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Q3 2016 Financial and Operational Results Release Date and Conference Call
Vancouver, BC – Eldorado Gold Corporation will release its Q3 2016 Financial and Operational Results after the market closes on Thursday
October 27, 2016. Paul Wright, President and Chief Executive Officer of the Company, will host a conference call on Friday October 28, 2016
at 8:30 am PT (11:30 AM ET). The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com
Conference Call Details Replay (available until November 11, 2016)
Date: Friday October 28, 2016 Toronto: 416 849 0833
Time: 8:30 am PT (11:30 am ET) Toll Free: 1 855 859 2056
Dial in: 647 427 7450 Pass
code:
89716276
Toll free: 1 888 231 8191
About Eldorado Gold
Eldorado is a leading low cost gold producer with mining, development and exploration operations in Turkey, China, Greece, Romania,
Serbia and Brazil. The Company’s success to date is based on a low cost strategy, a highly skilled and dedicated workforce, safe and
responsible operations, and long-term partnerships with the communities where it operates. Eldorado’s common shares trade on the
Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Contact
Krista Muhr, Vice President Investor Relations & Corporate Communications
Eldorado Gold Corporation
604 687 4018 or 1 888 353 8166
kristam@eldoradogold.com
www.eldoradogold.com
Golden Leaf Holdings Ltd. Elects Alex Winch to its Board of Directors
TORONTO, ONTARIO--(Marketwired – October 3, 2016) – Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE:GLH), a leading cannabis oil solutions company built around recognized brands, is pleased to announce that Alex Winch has been elected to the Company’s board of directors.
Mr. Winch brings to GLH more than 30 years of financial industry expertise, particularly regarding the capital markets in the U.S. and Canada. His career includes working on Bay Street in Toronto as a stock market analyst with McCarthy Securities, Davidson Partners, and Sprott Securities. After starting up and running a private stock market research company, Grange Avenue Research Corporation, Mr. Winch went on to launch hedge funds in both Canada and the U.S.. In addition, he has experience launching companies through his time with solar-focused energy provider, Mondial Energy.
Mr. Winch’s career also includes positions on various boards, including those of Thunderbird Resorts and Sunreports. He holds a Bachelor of Science degree in Engineering Physics from Queen’s University. Alex Winch is a CFA® charterholder.
“I am excited to welcome Alex Winch to GLH’s board of directors”, said Don Robinson, GLH’s Chief Executive Officer. “He brings a wealth of financial market experience to our board. This expertise will serve the Company well as GLH continues to focus on building larger market share and value for its shareholders.”
GLH’s board also includes Don Robinson, Andy Hartogh, Sam Pillersdorf, Peter Saladino and Michael Cohl.
About Golden Leaf Holdings:
Golden Leaf Holdings Ltd. is one of the largest cannabis oil and solution providers in North America. It is a leading cannabis products company based in Oregon and built around recognized brands. GLH leverages a strong management team with cannabis and food industry experience to complement its expertise in extracting, refining, and selling cannabis oils.
For further information, please contact:
Canadian Investor Relations:
Paul Searle
Investor Relations, Golden Leaf Holdings Ltd.
778.240.7724
pauljsearle@shaw.ca
U.S. Investor Relations:
Harrison Phillips
Viridian Capital Advisors, LLC
212-485-0284
hphillips@viridianca.com
Disclaimer: This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s future business operation, expectations of gross sales, the opinions or beliefs of management, and future business goals. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to general business, economic and competitive uncertainties, regulatory risks including risks related to the expected timing of the Company’s participation in the Adult Use market, market risks, risks inherent in manufacturing operations and other risks of the cannabis industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. Forward-looking information is provided herein for the purpose of presenting information about management’s current expectations relating to the future and readers are cautioned that such information may not be appropriate for other purpose. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Golden Leaf Holdings Announces Non-Brokered Private Placement of Convertible Debentures
TORONTO, ONTARIO--(Marketwired – September 30, 2016) – Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE:GLH) is pleased to announce that it is offering for sale convertible senior secured debentures of the Company (the “Debentures”), on a non-brokered private placement basis, subject to all required regulatory approvals, at a price per Debenture of C$1,000 (the “Offering Price”), for minimum gross proceeds of up to C$8,000,000 and maximum gross proceeds of C$10,000,000 (the “Offering”).
The Debentures will mature on the date that is 18 months from closing of the Offering (the “Maturity Date”) and will bear interest accruing at a rate of 10.0% per annum from the closing of the Offering (the “Closing Date”), payable semi-annually on the last day of June and December of each year. The first interest payment will be made on December 31, 2016 and will consist of interest accrued from and including the Closing Date to June 30, 2016. Subject to certain conditions, the Company may elect, from time to time, subject to applicable regulatory approval, to satisfy its obligation to pay interest on the Debentures, on the date it is payable (i) in cash; or (ii) by issuing the equivalent value in common shares of the Company (“Common Shares”) at a price per Common Share equal to the 20 trading day volume weighted average price of the Common Shares on the Canadian Securities Exchange (the “CSE”) (or such other Canadian stock exchange on which the Common Shares may trade) ending five trading days preceding the interest due date.
The Debentures will be convertible at the holder’s option into Common Shares at any time prior to the close of business on the Maturity Date at a conversion price equal to C$0.30 per Common Share. Holders converting their Debentures will receive accrued and unpaid interest thereon, up to, but excluding, the date of conversion. The subscribers in the Offering will be granted certain rights with respect to anti-dilution and future equity issuances. If the Common Shares close at C$1.00 for 10 consecutive trading days, the Company may require that the holders of Debentures convert into Common Shares. The Company has also agreed to reduce the conversion price of C$9,702,000 principal amount of its convertible debentures issued since March 11, 2016 to C$0.30 per share.
The Debentures will be secured by a charge on all of the assets of the Company.
The Company intends to use the net proceeds of the Offering for working capital purposes.
The Debentures will be offered by way of private placement to accredited investors in all provinces of Canada and in the United States to “Accredited Investors” within the meaning of Regulation D in transactions that are exempt from registration pursuant to Rule 506 of Regulation D under the United States Securities Act of 1933, and such other jurisdictions as may be agreed upon by the Company.
