com

If you have any questions or require further information please contact Listings at (416) 367-7340 or E-mail: Listings@thecse.com

Pour toute question, pour obtenir de l’information supplémentaire veuillez communiquer avec le service des inscriptions au 416 367-7340 ou par courriel à l’adresse:  Listings@thecse.com

 

Categories: State

Next Green Wave’s Unique Business Model Yields Greater Potential -- CFN Media

9 November 2018 - 9:00am

SEATTLE, Nov. 09, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, announces publication of an article covering Next Green Wave Holdings Inc. (CSE: NGW).  California’s cannabis industry is projected to grow from $3.7 billion this year to $5.1 billion in 2019, according to Arcview Market Research and BDS Analytics, making it the world’s largest adult-use recreational market. In fact, the industry may surpass $5 billion per year beer market next year as it cannibalizes sales and reaches new consumers. There are many companies targeting the space, but only a handful could become market leaders.

Next Green Wave Holdings Inc. (CSE: NGW) is one of only a few companies building a vertically-integrated cannabis business—from seed-to-consumer. By taking this approach, the company aims to dramatically lower its costs, increase quality standards, and ultimately generate greater revenue growth and profit than its competitors. The company also holds conditional use permits (CUPs) for nursery, cultivation, extraction, and distribution, which form the foundation of its vertically-integrated business model. Investors may want to take a closer look at the stock given this unique business model.

Vertically Integrated Cannabis

Vertical integration is a business strategy whereby a company controls every stage of a single production path. For example, a vertically-integrated cannabis company may consolidate multiple steps in the cannabis production process, including both manufacturing and distribution. 

The internal cost-savings and greater efficiency of this approach leads to several key benefits, including lower transaction costs, strict quality control, supply reliability, and increased market control. Since vertical integration requires a large capital outlay, the strategy also helps create a barrier to entry for competitors. Vertically-integrated companies often have greater pricing power and better quality control than non-vertically-integrated competitors. 

Different states have different laws regarding vertical integration.  California permits some licensees to hold both producer and processor licenses, but doesn’t permit manufacturers to own retail operations—a model similar to the alcohol industry’s distribution.

Next Green Wave’s Approach

Next Green Wave is building state-of-the-art facilities for cultivation, nursery/breeding, extraction, and distribution to produce and transport premium cannabis products to consumers.

The company’s assets include over 15 acres of cannabis-zoned land and two facilities where it will create hybrid strains and plans on becoming a supplier of clones, seeds, and seedlings to wholesale clients. In its flowering facility, the company will cultivate globally-recognized and award-winning genetics into premium flower. It will then process this flower to produce oils, waxes, tinctures, and other cannabis products, as well as provide extraction for others.

In addition to manufacturing, the company will develop a network of licensed retail stores to distribute its branded and white-label products throughout the state. The company will also contract with other high-quality brands to provide distribution.

The seed-to-consumer business model will empower innovative nursery practices, while enabling strict quality control and stable supply. By entering both premium and white-label markets, the company aims to control every price point on dispensary shelves—ranging from mid-to high-end branded products spanning every major category.

Looking Ahead

Next Green Wave Holdings Inc. (CSE: NGW) is uniquely positioned to capitalize on California’s cannabis industry given its unique seed-to-consumer business model. In addition the company has recently acquired a leading cannabis genetics company—Loud Seeds—which has won the High Times Cannabis Cup six times since 2012, making it one of the best known cannabis brands in the world.

Investors may want to take a closer look at the stock as it moves closer toward completing its facilities and moving into production.

For more information, visit the company’s website or download their investor presentation.

Please follow the link to read the full article article: http://www.cannabisfn.com/next-green-waves-unique-business-model-yields-greater-potential/

About CFN Media

CFN Media (CannabisFN) is the leading agency and financial media network dedicated to the global cannabis industry, helps companies operating in the space attract investors, capital, and publicity. Since 2013, private and public cannabis companies in the US and Canada have relied on CFN Media to grow and succeed.

Learn how to become a CFN Media client company, brand or entrepreneur: http://www.cannabisfn.com/featuredcompany

Download the CFN Media iOS mobile app to access the world of cannabis from the palm of your hand: https://itunes.apple.com/us/app/cannabisfn/id988009247?ls=1&mt=8

Or visit our homepage and enter your mobile number under the Apple App Store logo to receive a download link text on your iPhone: http://www.cannabisfn.com

Disclaimer

CannabisFN.com is not an independent financial investment advisor or broker-dealer. You should always consult with your own independent legal, tax, and/or investment professionals before making any investment decisions. The information provided on http://www.cannabisfn.com (the ‘Site’) is either original financial news or paid advertisements drafted by our in-house team or provided by an affiliate. CannabisFN.com, a financial news media and marketing firm enters into media buys or service agreements with the companies that are the subject of the articles posted on the Site or other editorials for advertising such companies.  We are not an independent news media provider. We make no warranty or representation about the information including its completeness, accuracy, truthfulness or reliability and we disclaim, expressly and implicitly, all warranties of any kind, including whether the Information is complete, accurate, truthful, or reliable. As such, your use of the information is at your own risk. Nor do we undertake any obligation to update the items posted. CannabisFN.com received compensation for producing and presenting high quality and sophisticated content on CannabisFN.com along with financial and corporate news.  

The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer/

Contact

CFN Media
Frank Lane
206-369-7050
flane@cannabisfn.com

Categories: State

PLUS™ Reveals its 2018 Holiday Limited Edition: Cranberry & Shortbread Gummies

9 November 2018 - 7:00am

Gift a Delicious, Consistent Cannabis Experience

ADELANTO, Calif., Nov. 09, 2018 (GLOBE NEWSWIRE) -- Plus Products Inc. (CSE: PLUS) (the “Company” or “PLUS”) today announced Cranberry Shortbread cannabis-infused gummies, its latest special edition, will be in stores for the 2018 Holiday season.  A perfect gift for everyone from the novice to the highly experienced cannabis user, PLUS Cranberry Shortbread gummies are dosable, discrete, and delicious.

“At PLUS, we believe that if you want to build a brand that can extend from California to other states, you need to start by making products that improve people’s lives, said Jake Heimark, CEO. “Our 2018 ‘Holiday Bliss’ focuses on something we believe is important to celebrate, time spent with family, by combining the flavors of shortbread cookies and cranberry jam. We wanted to bring a bit of that spirit to California at the close of 2018, as we hope to bring the spirit of PLUS to the rest of the country next year.”

Available For a Limited Time
PLUS Cranberry Shortbread Gummies are available for a limited time by licensed retailers across the state of California. This is the fourth limited edition that PLUS has launched in 2018.

About PLUS
The Company is a branded products manufacturer based in California. Its products consist of cannabis-infused edibles, which it sells to both the regulated medicinal and adult-use recreational markets. PLUS is one of the leading edible brands in California.

The Company’s mission is to make cannabis safe and approachable - that starts with manufacturing high-quality products delivering consistent experiences. All products are produced in the Company’s dedicated food-safe cannabis manufacturing facility in southern California.

For further information contact:
Investors:
Jessica Bornn
Director of Investor Relations
ir@plusproducts.com  
Tel +1 650.223.5478

Media:
Heidi Groshelle
Ingrid Marketing
Tel +1 415.307.1380
pr@plusproducts.com 

The CSE does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains statements and information that, to the extent that they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking information to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b41767a6-8e18-4525-91bc-ee7cb151c000

Categories: State

Cannabis and CBD stocks set to explode and future is very green

9 November 2018 - 6:30am

Enviro Technologies (OTC: ETII) an undervalued jewel in the Utah desert

NEW YORK, Nov. 09, 2018 (GLOBE NEWSWIRE) --  News Commentary: www.cannagreed.com

According to a recent report issued by New Frontier Data, the U.S. CBD industry grew by nearly 40% in 2017, reaching $367 million in sales across hemp-derived and marijuana-derived markets. This marks the first year that sales of hemp-derived CBD products outpaced marijuana-derived CBD products. Much of the recent growth has come from the demand for hemp-derived CBD for use in health and wellness products.

Missouri and Utah passed initiatives to legalize medical marijuana, joining 31 other states, Washington, D.C., Guam and Puerto Rico, which already permit medicinal use. Recreational marijuana is already legal in Washington, D.C., and nine other states: Washington, Oregon, Nevada, California, Colorado, Alaska, Vermont, Maine and Massachusetts.

Jeff Sessions' departure has signaled the fall of a major political roadblock to more widespread legalization. In response, cannabis stocks saw a surge in momentum.

NASDAQ’s Alternative Harvest Marijuana ETF, a fund that bundles tradable assets for the cannabis industry, was up sharply in the hour after the Sessions announcement.

His departure could be beneficial for publicly traded companies in the Hemp/CBD space such as Enviro Technologies International, Inc. (OTC: ETII), Kona Gold Solutions, Inc. (OTC: KGKG) and CV Sciences (OTC: CVSI).

After being acquired by Enviro Technologies International, Inc. (OTC: ETII) in January, CBD Health Co. (www.cbdhealthco.com), a company that markets and sells high quality and proprietary hemp-based, natural CBD health products, announced the launch of a sister fitness and media company that will market fitness hemp-based products and health films.

