VANCOUVER, British Columbia, April 03, 2018 (GLOBE NEWSWIRE) -- Quadron Cannatech Corporation (the “Company” or “Quadron”) – (CSE:QCC) is pleased to report the financial and operating results for its third quarter ended January 31, 2018.
Q3 Financial Highlights (unaudited):
- Revenue of $478,443 ($986,430 for the three months ended January 31, 2017). The lower revenue during the current quarter as compared to the comparative period in the prior period is attributed to the periodic timing of sales of CO2 equipment.
- Revenue for the nine months ended January 31, 2018 of $1,430,403 ($1,639,060 nine months ended January 31, 2017);
- Gross margin for the nine months ended January 31, 2018 of $472,360 or 33% vs $442,083 or 27% for the nine months ended January 31, 2017.
- Cash of $5,710,907 ($1,499,699 as at October 31, 2017) and working capital of $6,991,878 at quarter ended January 31, 2018 ($2,374,385 as at October 31, 2017).
Q3 and Subsequent Highlights:
- Closed a $5-million bought-deal financing through the issuance of 7,142,858 units at a price of 70 cents per unit.
- Quadron initiated sales of its BOSS CO2 Extraction System (the “BOSS”). With a background in medical cannabis cultivation and supercritical CO2 extraction, Quadron’s team created the next generation CO2 extraction system, combining our proprietary technology with advanced thermodynamics, automated features and an exclusive plug and play design. Our team created the BOSS to alleviate bottlenecks that extract producer have faced in the past.
- Quadron initiated the co-development of four new pieces of equipment for commercial release to the North American cannabis industry pursuant to the definitive agreement with Washington based Lucid Labs LLC. Equipment under development includes an automated ethanol extraction system, an advance filtration system, a distillation system as well as an automated hydrocarbon extraction unit.
Rosy Mondin, CEO of Quadron reported, “We strive to be a leader in the extraction business with the launch of the BOSS CO2 Extraction System and advanced cannabis consumption devices. Quadron is strongly capitalized and remains focused on increasing sales of our progressive extraction systems and services, while expanding on our portfolio of highly-advanced product offerings.”
Quadron’s full third quarter financial results are posted on SEDAR at www.sedar.com
About Quadron: Quadron focuses on ancillary equipment, products and services for the authorized cannabis industry by providing a full array of end-to-end extraction and processing solutions including sales of end user delivery options (such as vapor pens) for recreational and medical consumers.
For more information, visit: www.quadroncannatech.com
On behalf of the Board of Directors of
QUADRON CANNATECH CORPORATION
President and CEO
Investor Relations Contact:
KIN Communications Inc.
Caleb Jeffries, VP, Investor Relations
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, including with respect to the scheduled closing date of the Offering and the intended use of the proceeds of the Offering, which are not historical in nature are intended to be, and are hereby identified as “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
Source: Quadron Cannatech