Closing of the Offering is scheduled to be on or about October 6, 2016 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities.
As a result of any subsequent offering at a lower price than the Company’s previous convertible debenture offering, the Company would have been required to pay or issue up to C$2.0 million of additional convertible debentures as part of an anti-dilution provision in certain debentures. To settle this debt, certain convertible debenture holders have agreed to collectively accept up to three million additional Common Shares in lieu of the C$2.0 million debenture payment.
The Company has retained AlphaNorth Asset Management as its financial advisor. AlphaNorth will receive a cash payment in an amount equal to 8.0% of the gross proceeds of the Offering and such number of compensation options (“Compensation Options”) equal to 8.0% of the aggregate number of Debentures issued and sold pursuant to the Offering divided by C$0.30. Each Compensation Option shall be exercisable for one unit of the Company (a “Unit”) at an exercise price of C$0.30 for a period of 24 months following the Closing Date. Each Unit shall consist of one Common Share and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Compensation Warrant”). Each Compensation Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price of C$0.30 for a period of 24 months following the Closing Date.
The Debentures and underlying Common Shares will be subject to a statutory hold period in Canada of four months from the Closing Date pursuant to Canadian securities laws. The securities mentioned herein have not been and will not be qualified by prospectus for sale to the public under applicable Canadian securities laws and will be subject to transfer and selling restrictions in certain jurisdictions, including the United States and Canada.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
About Golden Leaf Holdings:
Golden Leaf Holdings Ltd. is one of the largest cannabis oil and solution providers in North America. It's a leading cannabis products company in Oregon built around recognized brands. GLH leverages a strong management team with cannabis and food industry experience to complement its expertise in extracting, refining and selling cannabis oil.
For further information, please contact:
Canadian Investor Relations:
Paul Searle
Investor Relations, Golden Leaf Holdings Ltd.
T: 778.240.7724
Golden Leaf Holdings Ltd. Reports Q2 2016 Unaudited Interim Financial Results and Brand Sales Update
12:00 pm ET August 30, 2016 (Market Wire)
TORONTO, ONTARIO--(Marketwired - Aug 30, 2016) - Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE:GLH), a leading cannabis
oil solutions company built around recognized brands, today announced its Q2 2016 unaudited interim financial results for the period ended
June 30, 2016 and an update on overall brand sales in Oregon and Washington.
Don Robinson, Chief Executive Officer of GLH commented, "Overall financial performance of brand sales in Oregon and Washington is
encouraging given that we've overcome a variety of challenges in the last 6 months including regulatory challenges, cash flow hurdles and
building top professional management. GLH experienced lower than anticipated revenue in Q2 2016 versus Q2 2015 due to evolving
regulations, which resulted in sales mix changes."
"GLH's strategic trim supply agreement program focused on contracting with farmers to obtain low cost supply of high quality flower and
trim will play a key role in addressing production obstacles and supporting the Company's value-added manufacturing business model.
Plants grown in connection with the program are scheduled for harvest in Q4 2016. Access to this trim and flower is expected to provide
significant financial benefits including lower cost of goods and much higher gross margins," stated Mr. Robinson.
Brand Sales Update
The combined 6 month revenues through June 30, 2016 or Q2 2016 for the respective brands of the Company and strategic partner BMF
Washington ("BMF") are US$7,359,795. These substantial numbers demonstrate the traction and success that the brands have achieved
respectively in Oregon and Washington. New product introductions and strong merchandising drove brand awareness and sales.
GLH's brand relaunch of Golden and the new product Private Stash received positive consumer response and strong sell through in
dispensaries. For the 6 months ended June 30, 2016, the Company recognized revenues of US$5,084,991. BMF continued to gain market
penetration month after month in Washington with new product innovation and a focused sales strategy. These activities resulted in revenues
of US$2,274,804 for the 6 months ended June 30, 2016.
Financial Update
Q2 2016 Unaudited Interim Financial Results
The financial information below has not yet been reviewed by GLH's auditors.
The Company's revenue for the quarter ended June 30, 2016 was approximately US$2,608,303 as compared to US$2,476,688 in Q1 2016,
an increase of 5% compared to Q1 2016 as dispensary sales saw improvements.
The revenues generated for the quarter ended June 30, 2016 were approximately US$2,608,303, compared to US$2,957,670 in the same
period in 2015. This is a decrease of 12% from the quarter ended June 30, 2015 attributed largely to changes in channel sales, regulatory
impact and implications from cash flow restraints as the Company was unable to invest in inventory necessary to fill oil and flower demand.
The Company's revenues for the six months ended June 30, 2016 were US$5,084,991, a significant increase of 19% over the comparable
period of US$4,276,871 in 2015 as GLH was still ramping up operations in the early part of 2015.
Gross margin for the second quarter of 2016 amounted to approximately 14%, compared to a gross margin of approximately 18% for the
second quarter of 2015. Working capital constraints drove low production (and corresponding inefficiencies), and low inventory levels
required GLH to deplete older, low quality oils at very low margins to maintain market presence. The Company also invested in plant "starts"
used to supply the contract growers which GLH has contracted (for harvesting in Q4 2016).
GLH gross margins were 20% during the six months ended June 30, 2016, similar to the 21% in the comparable period in 2015.
Inefficiencies plagued both periods, as working capital related throughput issues in 2016 put pressure on margins and early 2015 saw the
effect of immature operations.
Total operating expenses for the second quarter of 2016 amounted to approximately US$2,578,452, compared to approximately
US$3,940,345 for the second quarter of 2015. This represents a significant reduction of 35% versus the operating expenses in Q2 2015.
Total operating expenses declined by 18% in Q2 2016 (US$2,578,452) compared to Q1 2016 (US$3,143,814) and by 41% versus Q4 2015
(US$4,354,889). This reflects the Company's continued focus on cost reduction and containment.
As a subset of total operating expenses, general and administrative expenses saw a reduction in Q2 2016 of $US91,403 compared to Q1
2016 as GLH saw expenses scale back as it tightened spending and moved away from a period of high costs resulting from the RTO and its
subsequent public listing. In addition, the Company saw a decline in general and administrative expenses of $US838,151 in Q2 2016 as
compared to Q4 2015, a 29% reduction.
