these guys are playing with the # 21 % utilization of plant they over built over spent and have very little in sales and we have debt on the books and rates rising and recession coming it is going bankrupt get out while you can no pun intended
auditor is stepping down a large accounting firm doesn't just quite on a client unless the client isn't listening or playing games that they don't want to be part of
lots of red flags here get out while you can new 52 week low today
ACCESSWIRE
Highlights
- Record Sleeve Printing throughput, 19% growth month-over-month
- New record Can Decorating throughput, 32% growth month-over-month
- May can throughput of 15.9 million
- Can Filling and Decorating yields maintained above 90%
- Total orders improved 29% month-over-month
- Plant Utilization 21.5% in May was 36% higher than Q1 Plant Utilization
VANCOUVER, BC / ACCESSWIRE / June 14, 2022 /Wildpack Beverage Inc. (TSXV:CANS)(OTCQB:WLDPF)("Wildpack" or the"Company"), a U.S. national beverage co-packer and packaging supplier focused on the aluminum can format, announces an update on our production initiatives and a corporate update for May.
"Organic growth remains our primary focus. The macro backdrop of escalating cost of capital, supply chain challenges and the impact of seasonality require discipline," commented Mitch Barnard, Chief Executive Officer. "I am proud of The Pack's ability to adapt, and embrace three core initiatives, to earn more from our customers, to improve per can economics and to reduce overall costs."
Operations Update
May can throughput was 15.9 million. As previously announced during Wildpack's first quarter earnings call, the previous can throughput guidance of 300 million does not reflect our current strategy and the guidance for 2022 is US$40-55 million in revenue. Monthly throughput results, which include cans and can equivalents, met management's expectations as we continue toward financial profitability and positive cashflow. Our printing operations continue to improve, increasing production by 19%. Our highest margin revenue source, can filling, improved month-over-month throughput by 32%. Wildpack's total orders were 121 in May, an improvement of 29% month-over-month with 12 new customer conversion to order.
In the first quarter Wildpack had a plant utilization of 15.8%, in May this improved to 21.5% a positive increase of 36% and trending toward our operational goals. Production line yields have remained above 90% for the duration of the month despite the increase in utilization.
Corporate Update
Wildpack announces that it engaged in a digital media marketing campaign with Ryan Hemsley, Shadd Dales & Departures Capital (the "Digital Marketing Providers"). Under the terms of the campaign, the Digital Marketing Providers hosted management on video calls and provided a combination of content development, web development, media buying and distribution to Wildpack at a total cost of C$13,314, with cash on hand, over a one-month period, commencing and concluding October 2021. The appointment of the Digital Marketing Providers was subject to normal course approval by the TSX Venture Exchange.
Wildpack also announced today that its auditor, PricewaterhouseCoopers LLP (the "Former Auditor") has declined to stand for reappointment, at the Former Auditor's own initiative, with an effective resignation date being June 1, 2022.
As of the date hereof, Wildpack has not yet appointed a successor auditor, although a conventional process is advancing with a replacement audit firm, among the tenders received, to fill the vacancy as required under National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102").
In accordance with NI 51-102, Wildpack has delivered a copy of a change of auditor notice (the "Notice") to the Former Auditor and the Former Auditor has provided its written response confirming that it agrees with the statements set forth in the Notice, which has been filed on SEDAR. Wildpack will press release when a successor auditor to the Former Auditor has been appointed, including whether the successor auditor agrees with the statements in the Notice.
The Former Auditor's reports with respect to Wildpack's financial statements for the fiscal year ended December 31, 2021, and nine-months ended December 31, 2020, did not contain a modified opinion and no "reportable event" (as such term is defined in NI 51-102) has occurred during the periods covered by such financial statements or to the resignation date of the Former Auditor.
Per: "Mitch Barnard"
Mitch Barnard
Chief Executive Officer and Director
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