VANCOUVER, British Columbia, Dec. 30, 2022 (GLOBE NEWSWIRE) -- PlantX Life Inc. (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) ("PlantX" or the "Company"), the digital face of the plant-based community, operating a one-stop shop for plant-based products, announces the filing of its interim financial statements, associated management's discussion, and analysis and related officer certifications for the six-month period ended September 30, 2022 (the “Q2 Filing”). The Q2 Filing is available under the Company's SEDAR profile at www.sedar.com.
Highlights For the Six Months ended September 30,2022
The gross revenue for the six months ended September 30, 2022, was $ 8,869,579 (September 2021 (restated); $4,707,259).
The cost of goods sold for the six months ended September 30, 2022, was $ 5,542,113 (September 2021 (restated); $ 2,864,039).
The net loss for the six months that ended September 30, 2022, was $ 8,964,219 (September 2021; $17,824,500).
Cease Trade Order
As the Company has filed the Interim Filings, together with the filing of its audited annual financial statements for the year ended March 31, 2022, along with its associated management discussion and analysis and related officer certifications (collectively with the Interim Filings, the "Required Filings"), the Company intends to make an application to the British Columbia Securities Commission (the "BCSC") for a full revocation of the "failure to file" cease trade order issued by the BCSC on October 18, 2022 (the "CTO"), as a result of the Company's failure to file the Required Filings before the prescribed deadlines. Trading is expected to resume on the Canadian Securities Exchange shortly after the revocation of the CTO. The Company is now current with all regulatory financial statement filings.
About PlantX Life Inc.
As the digital face of the plant-based community, PlantX's platform is the one-stop shop for everything plant-based. With its fast-growing category verticals, the Company offers customers across North America more than 5,000 plant-based products. In addition to offering meal and indoor plant deliveries, the Company currently has plans underway to expand its product lines to include cosmetics, clothing and its own water brand – but the business is not limited to an e-commerce platform. The Company uses its digital platform to build a community of like-minded consumers and, most importantly, to provide education. Its successful enterprise is being built and fortified on partnerships with the top nutritionists, chefs and brands. The Company eliminates the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.
The Company website is http://investor.PlantX.com/.
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may," "will," "expect," "likely," "should," "would," "plan," "anticipate," "intend," "potential," "proposed," "estimate," "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, the revocation of the CTO by the BCSC and the resumption of trading of the common shares on the Canadian Securities Exchange.
By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate; that assumptions may not be correct; and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. For a detailed description of applicable risks, please see risk factors described more fully in the Company's filings which have been filed on SEDAR.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
For additional information, please contact:
Lorne Rapkin
Chief Executive Officer
Lorne@PlantX.com
416-419-1415