Please refer to the Company's full financials for further details and information.
About Golden Leaf Holdings:
Golden Leaf Holdings Ltd. is one of the largest cannabis oil and solution providers in North America. It's a leading cannabis products
company in Oregon built around recognized brands. GLH leverages a strong management team with cannabis and food industry experience
to complement its expertise in extracting, refining and selling cannabis oil.
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Electronic Control Security, Inc. Receives $500K in Orders from Three New Nuclear Power Station Customers
CLIFTON, N.J., Sept. 29, 2016 /PRNewswire/ -- Electronic Control Security, Inc. (OTC Markets: EKCS) (ECSI), a global leader in state-of-the-art integrated entry control and perimeter security systems, today announced receipt of orders totaling $500K for its Infrared Perimeter Intrusion Detection (IPID®) systems. Arthur Barchenko, President and CEO of ECSI, stated, "The orders from these three nuclear power stations in the U.S. have added additional security utilizing our technology and support services."
"Our IPID® technology has been selected to strengthen the overall perimeter security for these three nuclear power stations. These highly-sensitive installations are required to achieve the highest level of security possible in view of the increased threat levels that we have seen evidenced recently. We are particularly delighted to have been selected once again by these existing customers based on the performance of our technologies over the past 15-20 years."
Mr. Barchenko further stated, "The nuclear market has become a major growth area for ECSI now and in the years ahead. This is based on our current position as a technology supplier to 70% of the nuclear power stations in the U.S. and their projected expansion and/or upon decommissioning protection of their spent fuel facilities in the future."
About ECSI
ECSI is recognized as a global leader in perimeter security and an effective quality provider for both the Department of Defense and Homeland Security programs. The Company designs, manufactures and markets physical electronic security systems for high profile, high threat environments. The employment of risk assessment and analysis allows ECSI to determine and address the security needs of government and commercial-industrial installations. The Company has teaming agreements with major system integrators in both the United States and overseas to support the installation and aftermarket. ECSI is located at 790 Bloomfield Avenue, Bldg. C-1, Clifton, NJ 07012. Tel: 973-574-8555; Fax: 973-574-8562. For more information on ECSI and its customers, please visit www.ecsiinternational.com.
ECSI INTERNATIONAL, INC. SAFE HARBOR STATEMENT: This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors discussed under the heading "RISK FACTORS" in Item 1A of our Annual Report for the fiscal year ended June 30, 2015 and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forwardlooking statement for any reason.
SOURCE Electronic Control Security, Inc.
This?
NOTE 2: DEPOSITS ON PRODUCT
At June 30, 2016 and December 31, 2015, there was a balance of $49,700 and $51,959, respectively in deposits on product. Deposits on product represent amounts paid to the Company’s Korean contract manufacturer.
Does anyone know who manufactures the various units for AWGI and how they are paid?
We're having one of those inexplicable upticks in volume and price today. I assume we'll go back into hibernation then.
Sitestar to Make a Seed Investment in Alluvial Fund, LP
LYNCHBURG, VA--(Marketwired - September 19, 2016) - Sitestar Corporation (OTCQB: SYTE) today announced an agreement with Alluvial Capital Management, LLC to make a seed investment in a soon to be launched private investment partnership. The partnership will be managed by David Waters. Alluvial Capital will act as the general partner and Sitestar will invest in the private investment partnership as a limited partner.
"We are thrilled to invest in David and provide seed capital for the launch of his investment partnership. David has proven himself as a talented investor and committed fiduciary. He has a strong track record of uncovering previously unknown companies in his client accounts through Alluvial Capital and through his blog at www.otcadventures.com. We are excited to team up with him," said Steven Kiel, Sitestar's CEO.
"I am extremely excited to partner with Sitestar. I have enjoyed watching Sitestar's turnaround and I expect great things from the company. I look forward to a long and profitable partnership and I am certain that both Sitestar shareholders and Alluvial clients will benefit from this arrangement," said David Waters, Alluvial Capital's Managing Member.
The private investment partnership, to be named Alluvial Fund, LP, has a target launch date of January 1, 2017. Sitestar has agreed to make a seed investment of $10 million, which will be funded through cash on hand and through the proceeds of a private placement. In conjunction with the investment, Sitestar will be developing an asset management business.
About Sitestar
Sitestar and its subsidiaries engage in several business activities including acquiring and managing HVAC companies in the Southwest, offering consumer and business-grade internet access, and managing a real estate portfolio. Sitestar is in the process of developing an asset management business.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted. Copies of Sitestar's press releases and additional information about Sitestar are available at www.sitestar.com.
CONTACT INFORMATION
Contact:
Steven Kiel
434-382-7366
investorrelations@sitestar.com
Hopefully, he has $14.2 million left over for the restitution. LOL
Pennsylvania Man Sentenced To Two Years In Prison For Conspiring With Members Of Organized Crime Family And Others In Fraud Scheme
CAMDEN, N.J. – A West Reading, Pennsylvania, man was sentenced today to 24 months in prison for his role in a conspiracy to defraud FirstPlus Financial Group Inc. (FPFG), a Texas-based financial services company allegedly targeted for extortionate takeover and looting by a group led by Lucchese organized crime family member Nicodemo S. Scarfo, U.S. Attorney Paul J. Fishman announced.
Cory Leshner, 33, previously pleaded guilty before U.S. District Judge Robert B. Kugler to a superseding information charging him with conspiracy to commit wire fraud. Judge Kugler imposed the sentence today in Camden federal court.
According to documents filed in this case and statements made in court:
Leshner and 12 others – including Scarfo, a member of the Lucchese La Cosa Nostra (LCN) crime family, and Salvatore Pelullo, an associate of the Lucchese and Philadelphia LCN families – were variously charged in a November 2011 indictment with a racketeering conspiracy, including acts of securities fraud, wire fraud, mail fraud, bank fraud, extortion, interstate travel in aid of racketeering, money laundering and obstruction of justice. The indictment charged that FPFG was targeted for extortionate takeover and looting by a group of the conspirators. A substantial part of the enterprise’s activities occurred in New Jersey, including communications and the transfer of money into and out of the state. Cory Leshner admitted that he joined the conspiracy in April 2007.
