VANCOUVER, BC, July 11, 2022 /CNW/ – PlantX Life Inc. (CST: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) (“PlantX“or the”Company“) is pleased to report that the Company generated monthly gross revenues of $1,489,988 for June 2022the total cost of goods sold $968,492 for the same month.
June gross revenue increased by $735,988 compared to June 2021when the Company has achieved a gross turnover of $754,000net of wholesale revenue, representing gross revenue growth of approximately 97% year-over-year.
“As we continue to grow our monthly revenue and performance, it is very exciting to see the growth over the same period last year,” said PlantX CEO, Lorne Rapkin. “Our team is extremely dedicated and works day in and day out to contribute to the success of each of the company’s verticals and, more importantly, set the pace to become leaders in the plant-based e-commerce space. ‘team is also focused on reducing costs to increase cash flow aimed at maximizing profitability”
The gross revenues and cost of goods sold 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.
As previously announced the June 30, 2022the Company will restate its audited comparative annual financial statements for the year ending March 31, 2021. Due to the additional time required to complete the restatement and implement additional internal control procedures following the restatement process, the Company announces today that it expects to be delayed in filing its financial statements. annual audited for the year ending March 31, 2022 (“2022 Annual Financial Statements“) within the required filing period of July 29, 2022.
As a result, the Company requested and sought the issuance of a management cease trade order (“MCTO“) under the provisions of National Policy 12-203 – Management cease trade orders (“NP 12-203“) to permit trading in the common shares of the Company to continue other than by the CEO, CFO and any other person or company at the discretion of the securities regulatory authorities if the Company fails to comply with the filing deadline required Although the MCTO application has been made, there is no guarantee or assurance that the MCTO will be granted.
The Company is working diligently with its auditors to complete the 2022 annual financial statements and, at that time, expects the 2022 annual financial statements, related MD&A and officers’ certificates to be filed within 30 days following the required filing deadline, and in any case, no later than September 27, 2022.
The Company also confirms that it intends to comply with the provisions of NP 12-203 and issue default status reports every two weeks for as long as the Company remains in default of the default filing requirement. 2022 annual financial statements. The Company is not subject to any insolvency proceedings and there is no other material information relating to the affairs of the Company that has not been generally disclosed.
About PlantX Life Inc.
As the digital face of the plant community, the PlantX platform is the one-stop-shop for everything plant-related. With its fast-growing vertical categories, the company offers its customers across North America over 5,000 plant-based products. In addition to offering meal and houseplant deliveries, the company is currently planning to expand its product lines to include groceries, cosmetics, coffee, juice and home goods. But the company is not limited to an e-commerce platform. 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 is eliminating barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.
The Company’s website is http://investor.PlantX.com/.
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 policy discussions. Forward-looking information contained in this document includes, but is not limited to, information regarding the restatement of the Company’s financial results for 2021, the possible delay in the filing of the Company’s annual financial statements for 2022 and the issuance of the MCTO .
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: risks that additional information may arise during the preparation and audit of the restated financial statements or other subsequent events will require the Company to make additional adjustments; the Company’s ability to meet the issuance requirements of the OCTM; the time and effort required to complete the restatement of the 2021 financial statements; 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 Eastern Europe; 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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