EDMONTON, Alberta, Feb. 28, 2020 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a global commercial manufacturer of high quality cannabinoid-based ingredients, formulations and products, is pleased to report its financial results for the third quarter of its fiscal year 2020, ended December 31, 2019. The financial statements and Management’s Discussion & Analysis are available under the Company’s profile at www.SEDAR.com.
Key Financial Highlights - Fiscal Q3 2020:
“We are extremely pleased with this quarter’s financial results,” said Denis Taschuk, President & CEO of Radient. “This is the beginning of a significant growth period in which Radient will be embarking on a product commercialization phase. Our investment into technology, process and product development is ready to be leveraged into new product categories and expanded client relationships. Additionally, we will be ramping up operations in order to meet the demands of our current and future partners. We will also increase our ‘Cannabis 2.0’ product manufacturing capabilities in Canada, and enter the European market via the buildout of our facility in Germany. We expect this expansion in operational capacity, coupled with our ability to create novel products using our proprietary extraction and processing technology, to allow us to significantly increase our margins moving forward. Simultaneously, we will be focused on lowering expenditures and improving operating efficiency as we continue to grow.”
Corporate Highlights - Fiscal Q3 2020 and Post-Reporting:
Supply Agreement with Medical Cannabis by Shoppers, a Subsidiary of Shoppers Drug Mart Inc:
Partnership to Develop CBD Ingredients with The Edlong Corporation:
Increased Working Capital:
Sale-Leaseback and Equipment Financing:
Up to $15.4 million in Debenture Financings:
Corporate Update:
Commercialization of New Cannabinoid Ingredients and Formulations:
Expanding Product Development at Edmonton I Facility:
Flexible Capacity - Edmonton II Facility:
Expanded Product Pipeline and Manufacturing Capabilities: - Edmonton III Facility:
Expansion into Germany:
Shares for Services During Fiscal Q3 2020:
The Company issued common shares to third-party consultants for services provided, pursuant to the shares for service agreement previously approved by the TSX Venture Exchange. The common shares were issued at the TSX Venture Exchange 15-day VWAP share price as follows:
Shares for Debt - Fiscal Q3 2020:
Options Grant:
About Radient
Radient Technologies is a commercial manufacturer of high quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary continuous-flow extraction and processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Please visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
Investors please contact: Adam Deffett, Senior VP of Corporate Development: adeffett@radientinc.com
Media/press please contact: Caitlin Cheadle, Director of Communications: ccheadle@radientinc.com
Forward Looking Information:
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company’s business operations; the construction of the Company’s facilities; the Company’s future revenues and timing of such revenues; the Company’s future products and formulations; the Company’s ability to sell its products and attract new customers; the impact of the supply agreement with Medical Cannabis by Shoppers; the MOU with The Edlong Corporation; the Company’s ability to raise additional capital; the future recovery and quality of the Company’s extracts; the Company’s ability to expand its business internationally; the Company’s ability to grow its business in the cannabis sector and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE 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.
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