Leshner admitted that he assisted Scarfo and Pelullo in managing family trusts and limited liability companies on behalf of Scarfo and Pelullo as part of the scheme to defraud FPFG. Leshner said that Pelullo directed Leshner in the use of various bank accounts through which Pelullo received hundreds of thousands of dollars between July 2007 and April 2008 as part of the scheme. The money included the proceeds of the fraud that Pelullo allegedly received as part of a fraudulent “consulting” agreement between his shell company, Seven Hills Management, and codefendant William Maxwell, a Texas attorney who served as “special counsel” to FPFG as part of the scheme. The money also involved proceeds received from the fraudulent sale of Scarfo and Pelullo’s worthless companies to FPFG in 2007. The receipt of the fraudulent proceeds often occurred in the form of wire transfers from accounts in Pennsylvania to accounts in New Jersey.
Leshner also said that he was a law school student during the scheme. Leshner graduated from law school in 2010 and became an attorney in Pennsylvania in 2011. As part of his plea agreement, Leshner agreed to notify the Pennsylvania Supreme Court of his guilty plea and to accept any disciplinary action brought by disciplinary officials as a result of the guilty plea and sentence. Leshner also agreed to not seek the reinstatement of his license to practice law while serving any sentence of imprisonment imposed in the case.
Scarfo, Pelullo, and the Maxwells were convicted at trial on July 3, 2014, and sentenced to prison. Scarfo and Pelullo were sentenced to 30 years in prison. William Maxwell was sentenced to 20 years in prison and John Maxwell to 10 years in prison.
In addition to the prison term, Judge Kugler sentenced Leshner to three years of supervised release and ordered to pay restitution of $14.2 million.
U.S. Attorney Fishman praised special agents of the FBI, under the direction of Special Agent in Charge Timothy Gallagher in Newark; the Department of Labor, Office of Inspector General, Office of Labor Racketeering and Fraud Investigations, under the direction of Special Agent in Charge Michael C. Mikulka, New York Region; and the Bureau of Alcohol, Tobacco, Firearms and Explosives, under the direction of George P. Belsky in Newark. He also thanked the FBI under the direction of Special Agent in Charge William F. Sweeney Jr. in Philadelphia for its vital assistance and the U.S. Securities and Exchange Commission for its role.
The government is represented by Assistant U.S. Attorney Howard Wiener, of the New Jersey U.S. Attorney’s Office Organized Crime/Gangs Unit and Criminal Division in Camden, and Trial Attorney Adam Small of the Organized Crime and Gang Section of the Justice Department’s Criminal Division.
Defense counsel: Rocco C. Cipparone Jr. Esq., Haddon Heights, New Jersey
Heliospectra to be Featured in CannaInvestor Magazine’s September 2016 IssueBrittney Lewellen September 12, 2016 Heliospectra to be Featured in CannaInvestor Magazine’s September 2016 Issue2016-09-12T12:33:57+00:00 Top Micro-Cap News No Comment
(Gothenburg, Sweden & San Francisco CA, September 12, 2016) — Heliospectra AB (publ) (OTCQB: HLSPY) (FIRSTNORTH: HELIO), a world leader in intelligent lighting technology for controlled environments horticulture, is pleased to announce that it will be a featured company in the September 2016 issue of CannaInvestor Magazine.
Staffan Hillberg, CEO of Heliospectra, commented, We are proud that Heliospectra has been chosen as a featured company by CannaInvestor Magazine. Our patented cultivation solution, which is based on an ‘Internet of Things” real-time sensor system that “speaks” to the plant, is an example of the advanced technologies that are being increasingly adopted by growers in the cannabis sector, as well as growers of other plants and agricultural products around the globe.“
CannaInvestor Magazine is a monthly, subscription-based digital magazine with an exclusive focus on cannabis finance that delivers convenient insights on publicly-traded and privately-held cannabis companies through informative articles, company profiles, and market trends that inform and educate investors and attract inquisitive, highly engaged digital audiences around the globe.
The September issue and previous issues can be viewed by visiting http://www.cannainvestormag.com/.
About Heliospectra AB
Heliospectra AB (publ) (OTCQB: HLSPY) (FIRSTNORTH: HELIO) (www.heliospectra.com) specializes in intelligent lighting technology for plant research and greenhouse cultivation. The Company’s lighting system provides an effective and durable technology for cultivating greenhouse and indoor plants by combining several different groups of versatile light emitting diodes (LEDs) with optics, remote sensing techniques, and a robust heat dissipation solution. This proprietary setup gives growers the ability to control the intensity and wavelengths of the light emitted, creating a spectrum specifically adjusted to different plant species and growth stages to better facilitate photosynthesis. The complete, highly-engineered lamp produces crops that look better, taste better, and have a longer shelf-life than those grown under HID lamps. The technology not only reduces energy consumption by up to 50%, but also helps stimulate growth characteristics and improve plant quality. Other benefits include reduced light pollution, lower mercury use due to the avoidance of traditional HID/HPS bulbs, and less HVAC investment and monthly expense requirements.
Heliospectra products are based on in-depth knowledge in plant physiology and photosynthesis along with a unique way to utilize modern LED technology. After six years of development in Sweden, the company has now begun to expand into the international market. The company has raised more than $ 21 million in capital and has received more than $2.6 million through academic scholarships and grants. It has also received numerous awards for its forward thinking technology. Principal owners: Weland Steel www.welandstal.se, Swedish Industrial Fund www.industrifonden.se, Midroc www.midroc.se, Avanza Pension www.avanza.se.
Forward-Looking Statements
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
Investor Relations
Staffan Hillberg, CEO of Heliospectra |
+46 (0)708 36 59 44
staffan.hillberg@heliospectra.com
Michael Swartz, Senior Analyst | Viridian Capital Advisors, LLC | +1 212-333-0257 |
mswartz@viridianca.com
G&W is Heliospectra’s Certified Advisor for Nasdaq First North – www.gwkapital.se
malp, I noticed RB was down for "maintenance", but I don't know why. Do you have any new information on fpfx?