Hemp products are now used in sports medicine to control pain, decrease inflammation and reduce stress; hemp-based products have also been found to aid in bone, nerve and tissue regeneration, which are particularly relevant and needed remedies in the amateur and professional sports arenas. As of January 2018, The World Anti-Doping Agency (WADA) has curtailed its probation for athletes using hemp-based products as health remedies and, as of 2018, amateur and professional athletes will not be disqualified from their individual sports for using hemp products.

“Phytolife Fitness will provide athletes with safe and natural pain relief, along with high quality proteins, MCT oils, and energy supplements. Our team of scientists, nutritionists, and trainers have created custom formulations to fit individual needs, such as building muscle to losing weight,” said Jo De Leon, CBD’s President. “Our health films will supplement our extraordinary products’ usage and help build awareness of hemp-based products.

“CBD’s mission is to educate and help its customers understand how to help the human body achieve its full potential by providing high-quality products and information backed by science. Phytolife Media will release weekly videos on CBD health, meal preparation, and normal incorporation of our products into their diets, daily regimen and lifestyle.”

Phytolife Fitness will work closely with and endorse athletes involved in high impact sports, such as the UFC, NFL, and boxing. To keep up with our day-to-day activity, visit CBDHEALTHCO.com and Phytolifefitness.com.

“CBD continues to be a leader in hemp products usage and Phytolife Fitness’ entry into the global sports nutrition and supplements market is another step in our quest to dominate a market that BusinessInsider.com believes will reach over $11B in revenues in the next 5-6 years,” said Randall Waters, ETI’s Vice President of Sales & Marketing.

Kona Gold Solutions, Inc. (OTC: KGKG) , a Delaware Corporation, was pleased to announce a two hundred and twenty-five percent (225%) increase in revenue from the previous month. The Company recorded its strongest month-to-date off of the signing of new distribution partners and extremely strong sales of its popular Kona Gold Hemp Energy Drinks and HighDrate CBD Energy Waters. The Company has also seen an eight-seven percent (87%) increase in sales on Amazon.com over the last 30 days and a two hundred and ninety-two percent (292%) from this time last year.

CV Sciences (OTC: CVSI), the U.S.-based company whose primary product is a chewing gum that combines CBD with nicotine, which is used in the treatment of addiction to smokeless tobacco. CSVI’s therapy product has significant upside for the legal-weed industry. The company’s product demonstrates that cannabis has uses that extend beyond its stereotypical image as a recreational drug, and the market has reacted very positively to the Company’s recent developments. CSVI posted over a 100% revenue gain from the 2016 to 2017 fiscal years, and surpassed its 2017 sales figure through the first 6 months of fiscal 2018.

For Commentary & Market Awareness inquiries, please contact: info@cannagreed.com

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and CG undertakes no obligation to update such statements.

You should not rely on the information presented; you should do independent research to form your own opinion and decision. Information contained in our disseminated emails does not constitute investment, legal or tax advice upon which you should rely. The purchase of high-risk securities may result in the loss of your entire investment. Advertisements received by you are not a solicitation or recommendation to buy securities of the advertised company. CG was not compensated by (OTC: ETII), (OTC: KGKG), (OTC: CVSI) or any other company mentioned in this article.

Full Disclaimer: http://www.cannagreed.com/disclaimer/

Contact Information:

www.CannaGreed.com

info@cannagreed.com

Categories: State

USA Election Results Positive for Redfund Clients

9 November 2018 - 2:00am

Medical Cannabis Milestones Advance

VANCOUVER, British Columbia, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Redfund Capital Corp (CSE: LOAN) (Frankfurt: O3X4) (OTC: PNNRF) (Redfund or the “Company”) reflects on the positive impacts on the Company of the United States election results.

Redfund Capital is focused on funding Medical Cannabis, THC-free CBD and HEMP related companies. The Company considers the recent USA increase in individual states approving the prescription of medical cannabis to patients a major milestone for the industry and in turn, for Redfunds portfolio of clients who lead the global cannabis health initiative. Redfund looks forward to medical practitioners having the ability to prescribe once taboo cannabis medicines in more jurisdictions, thus bringing attention to medically beneficial usages.

The USA midterm elections passed medical cannabis ballot proposals in two states this week, including legalized recreational pot in Michigan.  Voters in the states of Utah and Missouri decided patients should have access to medical marijuana and joined many other American states with the adoption of comprehensive medical marijuana programs, making it 33 states plus the territories of Guam, Puerto Rico, and the Northern Mariana Islands and the District of Columbia with some level of ability to prescribe cannabis for specific conditions.

Novel cannabis delivery systems like the disruptive cannabis infusion technology of Biolog Inc. will gain large traction throughout the USA; Biolog Inc. funded by Redfund and press released by the Company September 26th, 2018. Products like that of RxMM Health Care’s Alzheimer's Defense, a proprietary, CBD-infused all-natural nutraceutical product will increase sales across the country with more exposure in the medical communities; RxMM funded and press released by the Company October 9th, 2018.

An ever-increasing number of patients worldwide are using cannabis for therapeutic reasons. On November 1st the UK proclaimed acceptance of medical cannabis prescribed by neurologists and specialized physicians who joined the global community by pushing medical marijuana forward into the European mainstream. By example, Redfund portfolio client Mary’s Wellness teas, a product which Redfund will assist in creating a brand new presence in the UK as a medicinal option, is a fine example of our continuing drive to expand the portfolio. Mary’s Wellness teas was funded and press released on October 22nd, 2018.

“The Company’s vision is to help our portfolio companies expand their sales beyond country borders. We believe the midterm elections are a positive sign to all of us that the United States will mainstream medical cannabis in the very near future and we look forward to expanding into markets supporting these initiatives,” stated Meris Kott, CEO.

About Redfund Capital Inc.

Redfund intends to provide debt and equity funding in the mid-to-late stages of a target company’s development or in technologies that are developed and validated by revenues. The present focus of the merchant bank is on medical cannabis, hemp and CBD-related and healthcare-related companies.

For further information please visit www.redfundcapital.com For more information on Redfund Capital contact Meris Kott CEO 604.484.8989 0r info@redfundcapital.com

Further information about the Company is available on www.SEDAR.com under the Company’s profile.

 Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute “forward–looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Categories: State

Brink’s Announces Partnership with Canopy Growth

8 November 2018 - 4:05pm

Brink’s to Provide Secure Logistics and Cash Management Services to Canada’s Largest Cannabis Producer

RICHMOND, Va., Nov. 08, 2018 (GLOBE NEWSWIRE) --  The Brink’s Company (NYSE:BCO), the global leader in total cash management, secure route-based logistics and payment solutions, today announced that its Brink’s Canada subsidiary has entered into a multi-year agreement with Canopy Growth Corporation (NYSE:CGC; TSX:WEED) to provide secure logistics and cash management services for Canopy Growth’s domestic and international cannabis operations.  Based in Smiths Falls, Ontario, Canopy Growth is a global leader in cannabis production, retailing and related services.  On October 17, 2018, cannabis became legal in Canada for recreational use. 

In addition to providing secure logistics and cash management services, Brink’s and Canopy Growth will develop a cross-selling program that enables Brink’s to provide services to Canopy Growth’s affiliated growers and retail customers.  Canopy Growth’s international transportation and security needs will be provided by Brink’s Global Services (“BGS”), a Brink’s subsidiary that provides secure logistics for international shipments of high-value commodities.   

Doug Pertz, Brink’s president and CEO, said:  “The rapidly growing cannabis industry requires security solutions for its products as well as its cash, and Brink’s is uniquely positioned to provide these solutions.  Our partnership with Canopy Growth, a leading producer and exporter of cannabis, diversifies our customer base and leverages BGS’ global network of secure logistics operations.  We look forward to building a strong relationship with Canopy Growth as it grows throughout Canada and continues to enter new international markets.”

About The Brink’s Company
The Brink’s Company (NYSE:BCO) is the global leader in total cash management, secure route-based logistics and payment solutions including cash-in-transit, ATM services, cash management services (including vault outsourcing, money processing and intelligent safe services), and international transportation of valuables.  Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations.  Our global network of operations in 41 countries serves customers in more than 100 countries.  For more information, please visit our website at www.Brinks.com or call 804-289-9709.

About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. The Company has operations in 12 countries across five continents. The Company is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public's understanding of cannabis, and through its partly owned subsidiary, Canopy Health Innovations, has devoted millions of dollars toward cutting edge, commercializable research and IP development. Through partly owned subsidiary Canopy Rivers Corporation, the Company is providing resources and investment to new market entrants and building a portfolio of stable investments in the sector. From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icon Snoop Dogg, breeding legends DNA Genetics and Green House seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates ten licensed cannabis production sites with over 4.3 million square feet of production capacity, including over 500,000 square feet of GMP certified production space. For more information visit www.canopygrowth.com

Contact:
Investor Relations
804.289.9709

Categories: State

MasterCraft Boat Holdings, Inc. Reports Fiscal 2019 First Quarter Results

8 November 2018 - 4:05pm

 Record Quarterly Net Sales and Net Income; Strong Retail and Inventory Turns; Company Welcomes Crest, Further Expanding Product Portfolio

VONORE, Tenn., Nov. 08, 2018 (GLOBE NEWSWIRE) -- MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) (the “Company” or “MasterCraft Boat Holdings”), a leading innovator, designer, manufacturer and marketer of premium recreational powerboats through its three wholly-owned subsidiaries, MasterCraft Boat Company, LLC (“MasterCraft”), NauticStar, LLC (“NauticStar”), and Crest Marine LLC (“Crest”), today announced financial results for its fiscal 2019 first quarter ended September 30, 2018.

