Year-end Highlights (audited):
- Revenue for the year of $1,789,188, a 972% increase over 2016 revenue of $166,823;
- Gross margin for the year of $502,320 (28%);
- Loss and comprehensive loss from operations of $1,987,088 for the year, which includes a one-time charge of $1,344,713 related to the acquisition of Cybernetic;
- Working capital of $2,043,408 as of April 30, 2017; and
- Acquired automation design firm, Cybernetic Control Systems (“Cybernetic”).
Subsequent Year End Highlights:
- Entered into letter of intent with Lucid Labs LLC, a Washington-based technology development and licensing company, to develop and commercialize certain extraction and processing solutions for the cannabis industry. Additionally, Lucid Labs will also become a preferred sales agent in the Western United States for all processing systems and solutions offered by Quadron.
“We are very pleased with the results of our first full year of operations – with Quadron’s successful CSE listing in late February, and the acquisition of Cybernetic in mid-March, we have built a solid foundation, from design through to production and sales of our products for this fast-growing industry,” states Rosy Mondin, President & CEO. “The demand for our equipment and services is very strong and we expect to see revenue growth through the course of this year. Quadron is better positioned now than it has ever been to benefit from the significant growth opportunities across our entire business portfolio, regardless of geography. We are very excited by the next stages of our growth and development and look forward to reporting our Company’s successes to our shareholders in Q1 and into 2018.”
Quadron’s full annual financial results are posted on SEDAR at www.sedar.com.
About Quadron Cannatech
Quadron focuses on authorized cannabis automated and extraction processing and sales of end user delivery solutions such as vape pens, capsules and other safer consumption solutions for patients.
On behalf of the Board of Directors of
QUADRON CANNATECH CORPORATION
Investor Relations Contact:
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.