FT LAUDERDALE, FL, Dec. 14, 2017 (GLOBE NEWSWIRE) -- SanSal Wellness Holdings, Inc. (“SanSal Wellness” or the “Company”) (OTC Pink: SSWH), a vertically-integrated agribusiness focused on producing full spectrum natural phytocannabinoid-rich industrial hemp extracts, is pleased to announce that it has changed its fiscal year from January 31 to December 31 and accordingly, in order to provide continuous financial disclosure, has filed a Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, with the Securities and Exchange Commission. The Form 10-Q contains full financial statements for the three months and nine months ended September 30, 2017 and is available for viewing at www.sec.gov and www.OTCMarkets.com.
Third Quarter 2017 Highlights
- Net Sales of $255,444, up from $0 in Q3 2016.
- Nine-month Net Sales of $755,749, up from $11,773 in 2016.
- Net Loss of $413,367 ($0.01/share) in Q3, an improvement of approximately 10% from Q3 in 2016, including $260,750 in expenses related to public company acquisition costs and $49,611 in depreciation incurred in the 2017 quarter.
- Total Assets at September 30, 2017, of $6,147,924, an increase of 22% from September 30, 2016.
- Inventory (Finished and Work in Progress) of $1,587,271 at Q3 2017 quarter end, an increase of 141% from Q3 2016 quarter end.
“This past fiscal quarter for SanSal Wellness has been exceptional in many ways with remarkable improvements and increases from a production and processing capabilities perspective which will definitely impact our revenue generating potential going forward,” commented Alexander M. Salgado, CEO and co-founder of SanSal Wellness. “The most significant accomplishment during this period has been our successful evolution from an almost entirely research and development mode to full commercial scale production with 23 full-time employees. This subsequently enabled us to complete our largest ever summer harvest in the fourth quarter. We are also now producing much more oil through our extraction machines than we were previously which affords us a higher yield and obviously a higher inventory of finished product and formulations for us to be able to sell.
“During this time, SanSal has really comes into its own. By that I mean, with our vastly improved production, processing, and formulation capabilities, our increased sales efforts are starting to gain momentum, we are getting more brand name recognition, and retail and wholesale customers are realizing that that SanSal stands for the best quality product available anywhere, period. We do not cut corners like most of our competitors out there do. As a result, we believe that in time our customers will become repeat customers multiple times. We are presently beginning to see this trend taking shape.
“Over the last two or three months, we have seen a dramatic increase in the number of wholesale clients that are coming to us to complete new product development and formulation. There are also a lot of other additional clients that are coming into the pipeline. Each of these customers is unique and desires something a little different. So, we basically must work with our in-house formulation lab to come up with those products. This process does not occur overnight. It will often take two or three months to finalize a customer’s formulation and packaging needs before we see their first substantial purchase order.
“With our strong internal controls, increased and reliable production in place, and an expanded processing side as well, we are now bringing in additional talent from the sales and marketing arena to build out the distribution side of the business. The recent addition of industry sales, marketing, and branding professional, Derek Thomas as Vice President of Business Development to lead this aggressive strategy will be a huge asset to the Company at this important stage. We are also working on several new product lines which we expect will all add to our attractiveness as an industry partner and directly lead to generating positive cash flow over the next few months.”
Mr. Salgado concluded, “Successfully demonstrating our expanded production, processing, and formulation capabilities is the key to establishing SanSal Wellness as an industry leader and reliable partner. With these three key elements firmly in place, we have confidently started to ramp up and focus more time and resources to moving the business forward from a sales and marketing perspective. I look forward to reporting many more new customers and sales in the very new future.”
About SanSal Wellness Holdings, Inc.
SanSal Wellness Holdings, Inc. (OTC Pink: SSWH) is focused on producing superior quality, whole-plant, broad spectrum phytocannabinoid hemp oils and extracts. SanSal Wellness currently operates a 140-acre farm and production facilities in Pueblo, Colorado, and is registered with the Colorado Department of Agriculture to grow industrial hemp. The Company files periodic reports with the Securities and Exchange Commission, which can be viewed at www.sec.gov.
For additional information, visit www.sansalwellness.com
Cautionary Language Concerning Forward-Looking Statements
This SanSal Wellness Holdings, Inc. press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the Company’s mission statement and growth strategy, are “forward-looking statements.” Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve many risks and uncertainties, which could cause the Company’s future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update any of the information contained or referenced in this press release.
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