Highlights:

  • Net sales for the first quarter increased to $93.6 million, up 44.0 percent from $65.0 million in the prior-year period due to continued strong performance at MasterCraft and the inclusion of NauticStar.
  • Gross profit for the first quarter increased to $23.2 million, up 27.7 percent from $18.2 million in the prior-year period.
  • First quarter gross margin decreased 310 basis points to 24.8 percent, from 27.9 percent in the prior-year period, principally due to the inclusion of NauticStar as well as headwinds associated with import tariffs and a timing impact from the new revenue recognition accounting change.
  • Net income totaled $8.5 million for the 2019 first quarter, a gain of $1.4 million, or 20.1 percent, from the prior-year period.
  • First quarter diluted earnings per share increased by $0.07, or 18.4 percent to $0.45, up from $0.38 in the prior-year period.
  • Adjusted EBITDA, a non-GAAP measure, increased 16.0 percent to $15.0 million from $13.0 million in the prior-year period.
  • Fully diluted Adjusted Net Income per share, a non-GAAP measure, grew $0.10, a 22.7 percent increase, to $0.54, up from $0.44 in the prior-year period.

Terry McNew, President and Chief Executive Officer, commented, “During our fiscal first quarter, we continued our track-record of delivering record-setting levels of net sales, gross profit, adjusted net income and adjusted EBITDA, driven by continued retail and wholesale demand in our core MasterCraft brand, and the inclusion of NauticStar, which just recently celebrated its one-year anniversary as part of MasterCraft Boat Holdings. As we exit the prime boat selling season, our retail inventory turns for both MasterCraft and NauticStar are at their strongest levels in years, which sets the stage for continuing healthy dealer inventory levels and activity for the balance of fiscal 2019 and beyond.”

Mr. McNew continued, “The strong retail demand for our products and execution of our team drove growth across our brand portfolio, and we recently expanded our portfolio with the acquisition of Crest, a manufacturer of premium pontoon boats. The acquisition of Crest provides MasterCraft Boat Holdings with additional product diversification, access to the large and growing pontoon segment, and provides further penetration in the large outboard propulsion category. MasterCraft Boat Holdings now has dedicated brands serving three of the fastest growing segments of the overall powerboat industry – performance sport boats, outboard saltwater fishing boats and outboard pontoon boats. As we look to integrate Crest, our focus will be on leveraging our industry-leading strengths in operational excellence and financial management to further improve output, quality, margins and cash flow as we continue its rapid growth.”

First-Quarter Results
The following 2019 first quarter results reflect MasterCraft and NauticStar only. MasterCraft Boat Holdings acquired Crest on October 1, 2018, after the end of the first quarter. Going forward, our consolidated results will include MasterCraft, NauticStar and Crest.

Net sales for the first quarter ended September 30, 2018 rose 44.0 percent, or $28.6 million, to $93.6 million, compared to $65.0 million for the year ago first quarter. The inclusion of NauticStar represented $17.4 million, or 26.8 percent, of the overall increase while Mastercraft grew $11.2 million, or 17.2 percent. The MasterCraft increase was driven by an increase in sales volume, favorable product mix and price increases, partially offset by increased retail rebate expense, including a timing impact from the new revenue recognition accounting change and higher sales discounts given to mitigate an increase in import tariffs impacting our Canadian and European dealers.

First quarter gross profit increased $5.0 million, or 27.7 percent, to $23.2 million, compared to $18.2 million for the prior-year period. MasterCraft contributed $3.0 million to the increase in gross profit and the inclusion of NauticStar accounted for $2.0 million of the increase. On a consolidated basis, gross margin decreased to 24.8 percent for the fiscal first quarter compared to 27.9 percent for the prior-year period. This decrease was primarily due to the dilutive effect from the inclusion of NauticStar. Additionally, the decrease stemmed from higher warranty costs, higher retail sales incentives, in part due to the timing impact from the new revenue recognition accounting change, and dealer support for import tariffs, partially offset by growth in MasterCraft unit sales volume, favorable product mix, and price increases.

Selling and marketing expense increased $1.6 million, or 56.7 percent, to $4.3 million for the first quarter ended September 30, 2018, compared to $2.7 million for the year earlier period. This increase was mainly due to the timing of MasterCraft’s annual dealer meeting and the inclusion of NauticStar.

First quarter general and administrative expense increased by $2.5 million, or 56.2 percent, to $6.8 million, compared to $4.3 million for the prior-year period. The increase was mainly due to the inclusion of NauticStar, an increase in headcount to support growth initiatives, higher acquisition-related costs due to Crest, and new brand start-up costs.

First quarter net income totaled $8.5 million, versus $7.0 million for the year-earlier period driven by the inclusion of NauticStar, higher net sales and reduced tax rates from the enactment of the Tax Cuts and Jobs Act. Adjusted Net Income of $10.2 million, or $0.54 per share, on a fully diluted, weighted average share count of 18.9 million shares, was computed using the company’s estimated annual effective tax rate of approximately 22.5 percent versus 29.0 percent in the prior period. This compares to Adjusted Net Income of $8.3 million, or $0.44 per fully diluted share, in the prior-year period.

Adjusted EBITDA was $15.0 million for the first quarter, compared to $13.0 million in the prior-year period. Adjusted EBITDA margin was 16.0 percent, down from 19.9 percent in the fiscal 2018 first quarter.

See “Non-GAAP Measures” below for a reconciliation of Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Income to the most directly comparable financial measures presented in accordance with GAAP.

Fiscal 2019 Outlook
Given the addition of Crest, coupled with the strong retail demand and healthy inventory levels, the Company is increasing its full fiscal year 2019 guidance. We now expect net sales percentage growth to be in the mid-to-high 30 percent range, Adjusted EBITDA margins in the low-to-mid 17 percent range and adjusted EPS growth in the low-to-mid 30 percent range. The guidance above is adjusted for non-GAAP measures, including acquisition-related expenses, acquisition-related intangible amortization and a 22.5 percent estimated annual effective tax rate (see “Non-GAAP Measures” below for more detail). 

For the second fiscal quarter ending in December, including the impact of Crest, net sales percentage growth is expected to be in mid-40 percent range with Adjusted EBITDA margins in the low-16 percent range. Adjusted EPS percentage growth is expected to be in the low to mid 40 percent range.

Conference Call and Webcast Information
MasterCraft Boat Holdings, Inc. will host a live conference call and webcast to discuss fiscal first quarter results today, November 8, 2018, at 5:00 p.m. ET. To access the call, dial (800) 219-6861 (domestic) or (574) 990-1024 (international) and provide the operator with the conference ID 5399206. Please dial in at least 10 minutes prior to the call. To access the live webcast, go to the investor section of the company’s website, www.mastercraft.com, on the day of the conference call and click on the webcast icon.  

For an audio replay of the conference call, dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and enter audience passcode 5399206. The audio replay will be available beginning at 8 p.m. ET on Thursday, November 8, 2018, through 11:59 p.m. ET on Thursday, November 22, 2018.

About MasterCraft Boat Holdings, Inc.
Headquartered in Vonore, Tenn., MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) is a leading innovator, designer, manufacturer and marketer of premium recreational powerboats through its three wholly-owned subsidiaries, MasterCraft, NauticStar, and Crest. Through these premium brands, MasterCraft Boat Holdings has leading market share positions in three of the fastest growing segments of the powerboat industry – performance sport boats, outboard saltwater fishing boats and outboard pontoon boats. For more information about MasterCraft Boat Holdings, and its three brands, visit: Investors.MasterCraft.com, www.MasterCraft.com, www.NauticStarBoats.com, and www.CrestPontoonBoats.com.

Forward-Looking Statements
This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can often be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “may,” “will,” “should,” “continue” and similar expressions, comparable terminology or the negative thereof, and include statements in this press release concerning an exciting pipeline of launches; our ability to continue our operating momentum, capture additional market share and deliver continued growth; expectations regarding driving margin expansion, sales increases and organic growth; our fiscal 2019 outlook and key growth initiatives; the anticipated impact of the Tax Cuts and Jobs Act; and our anticipated financial performance for fiscal 2019.

Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including general economic conditions, demand for our products, changes in consumer preferences, competition within our industry, our reliance on our network of independent dealers, our ability to manage our manufacturing levels and our large fixed cost base, the successful integration of Crest Marine, LLC into our business, recent changes to U.S. federal income tax law, the overall impact and interpretation of which remain uncertain, and the successful introduction of our new products. These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2018, filed with the Securities and Exchange Commission (the “SEC”) on September 7, 2018, in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2018, filed with the SEC on November 8, 2018 and our other filings with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements. The discussion of these risks is specifically incorporated by reference into this press release.

