VANCOUVER, British Columbia, May 31, 2022 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (“HYTN” or the “Company”) (CSE: HYTN) is pleased to report certain highlights from its Q2 financial statements (the “Q2 Results”) for the three and six months ended March 31, 2022.
The Q2 Results reflect the details of HYTN’s reverse-take-over (“RTO”) of Mount Dakota Energy Corp. and the Company’s financial position post-RTO. The Company notes that the complexity of the Q2 Results was largely due to the RTO, which was a one-time transaction. As a result, the Company’s future quarterly and annual financial statements are anticipated to be both more focused and cannabis-centric.
Highlights from the Q2 Results include revenues of $468,042 for the six months ended March 31, 2022, a cash position of over $2.2M, as of March 31, 2022, and $2.2M in property, plant and equipment assets, as of March 31, 2022, including all equipment related to the Company’s purpose built, ISO 9001:2015 Certified and Health Canada-licensed Kelowna manufacturing facility. The Q2 Results also highlight that the Company had no debt as of March 31, 2022.
"A continued focus on rapid commercialization of products featuring our proprietary Elevation Technology® has brought HYTN into revenue across Canada, specifically in British Columbia, Alberta, Saskatchewan, Ontario, Quebec, and Nova Scotia," said Elliot McKerr, HYTN’s CEO. "We are poised to be a national leader in cannabis edible and extract products and aim to drive strong financial results through data driven decisions based on demand, market size and appropriate brand positioning, with maintenance of SKUs that have a robust margin contribution. Our strong team and world class facility are built to operate without excessive overhead and are scalable to ensure HYTN can meet expected market demands. We encourage stakeholders to review our Q2 Results and monitor our growth."
The financial and operating results discussed in this release are based on HYTN’s unaudited condensed consolidated financial statements and related management's discussion and analysis for the three and six months ended March 31, 2022, which are available on www.SEDAR.com. It is only in the context of the fulsome information and disclosures contained in such documents that an investor can properly analyze the information discussed herein.
About HYTN Innovations Inc.
HYTN formulates, manufactures, markets, and sells premium cannabis goods. With the mission to be the leading provider of consistent, natural, and delicious cannabis products, HYTN focuses its efforts on identifying category opportunities and takes an innovative approach to delivering elevated cannabis experiences to a discerning customer base.
Please visit www.hytn.life for more information or contact:
Elliot McKerr
Chief Executive Officer
1.866.590.9289
HYTN Investor Relations
1.866.590.9289
investments@hytn.life
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, including, but not limited to, statements regarding: the expectation that future quarterly and annual financial statements of the Company will be more focused and cannabis-centric; the Company’s focus on commercializing products that feature its Elevation Technology®; the Company being poised to be a national leader in cannabis edible and extract products; the Company’s aim to drive strong financial results through data driven decisions based on demand, market size, appropriate brand positioning and maintenance of SKUs with a robust margin contribution; the Company’s team and facility being built to operate without excessive overhead and be scalable; and the Company’s Kelowna facility being built to meet expected market demands. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of the Company’s business include, among other things: the Company's ability to generate sufficient cash flow from operations to meet its current and future obligations; the Company's ability to access sources of debt and equity capital; competitive factors, pricing pressures and supply and demand in the Company’s industry; general economic and business conditions; and the effects and impacts of the COVID-19 pandemic, the extent and duration of which are uncertain at this time, on the Company's business and general economic and business conditions and markets. Any statements that are not statements of historical fact are deemed to be forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and, except to the extent required by applicable law, the Company assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether as a result of new information, future events, or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary note.