Sudden spike up at 1:15 ET
Your tax dollars at work:
A Message from the Secretary of Education to ITT Students
Dear ITT student,
"Today, ITT Educational Services, Inc. (ITT) announced that it is closing all of its ITT Technical Institute campuses. For most of the world, that news will be covered as a business story or a political one, but I know that for you it is deeply personal. You are probably wondering what this means for your future; how it is going to affect your finances and your ability to continue your education.
In recent years, ITT has increasingly been the subject of numerous state and federal investigations. In August, ITT’s accreditor, the Accrediting Council for Independent Colleges and Schools (ACICS) determined that ITT “is not in compliance, and is unlikely to become in compliance with [ACICS] Accreditation Criteria.” This came amid increasingly heightened financial oversight measures put in place by the Department over the past two years due to significant concerns about ITT’s administrative capacity, organizational integrity, financial viability, and ability to serve students.
The school’s decisions have put its students and millions of dollars in taxpayer-funded federal student aid at risk. Last week, the Department of Education took oversight actions to prevent ITT from continuing to add to that risk. When we made that decision, we did not take it lightly. One possible outcome of oversight actions is that a school may choose to close rather than take corrective actions, which can cause disruption and disappointment for current students. Ultimately, we made a difficult choice to pursue additional oversight in order to protect you, other students, and taxpayers from potentially worse educational and financial damage in the future if ITT was allowed to continue operating without increased oversight and assurances to better serve students.
We are committed to helping you as you consider next steps. Most immediately, you have two basic options to choose between:
If you are currently or were recently enrolled at ITT, you may be eligible to have your federal student loans for your program at ITT discharged. Your federal loan debt will be wiped away and you will have the option of restarting your education somewhere new. We will post and update information about how to receive a discharge at our ITT announcements page.
If you wish to continue and complete your program at a different school – especially if you are close to graduating – you may be able to transfer your credits. It is important to note that transferring your credits may limit your ability to have your federal loans discharged. Closed school discharge may be an option if you enroll in a different program that does not accept your ITT credits.
Both of these options have pros and cons, depending on your unique circumstances, so it is important that you consider your specific situation carefully. You can find some information to start with at our ITT announcements page. The Department’s Office of Federal Student Aid is ready to support you with resources and information, including through this website, and will be updating you with more information in the coming days and weeks.
Whatever you choose to do, do not give up on your education. Higher education remains the clearest path to economic opportunity and security. Restarting or continuing your education at a high-quality, reputable institution may feel like a setback today, but odds are it will pay off in the long run. There are people and tools – like our College Scorecard – out there to help you pick a program that gives you a real shot at success.
I am proud of your hard work and dedication, and we will do all we can to continue to provide information to you on your options.
Sincerely,
John B. King Jr., U.S. Secretary of Education"
http://blog.ed.gov/2016/09/message-secretary-education-itt-students/
Item 1.01 Entry into a Material Definitive Agreement.
On August 5, 2016, CSA Holdings Inc. (the "Company") entered into an amended and restated settlement agreement ("Settlement Agreement") with Daniel Williams. The settlement agreement provided for a cash payment of $575,000 to the Company to settle a dispute related to an IRS administrative action against the Company and Mr. Williams for federal taxes owed by the Company. The cash paid to Company will go to satisfy the IRS administrative action at a cost of approximately $300,000 plus undetermined interest and penalties. The remaining cash will be used by the Company for working capital purposes. The Company and Mr. Williams also agreed to a mutual release of claims subject to the following events occurring: (1) Mr. Williams making the $575,000 payment, (2) resignation of Mr. Williams from all position of the Company and its wholly-owned subsidiary – CSA, LLC, as CEO, President and Chairman of the Board or Manager, as the case may be, (3) repayment of certain loans previously made to the Company and (4) dismissal of the IRS administrative action.
A copy of the Settlement Agreement is filed as Exhibit 10.1 to this current report on Form 8-K and is incorporated herein by reference. The foregoing summary of the terms of the Amendment is qualified in its entirety by reference to Exhibit 2.2.
Item 5.01 Changes in Control of Registrant.
On August 5, 2016, three purchasers ("Purchasers"), entered into stock purchase agreements to acquire an aggregate of 50,000,000 shares of restricted common stock of the Company ("Shares") owned by Daniel Williams for an aggregate purchase price of $700,000. The Purchasers consisted of (1) Emil Assentato who purchased 43,571,429 of the Shares, (2) Silvestro Spilabotte, Jr. who purchased 2,142,857 of the Shares, and (3) 15E 30 West Street, LLC who purchased 4,285,714 of the Shares. The source of the funds for the consideration paid by Purchasers was personal funds with respect to Mr. Assentato and Mr. Spilabotte, Jr. and equity contributions from investors in 15E 30 West Street, LLC. Upon purchase of the Shares, Purchasers will beneficially own 50.19% of the voting securities of the Company as of August 5, 2016 .
The information set forth under Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 5.01.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with entry into the Settlement Agreement, Mr. Williams resigned as the Company's Chief Executive Officer, President and Chairman of the Board effective as of the April 18, 2016.
On February 12, 2016, the Board elected Jim Willett as a third member of the Board. Mr. Willett is a graduate of the University of Washington and served in the United States Navy from 1974-1982. Subsequent to his service, he worked for Merrill Lynch from 1982-1987. Since 1987, Mr. Willett has been a business owner acting most recently as the majority owner and Chief Executive Officer of The Yakima Company, a waste recycling company servicing southern California, including the City of Los Angeles. Mr. Willett retired from The Yakima Company in 2003. Mr. Willett is currently a party to Chapter 11 bankruptcy proceedings.
In addition, on August 9, 2016, the Board of Directors of the Company appointed Thomas Sciliano to the interim positions of President and Secretary of the Company until either the Company finds a replacement or Mr. Siciliano is permanently appointed to such positions. At this time, Mr. Siciliano will not receive any additional compensation for being named the interim President and Secretary of the Company besides his current compensation as COO of the Company. In 2015 Tom Siciliano joined Canna Security America (CSA) as their Chief Operation Officer. From 1995 – 2000 Tom worked as an SVP of Sales for Aramark Uniform Services. In 2001, Tom applied his skills at Integrity Associates, LLC as the Chief Operation Officer and SVP of Sales. Tom left Integrity Associates, LLC in 2012 and joined Classic Party Rentals as the Vice President for the Eastern United States until 2015.