Any such forward-looking statements represent management's estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. We undertake no obligation (and we expressly disclaim any obligation) to update or supplement any forward-looking statements that may become untrue or cause our views to change, whether because of new information, future events, changes in assumptions or otherwise. Comparison of results for current and prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

Use of Non-GAAP Financial Measures
To supplement the Company’s condensed consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures in this release. Reconciliations of the non-GAAP financial measures used in this release to the most comparable U.S. GAAP measures for the respective periods can be found in tables immediately following the condensed consolidated statements of operations. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for the Company’s financial results prepared in accordance with GAAP.

  Results of Operations for the Three Months Ended September 30, 2018
MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
   Unaudited)
(Dollars in thousands, except share and per share data)     Three Months Ended   September 30, October 1,   2018 2017 Net sales $ 93,641 $ 65,049 Cost of sales   70,438   46,886 Gross profit   23,203   18,163 Operating expenses:       Selling and marketing   4,290   2,737 General and administrative   6,772   4,335 Amortization of intangible assets   530   27 Total operating expenses   11,592   7,099 Operating income   11,611   11,064 Other expense:       Interest expense, net   920   491 Income before income tax expense   10,691   10,573 Income tax expense   2,226   3,527 Net income $ 8,465 $ 7,046         Earnings per common share:       Basic $ 0.45 $ 0.38 Diluted $ 0.45 $ 0.38 Weighted average shares used for computation of:       Basic earnings per share   18,646,039   18,615,100 Diluted earnings per share   18,768,764   18,686,626 


MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share and per share data)  September 30, June 30,  2018  2018   (Unaudited)   ASSETS     CURRENT ASSETS:      Cash and cash equivalents $ 6,093  $ 7,909 Accounts receivable — net of allowances of $117 and $51, respectively   9,310    5,515 Income tax receivable   676    — Inventories — net   21,729    20,467 Prepaid expenses and other current assets   3,587    3,295 Total current assets   41,395    37,186 Property, plant and equipment — net   23,929    22,265 Intangible assets — net   50,516    51,046 Goodwill   65,792    65,792 Deferred debt issuance costs — net   361    383 Other   253    252 Total assets $ 182,246  $ 176,924 LIABILITIES AND STOCKHOLDERS' EQUITY      CURRENT LIABILITIES:      Accounts payable $ 18,609  $ 17,266 Income tax payable   —    705 Accrued expenses and other current liabilities   29,555    27,866 Current portion of long term debt, net of unamortized debt issuance costs   5,521    5,069 Total current liabilities   53,685    50,906 Long term debt, net of unamortized debt issuance costs   68,084    70,087 Deferred income taxes   205    1,427 Unrecognized tax positions   2,097    1,982 Total liabilities   124,071    124,402 COMMITMENTS AND CONTINGENCIES      STOCKHOLDERS' EQUITY:      Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 18,721,420 shares at September 30, 2018 and 18,682,338 shares at June 30, 2018   187    187 Additional paid-in capital   114,331    114,052 Accumulated deficit   (56,343)   (61,717)Total stockholders' equity   58,175    52,522 Total liabilities and stockholders' equity $ 182,246  $ 176,924          


Supplemental Operating Data

The following table sets forth certain supplemental operating data for the periods indicated:

            Three Months Ended     September 30, October 1, %   2018 2017 Variance      (Unaudited)  (Dollars in thousands)Unit volume:         MasterCraft  848  775 9.4 %NauticStar  426  —   MasterCraft sales $76,234 $65,049 17.2 %NauticStar sales $17,407 $—   Consolidated sales $93,641 $65,049 44.0 %Per Unit:         MasterCraft sales $90 $84 7.1 %NauticStar sales $41 $—   Consolidated sales $74 $84 (12.4)%Gross margin  24.8% 27.9%  

Non-GAAP Measures
We define EBITDA as earnings before interest expense, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA further adjusted to eliminate certain non-cash charges and other items that we do not consider to be indicative of our ongoing operations, including acquisition related expenses associated with the acquisitions of NauticStar and Crest, our stock-based compensation, and new brand startup costs. We define Adjusted Net Income as net income adjusted to eliminate certain non-cash charges and other items that we do not consider to be indicative of our ongoing operations, such as acquisition expenses associated with the acquisitions of NauticStar and Crest (including intangible amortization associated with acquisitions, including prior year acquisitions), our stock-based compensation, new brand startup costs and an adjustment for income tax expense at a normalized annual effective tax rate.  We define Adjusted EBITDA margin as Adjusted EBITDA expressed as a percentage of net sales. Adjusted EBITDA, Adjusted Net Income and Adjusted EBITDA margin are not measures of net income or operating income as determined under accounting principles generally accepted in the United States, which we refer to as GAAP. Adjusted EBITDA and Adjusted Net Income are not measures of performance in accordance with GAAP and should not be considered as an alternative to net income or operating cash flows determined in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of cash flow for management’s discretionary use. We believe that the inclusion of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Income is appropriate to provide additional information to investors because securities analysts, noteholders and other investors use these non-GAAP financial measures to assess our operating performance across periods on a consistent basis and to evaluate the relative risk of an investment in our securities. We use Adjusted Net Income to facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting our business than GAAP alone measures.  We believe Adjusted Net Income assists our board of directors, management and investors in comparing our net income on a consistent basis from period to period because it removes non-cash items and items not indicative of our ongoing operations. Adjusted EBITDA and Adjusted Net Income have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements;
  • Adjusted EBITDA does not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
  • Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
  • Adjusted EBITDA does not reflect our tax expense or any cash requirements to pay income taxes;
  • Adjusted EBITDA does not reflect interest expense, or the cash requirements necessary to service interest payments on our indebtedness; and
  • Adjusted Net Income and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters we do not consider to be indicative of our ongoing operations but may nonetheless have a material impact on our results of operations.

In addition, because not all companies use identical calculations, our presentation of Adjusted EBITDA and Adjusted Net Income may not be comparable to similarly titled measures of other companies, including companies in our industry.

Furthermore, certain non-GAAP financial measures presented in this release have been provided for comparison purposes only and these non-GAAP financial measures may change in the future based on our calculations and forecasts regarding the interpretation of certain recent changes to U.S. federal income tax law and anticipated impacts on our financial results.

The following table sets forth a reconciliation of net income as determined in accordance with U.S. GAAP to Adjusted EBITDA for the periods indicated:

          Three Months Ended   September 30, 2018 October 1, 2017       (Unaudited)   (Dollars in thousands) Net income $ 8,465 $ 7,046 Income tax expense   2,226   3,527 Interest expense, net   920   491 Depreciation and amortization   1,435   732 EBITDA   13,046   11,796 Transaction expense(a)   1,318   881 New brand startup costs(b)   280   19 Stock-based compensation   384   264 Adjusted EBITDA $ 15,028  $ 12,960 Adjusted EBITDA margin(c)   16.0%  19.9%

(a) Represents fees, expenses and integration costs associated with our acquisitions of Crest and NauticStar.
(b) Represents startup costs associated with a completely new boat brand in a segment of the market neither MasterCraft nor NauticStar serves.
(c) We define Adjusted EBITDA margin as Adjusted EBITDA expressed as a percentage of net sales.

The following table sets forth a reconciliation of net income as determined in accordance with U.S. GAAP to Adjusted Net Income for the periods indicated:

            Three Months Ended    September 30, 2018 October 1, 2017             (Dollars in thousands, except for share and per share amounts) Net income  $ 8,465 $ 7,046 Income tax expense    2,226   3,527 Transaction expense(a)    1,821   881 New brand startup costs(b)    280   19 Stock-based compensation    384   264 Adjusted Net Income before income taxes    13,176   11,737 Adjusted income tax expense(c)    2,965   3,404 Adjusted Net Income  $ 10,211  $ 8,333          Pro-forma Adjusted net income per common share        Basic  $ 0.55 $ 0.45 Diluted  $ 0.54 $ 0.44 Pro-forma weighted average shares used for the computation of:        Basic Adjusted net income per share(d)   18,650,729  18,619,834 Diluted Adjusted net income per share(d)   18,879,153  18,798,236 

(a) Represents fees, expenses and integration costs associated with our acquisitions of Crest and NauticStar, including $503 of amortization associated with intangibles acquired in connection with the acquisition of NauticStar during the three months ended September 30, 2018.
(b) Represents startup costs associated with a completely new boat brand in a segment of the market neither MasterCraft nor NauticStar serves.
(c) Reflects income tax expense at an estimated annual effective tax rate of 22.5% for the current period and 29% for the prior-year period.
(d) The weighted average shares used for computation of pro-forma diluted earnings per common share gives effect to 70,691 shares of restricted stock awards, 92,379 performance stock units and 65,354 shares for the dilutive effect of stock options.

