Preliminary Q3 Record Revenue of $14.7 Million - Fourth consecutive quarter of growth attributed to expanding market share and record sales
- Company also completes amendments to its $39 million senior secured credit facility
TORONTO, Oct. 19, 2021 (GLOBE NEWSWIRE) -- Entourage Health Corp. (formerly WeedMD Inc.) (TSX-V:ENTG) (OTCQX:ETRGF) (FSE:4WE) (“Entourage” or the “Company”), a Canadian producer and distributor of award-winning cannabis products and brands, is pleased to announce its preliminary unaudited total revenues of $14.7 million(1) for the three months ended September 30, 2021, representing another quarter of sequential record sales growth across its adult-use and medical sales channels.
The Company plans to file its third quarter 2021 financial statements and management’s discussion and analysis pre-market on Tuesday, November 16, 2021. Entourage will host a conference call at 10 a.m. Eastern Time same day to review the results, provide an operational update and discuss recent milestones.
“Over the past four quarters, we’ve continued to see improved costs, expanded margins, and most critically, continued demand for our products – all of which are contributing to a meaningful gain in market share and a consistent increase in our quarterly sales,” said George Scorsis, Interim CEO and Executive Chair. “Our Q3 preliminary revenue results demonstrate approximately 90% revenue improvement year-over-year as we continue executing our transformation and site optimization initiatives to bring more high-margin products to market. With the previously announced acquisition of craft cultivator CannTx Life Sciences expected to close imminently, we’re thrilled to be introducing “craft” cultivars and products into our distribution network for our medical clients and adult-use consumers – all of which will also bring expanded value for our shareholders.”
Conference Call Details:
The conference call will be hosted by Mr. Scorsis and Entourage’s CFO, Beth Carreon. Management will be available for questions following opening remarks.
| Date: | Tuesday, November 16, 2021 |
| Time: | 10 a.m. Eastern Time |
| Dial-in Number: | Canada/USA: 1-800-319-4610. International Toll: 1-604-638-5340
Participants, please dial in and ask to join the Entourage call |
| Replay Dial-in: | Canada/USA: 1-800-319-6413. International Toll: 1-604-638-9010
Replay Access Code: 7966
Available after 12:00 p.m. Eastern Time, until December 16, 2021 |
Visit Entourage Health’s newly launched website here. To access our corporate video, visit us here and to access our latest investor presentation and corporate deck here.
Amendment to Credit Facility
The Company also confirmed today is has signed an additional amendment to its senior secured credit facility entered into on March 29, 2019 (the “Credit Facility”). The latest amendments to the Credit Facility modify the terms under which Entourage secured up to $39 million of debt financing over a three-year term ending in 2022.
Under the terms of the amendment, the Company secured a deferral of certain of its financial covenants to December 31, 2021. In addition, the Company has agreed to a 25 basis point increase in the applicable interest rate margin on the Credit Facility, which continues to provide Entourage with non-dilutive, tier-one bank financing and greater financial flexibility in alignment with market conditions. A copy of the conformed Credit Facility agreement will be made available on the Company’s SEDAR page.
https://www.globenewswire.com/news-release/2021/10/19/2316572/0/en/Entourage-Health-Announces-Preliminary-Q3-Record-Revenue-of-14-7-Million-and-Confirms-Financial-Results-Call-to-be-Held-on-November-16-2021-at-10-a-m-ET.html