With no reporting, it's difficult to know what, if anything, is going on with EKCS, but there has been a little nibbling of shares over the summer. The fact that the company is still around at all is the only encouraging thing long time investors have.
Golden Leaf Holdings Announces Preliminary Results for July 2016 - Oregon and Washington State Brands Report 15% Combined Monthly Sales Growth
TORONTO, ONTARIO--(Marketwired – August 11, 2016) – Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE:GLH), a leading cannabis oil solutions company built around recognized brands, today announced preliminary revenue results for July 2016 for the respective brands of the Company in Oregon and strategic partner, BMF Washington (“BMF”).
Oregon and Washington State Brand Revenue Update
Preliminary results show that combined brand sales for GLH and BMF in Oregon and Washington were estimated at US$1.6 million in unaudited revenue for July 2016, as compared to unaudited revenue of US$1.4 million for June 2016, representing a month-over-month increase of 14%.
GLH posted preliminary results for July 2016 showing US$914,000 in estimated and unaudited revenue as compared to US$891,000 (updated and revised from previously published number of US$923,000) in June 2016, representing a month-over-month increase of 2.6%. BMF’s July 2016 unaudited and estimated revenue in Washington State was US$728,665, a month-over-month increase of 35% from June 2016’s revenue of US$537,880.
GLH Contract Grow Update
In connection with the Company’s successful contract trim buying strategy, the first contract cannabis grow is underway and the harvest is anticipated to commence in October of 2016. GLH will leverage the supply agreement that dictates guidelines for grow conditions and strain types to obtain flower and trim for its portfolio of branded products. This strategic approach to sourcing raw materials reinforces the Company’s position as a leader in the industry and provides a cost effective method to support higher product margins and consistent, high quality supply to meet the market demand.
Don Robinson, GLH CEO commented, “We are looking forward to October 2016 and harvesting plants from our first contract grow. This strategic supply agreement is expected to help support our raw material requirements while ensuring only the highest level of quality and variety demanded by our consumers.”
About Golden Leaf Holdings:
Golden Leaf Holdings Ltd. is one of the largest cannabis oil and solution providers in North America. It's a leading cannabis products company in Oregon built around recognized brands. GLH leverages a strong management team with cannabis and food industry experience to complement its expertise in extracting, refining and selling cannabis oil.
For further information, please contact:
Paul Searle
Investor Relations, Golden Leaf Holdings Ltd.
T: 778.240.7724
E: pauljsearle@shaw.ca
Forward Looking Statements
Disclaimer: This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s future business operation, expectations of gross sales, the opinions or beliefs of management, and future business goals. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to general business, economic and competitive uncertainties, regulatory risks including risks related to the expected timing of the Company’s participation in the Adult Use market, market risks, risks inherent in manufacturing operations and other risks of the cannabis industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. Forward-looking information is provided herein for the purpose of presenting information about management’s current expectations relating to the future and readers are cautioned that such information may not be appropriate for other purpose. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Copyright © 2016 Golden Leaf Holding Ltd, All rights reserved.
Nice, but I suspect the CB connected financial elites are not through with anything PM related just yet. Until CB hegemony fails - and it will fail one day, markets will convulse on the bogus data of the day regardless of the truth about unlimited fiat currency.
To summarize: "Unbelievably" great job report causes PM's to tank on the increased likelihood of a rate increase in September, but the Dow, NASDAQ, and S&P all rally on the news it may cost more to borrow money to buy back their stocks. Sounds about right. Oh, and the VIX drops 8%.
Full court Central Bank Hegemony press today, and only your team must play by any rules!
Oh well, I suppose you can look at today as an opportunity to buy PM call options on the cheap for the next inexplicable interest rate walk back at the Fed meeting in September.
Don't you wish you too could have advance notice of the jobs report like most of the big PM sellers yesterday afternoon?
http://www.investing.com/economic-calendar/nonfarm-payrolls-227
Isn't the second quarter report after the close on August 10th?
Anyone know what happened in that last hour?
Forgotten, but not gone:
Eco-Safe to Receive Patent Rights on Septic-Pure System
Mon July 25, 2016 6:00 AM|Marketwire | About: ESFS
LOS ANGELES, CA -- (Marketwired) -- 07/25/16 -- Eco-Safe Systems USA, Inc. (ESFS) is pleased to announce that its application for patent for the Septic-Pure System has been allowed by the U.S. Patent and Trademark Office.
Michael Elliot, CEO of Eco-Safe Systems USA, Inc., said, "The patent application process for the Septic-Pure System was begun in March of 2012 and is just now reaching conclusion. Upon processing the final paperwork, 20 years of patent rights will be granted to Eco-Safe. According to U.S. Census statistics, there are nearly 25 million septic tanks in the United States, and prior to the development of the Septic-Pure system, there was no existing technology which could eliminate fecal coliform contamination of effluent released into the soil."
Elliot continued, "Studies have shown that the vast majority of the world will depend upon decentralized sewage treatment, or septic tanks, and whenever the population density is sufficiently great, disease-causing bacterial contamination will occur, which has been responsible for the likes of cholera epidemics. The need for Septic-Pure technology will grow for the foreseeable future."
About Eco-Safe Systems:
Eco-Safe Systems, based in Los Angeles, is the manufacturer of patent pending water treatment and water reclamation systems. Our technologies produce ozonated water for food disinfection and water purification at significantly less maintenance cost and greater energy savings than our competitors in a completely green and organic manner. We currently offer supermarkets and restaurants a cost-effective way to safely extend the shelf-life of meat, poultry, seafood, fruits and vegetables. All Food Industry products are National Sanitation Foundation, International (NSF) Registered. Please visit us at www.ecosafeusa.com for more information.
The foregoing contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Such forward-looking statements involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized.
Eco-Safe Contact: Michael ElliotCEOEco-Safe Systems USA, Inc.www.ecosafeusa.comEmail contact
http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?prid=11G107475-001&sourceType=1
Source: Eco-Safe Systems USA, Inc.
