PENTICTON, BC / ACCESSWIRE / June 30, 2021 / EastWest Bioscience Inc. (the "Company" or "EastWest") (TSXV:EAST), a vertically integrated wellness holding company that owns retail presence across Canada and a Health Canada manufacturing facility, reports its financial results for the three months and nine months ended April 30, 2021. All figures are reported in Canadian dollars unless otherwise indicated. EastWest's financial statements are prepared in accordance with the International Financial Reporting Standards ("IFRS").
Financial highlights for the three months and nine months ended April 30, 2021
The Company is on the path to profitability. The Company continues to improve its bottom line by streamlining its operations and maintaining its focus on cost cutting and revenue generations efforts. For the 9 months ended April 30, 2021, The Company posted a net loss of $671,454. This is a 40.69% drop in net loss compared to the same period last year at $841,062. Further, in the three months ended April 30 2021, the Company posted a loss of $151,866, a 27.06% drop in loss. This is an overall drop of 51.23% since the beginning of the fiscal year in the three months ended October 31, 2021.
Net loss comparisons nine months ended
9 months ended | 9 months ended | 9 months ended |
($2,430,204) | ($841,062) | ($671,454) |
Net loss comparisons three months ended
3 months ended | 3 months ended | 3 months ended |
($311,395) | ($208,193) | ($151,866) |
The Company posted another triple digit growth in its manufacturing division. Our third-party manufacturing posted a $357,286 revenue, a 251.26% growth from previous nine months ended April 30, 2020 at $102,715. As the pandemic has worn on and people search for ways to protect themselves against the COVID-19 virus, attention to overall health and wellness has understandably increased. On average, consumers are reporting an increase in monthly spend on vitamins, minerals and supplement products of 10%-15% since the pandemic began.
Rodney Gelineau, CEO of EastWest states, "Our numbers are showing that EastWest is on the right path to profitability. Our team is working hard cutting costs, streamlining operations, and generating new revenue streams. We are targeting that we will be profitable in the next two quarters and the team is excited with the next growth phase of our Company."
About EastWest Bioscience Inc.
EastWest Bioscience is a vertically integrated wellness company with a multitude of business units and assets that allow for seed-to-sale supply chain management. We source our raw material, process, manufacture, test, brand, market, and distribute our products to our customers in Canada, the United States, and beyond. The Company owns and operates retail and manufacturing subsidiaries.
The Company's retail subsidiary is the award winning, Canadian, natural health retail franchise - the Sangster's Health Centre's - with over 40 years of legacy in the health and wellness industry. Sangster's goal is to provide natural choices through quality products and educated advice for a healthy lifestyle. Sangster's Health Centres occupies a unique position in the industry, the stores provide vast knowledge and safe natural remedies for the prevention and treatment of disease and ailments. Sangster's introduction and development of over 202 exclusively labeled products (vitamins, mineral, herbs, proteins, natural body care and organic foods) catapulted Sangster's name and product into a large number of Canadian households. From a solid base in Saskatchewan, Sangster's has become a national brand name with franchise stores located across Canada.
Orchard Vale Naturals is the Company's manufacturing arm that is certified with a Health Canada Site License and has GMP Certified NHP Manufacturing capabilities. Orchard Vale Naturals specialize in custom blends and production runs of all sizes, small to large, for top-quality products with quick turnaround times. Orchard Vale Naturals operate out of the 34,000 sq Health Canada licensed facility in Penticton, British Columbia that is owned by EastWest Bioscience and is the Head Office for all of its Canadian operations.
ON BEHALF OF THE BOARD OF DIRECTORS OF
EASTWEST BIOSCIENCE INC.
"Rodney Gelineau"
Co-Founder, Chief Executive Officer and Director
For Further Information:
Company Website: www.eastwestbioscience.com
Contact: Rodney Gelineau on 1-800-409-1930 or investors@eastwestscience.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the matters disclosed herein. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: EastWest Bioscience Inc.
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