The following table shows the reconciliation of diluted net income per share to diluted Adjusted Net Income per share for the periods presented:

            Fiscal Year Ended    September 30, 2018 October 1, 2017         (Unaudited) Net income per diluted share  $0.45  $0.38  Impact of adjustments:        Income tax expense   0.12   0.19  Transaction expense(a)   0.10   0.05  New brand startup costs(b)   0.01   —  Stock-based compensation   0.02   0.01  Net income per diluted share before income taxes   0.70   0.63  Impact of adjusted income tax expense on net income per diluted share before income taxes(c)   (0.16)  (0.18) Impact of increased share count(d)   -   (0.01) Adjusted Net Income per diluted pro-forma weighted average share   0.54   0.44  

(a) Represents fees, expenses and integration costs associated with our acquisitions of Crest and NauticStar, including $503 of amortization associated with intangibles acquired in connection with the acquisition of NauticStar during the three months ended September 30, 2018.
(b) Represents startup costs associated with a completely new boat brand in a segment of the market neither MasterCraft nor NauticStar serves.
(c) Reflects income tax expense at an estimated annual effective tax rate of 22.5% for the current period and 29% for the prior-year period.
(d) Reflects impact of increased share counts giving effect to the exchange of all restricted stock awards, the vesting of all performance stock units and for the dilutive effect of stock options included in outstanding shares.

Investor Contacts:
MasterCraft Boat Holdings, Inc.
George Steinbarger
Vice President, Business Development
(423) 884-7141
George.Steinbarger@mastercraft.com 

Padilla
Matt Sullivan
(612) 455-1709 
Matt.Sullivan@padillaco.com

Categories: State

IntelGenx Reports Third Quarter 2018 Financial Results

8 November 2018 - 4:00pm

SAINT LAURENT, Quebec, Nov. 08, 2018 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX-V: IGX) (OTCQX: IGXT) (the “Company” or “IntelGenx”) today reported financial results for the third quarter ended September 30, 2018. All dollar amounts are expressed in U.S. currency and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.

2018 Third Quarter Financial Highlights:

  • Total revenue was $700,000, which reflected decreases in deferred revenues on monetization of $972,000, offset by an increase in R&D revenues of $418,000 vs same period last year.
  • Negative adjusted EBITDA was ($2.3 million), compared to negative adjusted EBITDA of ($340,000) in the same period last year.
  • Cash and short-term investments totalled $2.2 million as at September 30, 2018, which did not include $499,000 in proceeds from the exercise of previously issued common share purchase warrants, nor gross proceeds of $12 million raised by the Company in its October 2018 equity offering, nor gross proceeds of $633,000 from the exercise of over-allotment options.

Recent Developments:

  • Announced that an Abbreviated New Drug Application (“ANDA”) for a generic buccal film product was submitted to the US Food and Drug Administration (“FDA”) by its partner, Insud Pharma (formerly Chemo Group).
  • Commenced patient recruitment in Phase 2a study with Montelukast VersaFilm™ in patients with mild to moderate Alzheimer’s Disease (“AD”).
  • Announced successful results from a bioequivalence study for RIZAPORT®, its proprietary anti-migraine VersaFilm™ product, demonstrating that RIZAPORT® is bioequivalent to the U.S. reference, Maxalt®-MTL, as well as the European reference, Maxalt®-Lingua.
  • Executed a definitive world-wide agreement with Tilray®, a global leader in cannabis research, cultivation, production and distribution, to co-develop and commercialize oral film products infused with recreational and medical cannabis (“cannabis-infused VersaFilm™”).

“This was a landmark quarter, where the Company continued to push the frontiers of oral film drug development,” commented Dr. Horst G. Zerbe, President and CEO of IntelGenx.  “From the initiation of AD patient recruitment for the Phase 2a Montelukast VersaFilm™ study, to the generic buccal film product ANDA submission, to executing our definitive agreement with Tilray®, many important milestones were achieved as we continue to advance toward bringing multiple exciting VersaFilm™ products to market.”   

Financial Results:

Total revenues for the three-month period ended September 30, 2018 amounted to $700,000, compared to $1.3 million for the three-month period ended September 30, 2017.  The decrease for the three-month period ended September 30, 2018 compared to last year’s corresponding period is mainly attributable to a decrease in deferred revenues on monetization of $972,000 offset by an increase in R&D revenues of $418,000.

Operating costs and expenses were $3.3 million for the third quarter ended September 30, 2018, versus $1.8 million for the corresponding quarter in 2017.  The increase for the three-month period ended September 30, 2018 is mainly attributable to a $874,000 increase in Research and Development expenses mainly attributable to an increase in clinical study costs and a $750,000 increase in Selling, General and Administrative expenses mainly attributable to an increase in manufacturing costs.

For the third quarter ended September 30, 2018, the Company had an operating loss of $2.6 million, compared to an operating loss of $569,000 for the comparable period of 2017.

Net comprehensive loss was $2.9 million, or $0.04 on a basic and diluted per share basis, for the three-month period ended September 30, 2018, compared to a net comprehensive loss of $586,000, or $0.01 on a basic and diluted per share basis, for the comparable period of 2017.

As at September 30, 2018, the Company’s cash and short-term investments totalled $2.2 million, which did not include $499,000 in recently reported proceeds from the exercise of previously issued common share purchase warrants, nor gross proceeds of $12 million raised by the Company in its October 2018 equity offering, nor gross proceeds of $633,000 from the exercise of over-allotment options.

Conference Call Details:

IntelGenx will host a conference call to discuss its third quarter 2018 financial results today, November 8, 2018, at 4:30 p.m. ET.  The dial-in number for the conference call is (833) 231-8269 (Canada and United States) or (647) 689-4114 (International), conference ID 8659745. The call will also be webcast live and archived for twelve months at www.intelgenx.com.

About IntelGenx:

Established in 2003, IntelGenx is a leading oral drug delivery company primarily focused on the development and manufacturing of innovative pharmaceutical oral films based on its proprietary VersaFilm™ technology platform.

IntelGenx's highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx's state-of-the-art manufacturing facility, established for the VersaFilm™ technology platform, supports lab-scale to pilot and commercial-scale production, offering full service capabilities to its clients. More information about the company can be found at www.intelgenx.com.

Forward Looking Statements:

This document may contain forward-looking information about IntelGenx's operating results and business prospects that involve substantial risks and uncertainties. Statements that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, but are not limited to, statements about IntelGenx's plans, objectives, expectations, strategies, intentions or other characterizations of future events or circumstances and are generally identified by the words "may," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "could," "would," and similar expressions. All forward looking statements are expressly qualified in their entirety by this cautionary statement. Because these forward-looking statements are subject to a number of risks and uncertainties, IntelGenx's actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the heading "Risk Factors" in IntelGenx's annual report on Form 10-K, filed with the United States Securities and Exchange Commission and available at www.sec.gov, and also filed with Canadian securities regulatory authorities at www.sedar.com. IntelGenx assumes no obligation to update any such forward-looking statements.

Each of the TSX Venture Exchange and OTCQX has neither approved nor disapproved the contents of this press release.  Neither 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.

Source:  IntelGenx Technologies Corp. 

CONTACT: For more information, please contact: Stephen Kilmer Investor Relations (514) 331-7440 ext 232 stephen@intelgenx.com Or Andre Godin, CPA, CA Executive Vice-President and CFO IntelGenx Corp. (514) 331-7440 ext 203 andre@intelgenx.com
Categories: State

Player’s Network and MJ Venture Partners Launch New CBD Brand, Green Leaf PURE, and Ecommerce Store, GreenLeafPure.com

8 November 2018 - 3:24pm

PNTV to capitalize on the  growth of the CBD market whose sales are expected to exceed $22 Billion by 2022 according to Forbes Magazine.

LAS VEGAS, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Player’s Network, Inc. (OTCQB: PNTV), a rapidly growing company in the recreational and medical marijuana industry with licensed grow operations in 2 states and MJ Venture Partners, Inc. (OTC: MJVP), a start-up company established to identify and develop ventures in the marijuana and cannabidiol CBD industries are pleased to announce a strategic partnership to develop and market non-psychoactive Cannabidiol (CBD) based products and their consumer facing ecommerce website GreenLeafPURE.com.

PNTV has been working with MJVP for several months to enable PNTV to effectively enter the CBD market. MJVP is providing traditional and digital marketing services, social media marketing, website development and ecommerce services, product distribution, and industry expertise. MJVP initially launched PNTV’s CBD brand and product line, Green Leaf PURE, as well as developed their ecommerce website, GreenLeafPURE.com. MJVP has also established an online affiliate program to drive sales from internet-based influencers and affiliates.

MJVP strategically positioned the Green Leaf PURE brand to include the highest quality CBD, strongest dosage as well as superior ingredients in their formulations. All CBD brands and/or products created by MJVP will be tested to ensure the safety and highest quality CBD. The initial line of products are now available for purchase on their website, GreenLeafPURE.com.

Currently, the market for CBD is on track to generate more than $600 Million in 2018. Forbes reported that CBD sales will reach over $1 Billion by 2020 and is expected to exceed $22 Billion by 2022.

PNTV is well positioned with its existing licensed cannabis holdings to expand into the less regulated, less restrictive and rapidly growing CBD industry. The Company is further diversifying its holdings and expanding the business to international consumers. PNTV can now sell CBD products and expand its customer base throughout the United States. Many consumers want the health benefits of using CBD regularly without the psychoactive effects of THC and/or the fear of failing a cannabis drug test.