Heliospectra Receives Over Half a Million USD Order of LED Grow Lights GOTHENBURG, SWEDEN and SAN FRANCISCO, CA--(Marketwired - Jun 30, 2016) -
Heliospectra AB (publ) (OTCQB: HLSPY) (FIRSTNORTH: HELIO), a world leader in intelligent lighting technology for controlled environments horticulture, is proud to announce that an order valued at 0.54 MUSD (4.6 MSEK) has been received from a Fortune 500 Ag-Tech company located in the USA.
This order adds to a previous order from 2015 bringing the total light count to over 700 Heliospectra's high efficiency E60 LED grow lights. The customer chose to invest in Heliospectra LED grow lights for their greenhouses based on the high quality light output and overall product reliability. Greenhouse environments can be harsh on equipment, and other lights the buyer tried suffered failures and maintenance issues. This company is the first of its kind to transition their greenhouses from HID (e.g. High Pressure Sodium or Metal Halide) to LED. They are standardizing this transition with Heliospectra.
"With this latest sale we again receive proof that Heliospectra is a preferred supplier regardless if we are selling into the ag-tech, research, greenhouse, vertical farming or medical plant market. The Heliospectra brand stands for high quality products with superior performance and a system approach that allows the customer to upgrade their installation over time," says Staffan Hillberg, CEO of Heliospectra.
About Heliospectra AB
Heliospectra AB (publ) (OTCQB: HLSPY) (FIRSTNORTH: HELIO) (www.heliospectra.com) specializes in intelligent lighting technology for plant research and greenhouse cultivation. The Company's lighting system provides an effective and durable technology for cultivating greenhouse and indoor plants by combining several different groups of versatile light emitting diodes (LEDs) with optics, remote sensing techniques, and a robust heat dissipation solution. This proprietary setup gives growers the ability to control the intensity and wavelengths of the light emitted, creating a spectrum specifically adjusted to different plant species and growth stages to better facilitate photosynthesis. The complete, highly-engineered lamp produces crops that look better, taste better, and have a longer shelf-life than those grown under HID lamps. The technology not only reduces energy consumption by up to 50%, but also helps stimulate growth characteristics and improve plant quality. Other benefits include reduced light pollution, lower mercury use due to the avoidance of traditional HID/HPS bulbs, and less HVAC investment and monthly expense requirements.
Heliospectra products are based on in-depth knowledge in plant physiology and photosynthesis along with a unique way to utilize modern LED technology. After six years of development in Sweden, the company has now begun to expand into the international market. The company has raised more than $ 21 million in capital and has received more than $2.6 million through academic scholarships and grants. It has also received numerous awards for its forward thinking technology. Principal owners: Weland Steel www.welandstal.se, Swedish Industrial Fund www.industrifonden.se, Midroc www.midroc.se, Avanza Pension www.avanza.se.
Forward-Looking Statements
The statements in this press release constitute forward-looking statements within the meaning of federal securities laws. Such statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, technical advances in the industry as well as political and economic conditions present within the industry. We do not take any obligation to update any forward-looking statement to reflect events or developments after a forward-looking statement was made.
CONTACT INFORMATION
Investor Relations:
Staffan Hillberg
CEO of Heliospectra
+46 (0)708 36 59 44
staffan.hillberg@heliospectra.com
Michael Swartz
Senior Analyst
Viridian Capital Advisors, LLC
+1 212-333-0257
mswartz@viridianca.com
G&W is Heliospectra's Certified Advisor for Nasdaq First North - www.gwkapital.se
www.heliospectra.com
I hope we get to see a lot of spit-take videos from the coming "Katy bar the door" moment when CB hegemony finally fails.
The financial elites of the world would like you to sell your long gold or silver positions today, and to convince you of the urgency, they will be confidently and ruthlessly selling, at the lowest price possible, PM paper contracts which can never, and will never, be delivered thanks to the ostensibly endless supply of newly created fiat to be supplied as necessary from their friends and cohorts at the CB's of the world. It's for your own good of course.
GOLDEN LEAF HOLDINGS LTD. ANNOUNCES THE COMPLETION OF FIFTH TRANCHE OF PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURES
TORONTO, ONTARIO -- July 14, 2016 – Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE:GLH), is pleased to announce the closing of the fifth tranche of its previously announced private placement of convertible senior unsecured debentures of the Company (the “Debentures”) which were issued at a price per Debenture of C$1,000, for aggregate gross proceeds of approximately C$500,000 (the “Offering”). This tranche is expected to be part of a total of C$2.1 million to be invested by insiders. The insider participants are purchasing the Debentures at the same convertible note price of C$0.67 that was part of the initial closing.
Combining previous tranches and this round of funding, a total of approximately C$8.775 million has been raised, with insiders subscribing for C$4.397 million. The Company intends to use the net proceeds of the Offering for operational and working capital purposes.
The Debentures and underlying common shares will be subject to a statutory hold period in Canada of four months plus one day from the closing date pursuant to Canadian securities laws. The securities mentioned herein have not been and will not be qualified by prospectus for sale to the public under applicable Canadian securities laws and will be subject to transfer and selling restrictions in certain jurisdictions, including the United States and Canada.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
About Golden Leaf Holdings:
Golden Leaf Holdings Ltd. is one of the largest cannabis oil and solution providers in North America. It's a leading cannabis products company in Oregon built around recognized brands. GLH leverages a strong management team with cannabis and food industry experience to complement its expertise in growing, extracting, refining and selling cannabis oil.
For further information, please contact:
Paul Searle
Investor Relations, Golden Leaf Holdings Ltd.
T: 778.240.7724
E:pauljsearle@shaw.ca
Disclaimer: This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s future business operation, expectations of gross sales, the opinions or beliefs of management, and future business goals. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to general business, economic and competitive uncertainties, regulatory risks including risks related to the expected timing of the early roll out of oils and edibles, market risks, risks inherent in manufacturing operations and other risks of the cannabis industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. Forward-looking information is provided herein for the purpose of presenting information about management’s current expectations relating to the future and readers are cautioned that such information may not be appropriate for other purpose. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Copyright © 2016 Golden Leaf Holding Ltd, All rights reserved.
CD, it's so irrational there's no explanation other than shameless manipulation by the financial elites who are able to do so simply because they are ultimately backstopped by the evil empire of central banks around the world.
