VANCOUVER, British Columbia, Aug. 28, 2018 (GLOBE NEWSWIRE) -- Quadron Cannatech Corporation (the “ Company ” or “ Quadron ”) – (CSE: QCC), is pleased to report the annual financial and operating results for the year ended April 30, 2018.
Year-end Highlights (audited):
- Revenue for the year of $1,683,832;
- Gross margin for the year of $353,286 (19.91%);
- Loss and comprehensive loss from operations of $3,146,832 for the year;
- Working capital of $5,968,566; and
- Completed design and commercialization of the BOSS CO2 extraction system.
Subsequent Year End Highlights:
- Completed first mobile extraction module sale.
- Quadron’s subsidiary Cybernetic, which builds efficient, customized machine control solutions that provide various industries, including the cannabis industry, with innovative machine automation and control systems, secured several new contracts.
“In preparation for the legalization of the recreational market and the eventual inclusion of extract derived products, we have devoted a significant amount of resources toward the research and development of automated extraction and processing equipment. We are very pleased with the progress we made this last year as we expanded our team of experts and built a solid foundation, from design through to production and sales of our products for this fast-growing industry,” states Rosy Mondin, CEO. “Revenues remained consistent between 2017 and 2018 as we were able to complete the design and commercialization of our BOSS CO2 extraction system. Working capital increased greatly to just under $6 million as a result of two financings completed during the year. Quadron is better positioned now than it has ever been to benefit from the significant growth opportunities across our entire business portfolio, regardless of geography. We are very proud of our developments over the last twelve months, are excited about our growth potential moving ahead and look forward to reporting our Company’s successes to our shareholders.”
Quadron’s full annual financial results are posted on SEDAR at www.sedar.com .
About Quadron : Quadron, provides equipment, products and service solutions 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 medical and recreational consumers.
For more information, visit: www.quadroncannatech.com
On behalf of the Board of Directors of QUADRON CANNATECH CORPORATION
Rosy Mondin CEO rosy@quadroncannatech.com
Investor Relations Contact: KIN Communications Inc. Caleb Jeffries, VP, Investor Relations 1-866-684-6730 QCC@kincommunications.com
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, 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.
