Geyser Reports First-Quarter Financial Results, Updates on Solace Acquisition
August 29, 2019
August 29, 2019 – Vancouver, B.C. – Geyser Brands Inc (TSXV:GYSR) (“Geyser Brands”or the “Company”) today released its Q1 financial statements for the three months ended June 30, 2019. Interim financials and accompanying MD&A have been filed on SEDAR. The Company also updated this week that it is submitting all information to the TSX Venture Exchange for review in connection with its conditional approval of the Solace Management Group Inc. acquisition.
Q1 financial highlights include:
The Company generated its first revenues of $79,434 during the quarter
Gross profit was $64,690, representing a gross profit margin of 81%
Q1 FINANCIAL STATEMENT HIGHLIGHTS
Andreas Thatcher, CEO commented, "We have begun to operationalize our manufacturing and processing capabilities, generating our first revenues during Q1. We are continuing to explore new brand opportunities and develop our manufacturing capacity to position the company for rapid expansion as our remaining Health Canada licenses get awarded. I am excited about the many opportunities that have been presented to us for producing and distributing hemp-based products on a global basis. We look forward to delivering additional, high-margin revenue streams once our R&D and sales licensing are in place."
UPDATE ON SOLACE ACQUISITION
The Company is pleased to announce that, further to the Company's press releases February 11, 2019, March 11, 2019 and May 28,2019, and August 6, 2019, regarding the TSXV Exchange (the "Exchange") conditional approval of the transaction, that the Company is working on providing the Exchange with the necessary documents and anticipates receipt of final approval shortly.
ABOUT GEYSER BRANDS
Geyser Brands Inc. builds health-based hemp CBD consumer products in the nutraceutical,cosmetics, food & beverage and pet sectors world-wide. Geyser Brands owns a Health-Canada approved Licensed Producer (LP) in Port Coquitlam, B.C. that holds cultivation and processing licenses and is anticipating its R&D and sales licenses. Geyser Brands will utilize both of its GMP licensed facilities in British Columbia for the manufacturing and distribution of its hemp and CBD based products internationally.
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Cautionary and Forward-Looking Statements
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