Brett H. Pojunis, CEO of MJVP, said, “We feel CBD has the same type of explosive potential that we have experienced with cannabis and expected sales to exceed $22 Billion by 2022!” Pojunis continued, “Our goal with Green Leaf PURE was to launch with a limited number of high-quality CBD products that consumers are familiar with and commonly used and then add new products, brands and lines as new vertical markets develop.”

Mark Bradley, CEO of PNTV, states, “While PNTV’s subsidiary, Green Leaf Farms, remains focused on expanding its licensed legal Cannabis business, entering the CBD marketplace is a natural extension and very timely to capitalize on the expected growth of the industry while allowing us to further diversify our operations.”

Discounts for Shareholders and subscribers to the PNTV Investor Portal

For a limited time (30 days) interested parties can sign up for generous discounts and exclusive offers for Green Leaf PURE products on PNTV’s Investor Portal (http://playersnetwork.com/ir). Members and Shareholders will benefit from ongoing specials and will be the first to know about Green Leaf Farm’s new CBD products as well as promotional codes.

About Player’s Network, Inc. (PNTV)

Player’s Network is a rapidly growing company in the marijuana industry with licensed grow operations in Las Vegas and California that trades on the OTC Market – stock symbol PNTV. Over the last 12 months, the Company has gone from a development stage company to a fully operational cannabis business.  Their business strategy is growth by acquisitions, joint ventures, and new market opportunities. They recently entered into $5,000,000 acquisition of a California grow operation.

Cannabis is legal for medical use in 30 States plus DC. It is legal for adult recreational use in 9 States plus DC. The entire country of Canada has legalized marijuana adult use starting on October 17, 2018. The Company believes this trend of legalizing marijuana will continue and create tremendous growth opportunities for their shareholders.

Twitter: https://twitter.com/playersnetwork
FaceBook: https://facebook.com/PlayersNetwork
For more information please visit www.PlayersNetwork.com

Activate your FREE account & sign up for news/updates: https://playersnetwork.com/ir.

About MJ Venture Partners, Inc. (MJVP)

MJ Venture Partners, Inc., stock symbol: MJVP, is a start-up company established to identify and develop ventures in the marijuana and cannabidiol CBD industries. Although currently operating in stealth mode, the primary business model is a “growth by acquisition” strategy focused on acquiring revenue producing businesses. In addition, MJVP intends on developing its own brands to include venture investments and fully operational marijuana and CBD businesses.

With a focus on technology, MJVP is building an ecosystem for the marijuana industry designed to accelerate projects and partnerships.

For more information please visit www.MJVP.com.

Information about Forward-Looking Statements

This press release contains “forward-looking statements” that include information relating to future events. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in, or suggested by, the forward-looking statements. Important factors that could cause these differences include, but are not limited to: inability to gain or maintain licenses,   reliance on unaudited statements, the Company’s need for additional funding, governmental regulation of the cannabis industry, the impact of competitive products and pricing, the demand for the Company’s products, and other risks that are detailed from time-to-time in the Company’s filings with the United States Securities and Exchange Commission. For a more detailed description of the risk factors and uncertainties affecting Players Network, please refer to the Company’s recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Player’s Network Investor Contact:

David Klepinger, Investor Relations Manager
Email: dklepinger@playersnetwork.com  
Office: 702.840.3283

MJVP Investor Contacts:

Brett H. Pojunis
Email: ir@mjvp.com
General Number: 702.660.2365

Categories: State

ICC Labs Obtains Final Order For Arrangement With Aurora Cannabis

8 November 2018 - 2:12pm

VANCOUVER, British Columbia, Nov. 08, 2018 (GLOBE NEWSWIRE) -- ICC Labs Inc. (the Company or ICC) (TSX-V: ICC) is pleased to announce that the Supreme Court of British Columbia has issued a final order (the Final Order) approving the plan of arrangement (the Arrangement) between ICC and Aurora Cannabis Inc. (Aurora) (TSX: ACB, NYSE: ACB). Subject to the terms and conditions of an arrangement agreement between ICC and Aurora dated September 8, 2018 (the Arrangement Agreement), Aurora will acquire all of the issued and outstanding common shares of ICC (ICC Shares). Obtaining the Final Order is one of the conditions to completing the Arrangement.

Receipt of the Final Order follows the special meeting of shareholders of ICC (ICC Shareholders) on November 6, 2018 wherein approximately 98.74% of votes cast by all of the ICC Shareholders eligible to vote at the Meeting voted in favour of a special resolution to approve the Arrangement.

If the Arrangement becomes effective, each ICC Shareholder will receive $1.95 per ICC Share, payable in common shares of Aurora (the Aurora Shares) valued at the volume-weighted average trading price of Aurora Shares on the Toronto Stock Exchange (the TSX) during the twenty trading day period ending on the second to last trading day on the TSX immediately prior to the date the Arrangement is completed pursuant to the terms of the Arrangement Agreement and as further described in ICC’s management information circular (the Circular) in respect of the Arrangement, a copy of which is available under ICC’s profile on SEDAR at www.sedar.com.

Completion of the Arrangement remains subject to other customary closing conditions, including the receipt of certain Uruguayan regulatory approvals. All requested documents have been submitted to the relevant Uruguayan authorities to apply for such approvals and a response is currently being awaited. Assuming that the conditions to closing are satisfied or waived, it is expected that the Arrangement will be completed in the fourth quarter of 2018.

About ICC

ICC is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay as well as a fully licensed producer of medicinal cannabis in Colombia. The Company has active operations in Uruguay, and is focused on becoming the worldwide leading producer of cannabinoid extracts, giving support and promoting responsible use for medicinal purposes, backed by scientific research and innovation, while following strict compliance with standards for quality and safety.

For further information, please contact:
Alejandro Antalich, Chief Executive Officer of ICC
Telephone: 598-2900-0000 ext. 404
Email: ir@icclabs.com

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Caution Concerning Forward-Looking Statements

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. Forward-looking statements in this news release include, but are not limited to statements with respect to the anticipated timing of the closing of the Arrangement; the anticipated consideration to be received by ICC Shareholders; the satisfaction of closing conditions; the Uruguayan regulatory approvals being obtained; and certain other customary closing conditions.

Implicit in the forward-looking statements referred to above are assumptions regarding, among other things: the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory and third party approvals; the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the Arrangement; and other expectations and assumptions concerning the Arrangement. The anticipated timing provided herein in connection with the Arrangement may change for a number of reasons, including the inability to secure necessary regulatory or other third party approvals in the time assumed or the need for additional time to satisfy the other conditions necessary to complete the Arrangement. ICC Shareholders are urged to carefully read the Circular (as updated by the news release of ICC dated October 15, 2018) in its entirety.

Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statement, whether express or implied, including, without limitation, a change in the volume-weighted average trading price of the Aurora Shares from the date hereof to the Effective Date (defined in the Arrangement Agreement); the potential risk that the Arrangement Agreement could be terminated in certain circumstances; failure to, in a timely manner, or at all, obtain the required regulatory or other third party approvals for the Arrangement or any ancillary transaction; failure of the parties to otherwise satisfy the conditions to complete the Arrangement; significant transaction costs or unknown liabilities; the risk of litigation or adverse actions or awards that would prevent or hinder the completion of the Arrangement; compliance with all applicable laws and other customary risks associated with transactions of this nature; and general economic conditions. If the Arrangement is not completed, and the Company continues as an independent entity, there are serious risks that the announcement of the Arrangement and the dedication of substantial resources of the Company to the completion of the Arrangement could have an adverse impact on the Company’s business and strategic relationships, operating results and business generally. If the Arrangement is completed, ICC Shareholders will forego any potential future increase in the Company’s value as an independent public company. The Company may, in certain circumstances, also be required to pay a termination fee to Aurora, the result of which could have a material adverse effect on the Company’s financial position, operating results and ability to fund growth prospects. Readers are cautioned that the foregoing list is not exhaustive. Forward-looking statements should be considered carefully and undue reliance should not be placed on them.

Management provides forward-looking statements because it believes they provide useful information to readers when considering their investment objectives and cautions readers that the information may not be appropriate for other purposes. Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. In particular, there can be no assurance that the Arrangement will be completed. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as expressly required by applicable law.

Categories: State

World Aquatic Health™ Conference Broadens its Reach

8 November 2018 - 11:30am

Environmental Health Key in Charleston, and WAHCity Events Take Conference on the Road

Colorado Springs, Colorado, Nov. 08, 2018 (GLOBE NEWSWIRE) -- The 15th Annual World Aquatic Health™ Conference (WAHC) saw its largest attendance ever this year, attracting nearly 600 aquatic professionals from all over the world to Charleston, South Carolina, and to six WAHCity locations in the U.S. and Canada. Organized by the National Swimming Pool Foundation® (NSPF), this diverse gathering provides an opportunity for environmental health officials, facility managers, pool designers, academics, service professionals, and other industry leaders to collaborate across disciplines, promoting the health benefits of aquatic activity and working to safeguard public health.

