Vancouver, British Columbia--(Newsfile Corp. - November 2, 2021) - CENTR Brands Corp. (CSE: CNTR) (FSE: 303) (OTCQB: CNTRF) (the "Company") today announced its financial results for the quarter ended August 31, 2021. Selected comparative financial information is set forth below with the full financial statements for the quarter and the related management's discussion and analysis ("MD&A") available under the Company's SEDAR profile at www.sedar.com. All amounts are expressed in United States Dollars, unless otherwise stated:
|
Q1
2022 |
Q1
2020 |
| Gross sales |
981,092 |
209,591 |
| Net sales |
920,116 |
133,414 |
Net and comprehensive loss
for the period (1) |
(3,041,710) |
(786,103) |
| Net loss and diluted loss per share |
(0.05) |
(0.01) |
(1)Q1 2022's net and comprehensive loss for the period includes non-cash losses of $2,019,519 for the revaluation of warrants as a liability for accounting purposes.
"CENTR's growth will come from multiplying the points of distribution ("PODs") that sell our products," said Company CEO Joseph Meehan. "POD growth is directly related to increasing sales of CENTR and CENTR Sugar Free."
CENTR and CENTR Sugar Free are currently sold in 2000+ PODs across the United States. According to the National Retail Federation, there are over 1,000,000 U.S. retail locations. "We are working with our distribution partners to open the tens of thousands of PODs that want to sell CENTR now - this is the engine that will drive our growth," Meehan said.
About CENTR Brands Corp. CENTR Brands Corp. develops and markets non-alcoholic, functional ingestibles for the global market. The Company produces CENTR and CENTR Sugar Free, both sparkling, low calorie, CBD beverages as well as CENTR Instant, a family of on-the-go CBD powders. For more information visit www.findyourcentr.com, and follow on Instagram at @findyourcentr.
For further information, contact Joseph Meehan at jmeehan@centrcorp.com.
On behalf of the Board,
CENTR BRANDS CORP.
/s/ Joseph Meehan
Joseph Meehan, Chairman & Chief Executive Officer
This press release may contain "Forward-Looking Statements" within the meaning of applicable Canadian securities laws. Actual results may differ from those indicated as a result of finalization of the Company's financial statements as well as other risks and uncertainties. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101673
