Vancouver, British Columbia--(Newsfile Corp. - January 10, 2022) - CENTR Brands Corp. (CSE: CNTR) (FSE: 303) (OTCQB: CNTRF) (the "Company"), one of North America's leading functional beverage companies, today announced that it has filed reviewed and restated Q1 2022 interim financial statements, along with the corresponding Management's Discussion and Analysis.
Subsequent to the filing of the Company's interim consolidated financial statements for the three months ended August 31, 2021 (the "Original Statements"), Company management engaged its auditors to review the Original Statements. Based on their review, the Company's auditors suggested certain adjustments to non-cash items pertaining to accounting for warrant issuances. These adjustments increased the Company's reported net income by $3,345,400. As a result, net income for the quarter ended August 31, 2021 is now $303,590 as compared to the previously announced loss of $3,041,710.
The Company also announced that director Campbell Becher has been named Executive Chairman, and he has been appointed to the Audit Committee along with outside directors Joseph Elmlinger and Anton Drescher, who remains Chairman of the Audit Committee.
About CENTR Brands Corp. CENTR Brands Corp. is one of North America's leading functional beverage companies. CENTR 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 media@findyourcentr.com.
On behalf of the Board,
CENTR BRANDS CORP.
/s/ Joseph Meehan
Joseph Meehan, 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.
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