For the first time ever, those unable to attend the main conference in Charleston were able to enjoy WAHCity events. Around 200 attendees posted up at one of six WAHCity locations for a lecture track broadcast directly from the main event in Charleston. With the help of NSPF’s partners and sponsors—like the WAHCity: Niagara Falls host Ontario Recreation Facilities Association (ORFA)—these broadcasts allowed the conference to greatly expand its reach and extend a vital conversation. WAHCity events were located at Great Wolf Lodge resorts, all of which provided attendees behind-the-scenes tours of their aquatic facilities.

Attendees in Charleston also enjoyed an Insider’s Tour. A mainstay of the conference, the Insider’s Tour gives aquatics professionals a chance to learn about select aquatic facilities and initiatives in the host city. The highlight of this year’s tour was a presentation from the Charleston County Park & Recreation Commission on their portable pool initiative, which brings both swimming instruction and the pool itself to communities in need.

Offering eight tracks related to public and environmental health, air and water quality, recreational water illnesses, new technology, and facility management, this year’s WAHC presented a wealth of research, as well as an immediate opportunity for participants to engage in discussions with leading professionals. Session topics included interlock safety, national water safety plans, legal issues in aquatics, preventing sexual harassment and predators and facility management and design, and learn to swim initiatives.

Dr. James Amburgey, a water filtration researcher at the University of North Carolina at Charlotte, was a breakaway hit throughout the conference, bringing humor, candor, and urgency to the broader discussion of water filtration and water quality. Dynamic GENESIS faculty Feras Irikat also proved popular presenting WAHC’s new Design & Engineering track. A color psychologist, Irikat’s sessions on color theory and the art of innovation highlighted the diverse industry concerns that have come to typify the audience that gathers for the WAHC. Kerstin Hewitt, an Environmental Health Specialist in California, clarified just how energizing that diverse audience can be: “I always come back with such renewed enthusiasm for the work we and others do in conjunction with recreational water facilities.”

Attendees from the Environmental Health (EH) sector have a growing presence at the WAHC, making up around 17% of all registrants. This year’s EH Symposium, the WAHC’s annual meeting of EH officials from all over the U.S., was a great success. According to NSPF’s Government Affairs Specialist, Susan Wichmann, “By far the most valuable aspects of the Symposium were the networking and learning how different jurisdictions handle similar issues. Given the rise in EH official attendance in the last few years, the value of the Symposium is clear—some have even asked to extend the length of the meeting!”

Emily Tipping, whose annual State of the Industry report for Recreation Management was a frequently cited source this year, had this to say about her experience in Charleston: “The best events give you an opportunity to expand your knowledge as well as your network of peers. In both respects, the WAHC exceeded my expectations. The biggest difficulty I had was choosing which sessions to attend, because there were just so many great topics. And the depth and breadth of information covered in the sessions I did attend was outstanding. Whether you’re new to aquatics or know the ropes well, I have no doubt you’ll learn something new and enjoy meeting new peers in the industry at WAHC.”

The 16th Annual WAHC will be held in Williamsburg, Virginia, October 16–18, 2019. Early registration begins in April 2019. Interested presenters and attendees can learn more at thewahc.org.

About the World Aquatic Health™ Conference
This leading global aquatic research forum is tailored to inform all individuals and groups associated with aquatics: aquatic facilities and water parks, the pool and spa industry, service providers, consultants, parks & recreation representatives, manufacturers, academia, associations, builders, community organizations, distributors, hotels, government, health and medical, retail, and media. Watch the video.

About National Swimming Pool Foundation®
We believe everything we do helps people live happier and healthier lives. Whether it’s encouraging more aquatic activity, making pools safer, or keeping pools open, we believe we can make a difference. Founded in 1965 as a 501(c)(3) non-profit and located in Colorado Springs, Colorado, NSPF proceeds go to fund education, research, and to help create swimmers. The NSPF family includes Genesis and the California Pool & Spa Association. Visit nspf.org or call 719-540-9119 to learn more about the NSPF family of products, programs, and services.

 

###

Attachments

CONTACT: CJ Martin National Swimming Pool Foundation 719-540-9119 chris.martin@nspf.org
Categories: State

USMJ and PJET Detail Stock Dividend Plan In Presentation On Cannabis Themed Restaurant and Amazon of Cannabis Business Plans

8 November 2018 - 11:28am

DALLAS, Nov. 08, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Puration, Inc. (USOTC: USMJ) (“USMJ”) today released an online presentation to detail the recently announced spinoff of its AmeriCanna Cafe business in a transaction with Priority Aviation (USOTC: PJET) (“PJET”).  The presentation includes details on AmeriCanna Cafe’s partnership with West Coast Venture Group (OTCQB: WCVC) (“WCVC”) the owner and operator of the $3 million Colorado based Illegal Burger chain.  More information is already available online regarding the related sale of PJET’s Telluride Health Company to Puration, Inc. (USOTC: PURA) (“PURA”) at https://www.purationinc.com/thc.  The online presentation released today is available on the company’s website at https://www.growusmj.com/usmjpjetwcvc-presentation and the narrative from the presentation can be found in its entirety below.

AmeriCanna Cafe Spinoff and Dividend Affected in Transaction With PJET

The spinoff announced today has been affected through the execution of a securities exchange agreement between USMJ and PJET.  USMJ has sold its AmeriCanna Cafe business in exchange for a convertible purchase note issued by PJET.  Neither USMJ nor PJET are executing a reverse split in conjunction with this transaction.  USMJ and PJET do plan to promptly convert the $1.5 million note into a number of common PJET shares sufficient to issue one PJET common share for every fifty shares of USMJ common shares issued and outstanding.  All of the PJET common shares issued in conversion of the purchase note are slated for distributed to USMJ shareholders in a dividend distribution. A dividend declaration announcement is anticipated within the next 30 days.

AmeriCanna Cafe WCVC Partnership and Business Plan

The spinoff is part of a comprehensive strategy to support the AmeriCanna Cafe in expanding and commercializing its cannabis themed restaurant concept.  AmeriCanna Cafe recently announced an agreement with WCVC, the owner and operator of the $3 million Colorado based Illegal Burger chain, to partner in rolling out an AmeriCanna Cafe pilot featuring an AmeriCanna Cafe food truck in pop-up venues near a series of recreational marijuana dispensaries in Colorado.  Next week, PJET and WCVC have planned to initiate a major promotion program to begin advertising in advance of the AmeriCanna Cafe pop-up rollout.

USMJ Ecommerce Business Plan

The USMJ spinoff of the AmeriCanna Cafe also supports USMJ’s strategy to concentrate its resources on the launch of a cannabis sector ecommerce site leveraging the company’s “USMJ” brand. An “Amazon of Cannabis” site is under development and coming soon.  A pre-launch site demonstrating the ecommerce engine capabilities selling EVERx CBD Sports Water produced by USMJ affiliate PURA) is expected later this month.  The pre-launch site is intended to include the capability to accept cryptocurrency payments for EVERx.  USMJ has already singed distribution rights to sell a host of CBD infused products online in addition to selling a variety of cannabis sector related accoutrements.  The site is planned to be launched in time for holiday shopping for the cannabis connoisseur in your life.  

Learn more about USMJ at www.growusmj.com

Learn more about PURA at www.purationinc.com

Learn more about PJET’s THC operation at www.telluridehealthcompany.com

Learn more about West Coast Venture Group and Illegal Burger at
https://www.westcoastventuresgroupcorp.com/
https://www.illegalburger.com/

Disclaimer/Safe Harbor: 

This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease. 

Steven Rash
CEO North American Cannabis Holdings, Inc.
info@aciconglomerated.com
+1-800-861-1350

Categories: State

$2.5 Billion Tumbler with Lid Market: Trends, Forecast and Competitive Analysis 2012-2017 & 2018-2023

8 November 2018 - 10:57am

Dublin, Nov. 08, 2018 (GLOBE NEWSWIRE) -- The "Tumbler with Lid Market Report: Trends, Forecast and Competitive Analysis" report has been added to ResearchAndMarkets.com's offering.

The global tumbler with lid market is expected to reach an estimated $2.5 billion by 2023 with a CAGR of 6.8% from 2018 to 2023.

The future of the global tumbler with lid market looks attractive with opportunities in outdoor activities such as camping, hiking, fitness, and travel. The major growth drivers for this market are increase in outdoor recreational activities, demand for attractive drinkware products, and increasing use of promotional tumblers as a corporate or personal gift with customized prints, logos, and messages.

Emerging trends, which have a direct impact on the dynamics of the tumbler with lid market, include introduction of vacuum sealing and coating technology and increasing demand for temperature retention tumblers.

Some of the tumblers with lid companies profiled in this report include Newell Brands, Tupperware Brands, Yeti Holding, Xiamen Xaoyuren Home Appliance and Technology Co., Thermos, Tervis Tumbler, Hydro Flask, and Tritan USA and others.

On the basis of comprehensive research, the researcher forecasts that the stainless steel tumbler is expected to remain the largest segment and also witness the highest growth over the forecast period due to exceptional temperature retention properties, durability, and superior toughness.

