VANCOUVER, BC, August 16, 2022 /CNW/ – PlantX Life Inc. (CST: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (“PlantX“or the”Company“), the digital face of the plant community, operating a one-stop shop for plant products, today announced unaudited monthly financial metrics for July 2022.
PlantX generated a monthly gross income of $1.2 million in July 2022an increase of 35% compared to $910,000 in July 2021. The increase was driven primarily by cold-pressed juice brand Little West, which is seeing strong sales at its retail partners as consumers increasingly return to company offices, cafes and restaurants. other places where its products are readily available. Gross profit for July 2022 has been $468,000i.e. 39% gross margin, compared to the gross margin of $318,000i.e. 35% gross margin in July 2021.
“As we see continued strong revenue growth, we are strongly focused on accelerating our path to profitability,” said PlantX CEO, Lorne Rapkin. “We have fine-tuned our operations, particularly in terms of staffing, optimizing our marketing activities and obtaining more favorable terms with suppliers. We are confident that these initiatives will result in further improvement our gross margins and a reduction in our net loss as our business continues to grow.”
PlantX has also provided an update regarding its previously announced Management Cease Trade Order (the “MCTO”) issued by the British Columbia Securities Commission on August 2, 2022. The OCTM was issued due to the Company’s delay in filing its annual audited financial statements, MD&A and related management certificates for the year ended March 31, 2022 (collectively, the “Required Filings”) before the prescribed deadline of July 29, 2022.
The MCTO was granted pursuant to the Company’s request made under National Policy 12-203 – Management cease trade orders (“NP 12-203”). The Company requested and was granted an extension relating to filings required due to the additional time required to complete the Company’s previously announced restatement of its annual audited comparative financial statements for the year ended March 31, 2021 and to set up internal control procedures following the restatement process.
The Company works diligently with its auditors and expects the audit of required filings to be completed and the required filings to be filed within 30 days and, in any case, no later than September 27, 2022.
The Company is providing this update in accordance with NP 12-203. The Company reports that: (i) there is no change in the information contained in its default announcement on July 11, 2022, which could reasonably be expected to be material to an investor; (ii) the Company satisfies and confirms that it intends to continue to satisfy the provisions of the alternative disclosure guidelines set forth in NP 12-203 and to publish reports on the status of defaults every two weeks so long as the delay in filing the required documents is continuous, which will be issued in the form of a press release; (iii) there has been no other default specified by the Company under IG 12-203 and no other default is expected; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities. However, the relevant Canadian securities authorities may determine, in their discretion, that it would be appropriate to issue a blanket cease trade order against the Company affecting all securities of the Company.
The financial measures disclosed in this press release are prepared by management and have not been audited or reviewed by the Company’s auditors. Unless otherwise indicated, all amounts are expressed in Canadian dollars.
About PlantX Life Inc.
As the digital face of the plant community, the PlantX platform is a one-stop-shop for plant-based products. With its fast-growing vertical categories, the company offers its customers across North America over 5,000 plant-based products. In addition to offering a meal and indoor plant delivery service, the Company is currently considering expanding its product lines to include a juice and coffee business. The company uses its digital platform to create a community of like-minded consumers and, most importantly, to provide education. His successful business is built and strengthened on partnerships with top nutritionists, chefs and brands. The Company’s digital presence aims to remove barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.
This press release contains “forward-looking information” within the meaning of applicable securities laws. Any statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information may be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, ” anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative form of these terms, or other similar words, phrases and grammatical variations, or statements that certain events or conditions “can” or “will” happen, or through discussions of strategy. Forward-looking information contained herein includes, but is not limited to, statements regarding the MCTO and the Company’s business and strategic plans.
By its nature, forward-looking information is subject to inherent risks and uncertainties which may be general or specific and which give rise to the possibility that the expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that the assumptions are not correct and that the objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information contained in this press release, including, without limitation: receiving a request sufficient for the Offer; the Company’s ability to comply with all applicable governmental regulations, including all applicable food safety laws and regulations; impacts on the Company’s business and operations due to the COVID-19 outbreak; the conflict in the east Europe; having a limited operating history; the Company’s ability to access capital to meet its future financing needs; the Company’s dependence on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.
Other risk factors can also be found in the Company’s continuous disclosure documents, which have been filed on SEDAR and can be viewed at www.sedar.com. Readers are cautioned to carefully consider these factors, as well as other factors, uncertainties and potential events, and not to place undue reliance on any forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management as of the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise, or to explain any material differences between subsequent actual events and such forward-looking information, except as required by applicable law.
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SOURCE PlantX Life Inc.
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