For the 999th time, here goes the CB backed paper gold and silver slam down one more time! It's good to be king of the printing press!
Golden Leaf Holdings Ltd. Announces Q2 2016 and June 2016 Preliminary Results for Oregon and Washington State Brands
TORONTO, ONTARIO--(Marketwired – July 12, 2016) – Golden Leaf Holdings Ltd. ("GLH" or the "Company") (CSE:GLH), a leading cannabis oil solutions company, today announced preliminary revenue results for Q2 2016 and June 2016 for the respective brands of the Company in Oregon and strategic partner BMF Washington (“BMF”).
GLH Oregon Revenue Overview
Preliminary results show that GLH generated US$3,011,000 in estimated and unaudited revenue for Q2 2016 as compared to unaudited revenue of US$2,476,688 for Q1 2016, representing a quarter over quarter increase of 21.5%.
The Company posted preliminary results for June 2016 showing UD$923,000 in estimated and unaudited revenue as compared to US$1,067,000 (updated and revised from previously published number) in May 2016, representing a month over month decrease of 13.5%. GLH sold all of the products that it produced in the month of June.
GLH experienced lower than anticipated revenue in June 2016 due to a variety of unexpected challenges. The Company is developing plans to address these variables as shown below:
Issue Proactive Response
Production obstacles, including cash constraints that impacted trim and flower purchases, trim quality issues and product testing delays from 3rd party vendors made it more challenging to source material inputs and produce product in a timely manner. GLH is leveraging cash from current convertible debenture funding to fulfill raw material requirements. The Company has developed a strategic trim supply agreement program focused on contracting with selected farmers to obtain low cost supply of high quality flower and trim with specific strain and genetic characteristics. GLH purchased new testing equipment to ensure the quality of trim and efficiency of testing timelines. The Company is building relationships with testing vendors to effectively manage testing bottlenecks.
The Oregon cannabis market saw slower than expected recreational consumer adoption of oils and extracts. The concept of using a vape pen for delivery and usage of marijuana is still relatively new for the average recreational user. The Company is working with dispensaries to provide merchandising tools that educate the consumer on the benefits of cannabis oil and new delivery systems.
The retail buying process at medical marijuana dispensaries, including effective purchasing and supply chain management is still evolving. Not all dispensaries stocked the appropriate inventory to meet new recreational consumer demand. Dispensaries are becoming more familiar with customers buying behavior, but room for improvement exists with raising the level of sophistication as it relates to inventory management and regular purchasing patterns. GLH is working closely with dispensary customers to help manage stock levels and ordering cycles.
Don Robinson, Chief Executive Officer of GLH, commented, “While June 2016 Oregon sales results were lower than expected, we were encouraged by the strong sell through of all available inventory produced. We were also pleased with the positive consumer response to the relaunch of the Golden brand and the new product launch of Private Stash. Our sales and marketing team worked with dispensaries across the state to not only introduce new products but new merchandising tools that elevated the consumers’ shopping experience and increased brand awareness.”
BMF Washington Revenue Overview
Preliminary results show that BMF generated US$1,370,445 in estimated and unaudited revenue for Q2 2016 as compared to unaudited revenue of US$904,359 for Q1 2016, representing a quarter over quarter increase of 51.5%. BMF’s June 2016 unaudited and estimated revenue in Washington state was US$537,880, a month over month increase of 13% from May 2016 of US$475,457.
About Golden Leaf Holdings:
Golden Leaf Holdings Ltd. is one of the largest cannabis oil and solution providers in North America. It's a leading cannabis products company in Oregon built around recognized brands. GLH leverages a strong management team with cannabis and food industry experience to complement its expertise in extracting, refining and selling cannabis oil.
For further information, please contact:
Golden Leaf Holdings Ltd. Investor Relations:
Paul Searle
T: 778.240.7724
E:pauljsearle@shaw.ca
Disclaimer: This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s future business operation, expectations of gross sales, the opinions or beliefs of management, and future business goals. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to general business, economic and competitive uncertainties, regulatory risks including risks related to the expected timing of the Company’s participation in the Adult Use market, market risks, risks inherent in manufacturing operations and other risks of the cannabis industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. Forward-looking information is provided herein for the purpose of presenting information about management’s current expectations relating to the future and readers are cautioned that such information may not be appropriate for other purpose. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Copyright © 2016 Golden Leaf Holding Ltd, All rights reserved.
Uh-oh! It's beginning to look like someone at the Fed is going to have to authorize some more paper. The PPT may be running low after today.
I hope you're right, CD, but the day is young and the CB proxy, the PPT, will be furiously working throughout the day to counteract the supremacy of real money (as gold and by extension, silver, was recently characterized by former Fed Chairman, Alan Greenspan).
ALL HEAR THIS: Bogus employment report slam-fest! Risk-on until further notice! All hands on deck, prepare the boat for PM opportunities!
The main onslaught actually started much earlier, but those were just two presumably irrational drops in price for the last bastion of real money in a corrupt financial world. Maybe I need a vacation. That's what my wife says, anyway.
Gold and silver paper will be circling the bowl all day today as the PPT feverishly dumps its huge load of stinking CB fiat financed crap into the financial elite's rigged commodity futures sewer. Notable movements took place at 4:45AM and 5:06AM as the endless supply of paper was given an oversized full tank flush into the markets. (The PPT has little use for water saving toilets with good reason when flushing so much paper) One does have to wonder what they're going to do if their magic latrine clogs and all that excrement comes flowing back at them.
It's looking like a very good day, to end a very good week for PMs, but I have a hard time believing the financial elites and their minions at the central banks of the world will go gentle into that good night. Enjoy the day, but brace for the coming battles.
Global Stocks Rebound, US Futures Jump On Expectation Of "Coordinated Intervention By Central Banks"
http://www.zerohedge.com/news/2016-06-28/global-stocks-rebound-us-futures-jump-expectation-coordinated-intervention-central-b
This Is What Draghi Said To Spark Speculation Of Another Global Central Bank Bailout
http://www.zerohedge.com/news/2016-06-28/what-draghi-said-spark-speculation-another-global-central-bank-bailout