Within the global tumbler with lid market, the sports and outdoor activities segment will remain the largest and also witness the highest growth during the forecast period due to increasing spending in outdoor recreational activities and growing demand for ultra-lightweight, fashionable, one-handed beverage containers.

North America is expected to remain the largest market and also witness the highest growth over the forecast period due to increasing camping, hiking, and other outdoor recreational activities.

Some of the features of Tumbler with Lid Market Report: Trends, Forecast and Competitive Analysis include:

  • Market size estimates: Global tumbler with lid market size estimation in terms of value ($M) and volume (Million Units) shipment.
  • Trend and forecast analysis: Market trend (2012-2017) and forecast (2018-2023) by application, and end use industry.
  • Segmentation analysis: Global tumbler with lid market size by various applications such as material, product, application, and storage capacity in terms of value and volume shipment.
  • Regional analysis: Global tumbler with lid market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
  • Growth opportunities: Analysis on growth opportunities in different applications and regions of tumbler with lid in the global tumbler with lid market.
  • Strategic analysis: This includes M&A, new product development, and competitive landscape of tumbler with lid in the global tumbler with lid market.
  • Analysis of competitive intensity of the industry based on Porter's Five Forces model.

Key Topics Covered:

1. Executive Summary

2. Market Background and Classifications
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges

3. Market Trends and Forecast Analysis from 2012 to 2023
3.1: Macroeconomic Trends and Forecast
3.2: Global Tumbler Market Trends and Forecast
3.3: Global Tumbler Market by Material
3.3.1: Stainless Steel
3.3.2: Plastic
3.3.3: Glass and Others
3.4: Global Tumbler Market by Product
3.4.1: Insulated Tumblers
3.4.2: Regular Tumblers
3.5: Global Tumbler Market by Application
3.5.1: Sports and Outdoor Activities
3.5.2: Everyday
3.5.3: Others
3.6: Global Tumbler Market by Capacity
3.6.1: Up to 12 Ounces
3.6.2: 12 to 20 Ounces
3.6.3: 20 to 30 Ounces
3.6.4: Above 30 Ounces

4. Market Trends and Forecast Analysis by Region
4.1: Global Tumbler Market by Region
4.2: North American Tumbler Market
4.3: European Tumbler
4.4: APAC Tumbler
4.5: ROW Tumbler Market

5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Market Share Analysis
5.3: Operational Integration
5.4: Geographical Reach
5.5: Porter's Five Forces Analysis

6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Tumbler Market by Material
6.1.2: Growth Opportunities for the Global Tumbler Market by Product
6.1.3: Growth Opportunities for the Global Tumbler Market by Application
6.1.4: Growth Opportunities for the Global Tumbler Market by Capacity
6.2: Emerging Trends in the US Tumbler Market
6.3: Strategic Analysis
6.3.1: New Products Development
6.3.2: Mergers, Acquisitions, and Joint Ventures in the Global Tumbler Market
6.3.3: Capacity Expansion of the Global Tumbler Market

7. Company Profiles of Leading Players
7.1: Yeti Holdings Inc.
7.2: Tervis Tumblers
7.3: Tupperware Brands Corporation
7.4: Thermos LLC.
7.5: CamelBak Products LLC
7.6: Newell Brands Inc.
7.7: Xiamen Xiaoyuren Home Appliance and Technology Co. Ltd
7.8: RTIC
7.9: Tritan USA
7.10: Helen of Troy Limited
7.11: S'well
7.12: ORCA Cooler, LLC
7.13: Go PAK UK Ltd.
7.14: EE-LIAN ENTERPRISE (M) SDN. BHD.
7.15: Lock & Lock Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/research/jmnlps/2_5_billion?w=12

Did you know that we also offer Custom Research? Visit our Custom Research page to learn more and schedule a meeting with our Custom Research Manager.

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 Related Topics: Household
Categories: State

The Future of Beverages in the Cannabis Sector: Sproutly (CSE: SPR) (OTCQB: SRUTF), Hexo Corp., The Green Organic Dutchman Ltd.

8 November 2018 - 10:00am

POINT ROBERTS, Wash., Nov. 08, 2018 (GLOBE NEWSWIRE) -- Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks releases a sector snapshot with a focus on the growing interest in cannabis infused beverages and water soluble cannabis solutions.

Cannabis may have been federally legalized for recreational use in Canada this fall but many cannabis companies are looking a year into the future at the next big step in the market; October 17th of 2019 when edibles, oils and infused beverage products can join the Canadian recreational market.

How big is the opportunity?  A recent Business Insider news article reported, “The marijuana-infused beverages could become a $600 million market in the US in the next four years. Canaccord estimates CBD beverages will become a $260 million market by 2022, and THC-infused beverages a $340 million market.”

Sproutly Canada, Inc. (CSE: SPR), (OTC: SRUTF) is looking to capitalize on this opportunity, announcing today that it has completed the development and formulation of an initial portfolio of functional beverages with its proprietary naturally water soluble cannabinoids (“Infuz2O”).

From the news: “The beverages combine recently licensed rights for the proprietary water soluble mineral platform (“MiST Platform”) with Infuz20. The initial portfolio consists of three separate cannabis / hemp infused beverages that provide the following functions: a) Focused Energy; b) Stress relief and Relaxation; and, c) Restful sleep support.”

“The Company is currently in the midst of medicinal and adult-use brand development, including its functional beverage line. The initial beverages will be ready for consumers if and when Health Canada allows consumer beverage products to be legal for sale.”

From the news: “The focus of the Company has been to develop beverages that will distinguish our functional beverages from cannabis/ hemp beverages developed by our competitors. Our competitive advantage is to leverage the suite of proprietary water soluble technologies we have acquired, and create a line of consumer products that taste great and have a functional purpose”, said Keith Dolo, Chief Executive Officer. “Our beverages not only cater to the emerging cannabis market but also to the large, functional beverage market that exists today”, he added.

Sproutly went on to say, “The functional beverage category is increasingly becoming the popular choice among consumers who are seeking low-calorie, nutrient-dense options as a healthy alternative to traditional beverages. The global functional beverage market is expected to grow at a CAGR of 6.1% to US$93.68 billion by 2019, according to a new study by Grand View Research, Inc. Cannabis in its own right has a long history of being used as a way for users to address wellness and lifestyle needs. Sproutly’s functional beverage formulations address major and growing consumer health and wellness needs for the modern lifestyle.”

Looking at competitors, big players are following the money in this sector.  On October 1st another cannabis beverage announcement came from Molson Coors Canada, the Canadian business unit of Molson Coors Brewing Company, and HEXO Corp. (TSX: HEXO, OTC:HYYDF)  regarding the closing of the transaction announced on August 1, 2018, to form a joint venture to pursue opportunities to develop non-alcoholic, cannabis-infused beverages for the Canadian market following legalization.  The joint venture, Truss, will be led by former Molson Coors executive, Brett Vye, in the role of Chief Executive Officer.

Vye said, "When consumable cannabis is legalized in Canada, Truss will be ready to make its mark as a responsible leader in providing high-quality beverages for the Canadian consumer.”

A Business Insider article last week reported that CEO of Molson Coors, Mark Hunter said “The cannabis market could total $7 billion to $10 billion in Canada alone, of which nonalcoholic cannabis-infused beverages could account for as much as $3 billion, or 30% of the total market.”
                                               
Sproutly Canada, Inc. has been setting up to enter the beverage space previous to today’s news with the company announcing in August that it had completed the acquisition of all of the issued and outstanding shares of Infusion Biosciences Canada Inc. and SSM Partners Inc.

From the news: “We are extremely excited to finalize this Acquisition, enabling Sproutly to commercialize the APP Technology in major regulated markets around the world with innovative cannabis products that target the $50+ billion bottled water and functional beverage market with naturally water soluble molecules from cannabis and hemp”, commented Keith Dolo, Chief Executive Officer of Sproutly.”

What separates Sproutly and Infusion Biosciences from other cannabis beverage technologies? In a phrase; water oluble, as referenced in today’s news by Keith Dolo, CEO.  

This may put Sproutly in a league of their own with regards to their technology but other cannabis companies have been eyeing the beverage sector of the market.  But as Dole noted, he is confident he can separate his company from the pack.

Not to be left out, The Green Organic Dutchman Holdings Ltd.  (TSX: TGOD), (OTC: TGODF) also entered the space announcing, back in June of this year, the launch of a global division focused on the beverage industry.

From the news: “The Green Organic Dutchman Beverage Division will utilize its experience to provide a strategic pathway into the cannabis market for large-scale beverage companies by way of direct investment, joint venture or other suitable opportunities.”

Continued: “The focus will be to create industry-leading branded products, and to supply organic base ingredients for use in global beverage brands. Similarities between the cannabis sector, beverage, beverage alcohol and consumer packaged goods industries are apparent. “

As the cannabis market continues its growth curve and legalization allows for more cannabis alternatives, cannabis infused beverages will dramatically change and increase the size of the beverage market of the future.

Technology is key to who gets market share, making it an interesting race for investors to watch. 

Investor Ideas stock directory of publicly traded CSE, TSX, TSXV, OTC, NASDAQ, NYSE, ASX Marijuana/Hemp Stocks

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