Company Sees Revenues Up 127% Year Over Year
Holistic Earth Remedies LLC, Acquisition Has Generated $85-90K Annually in the Past Two Years and Will Add to Fiscal 2018 Revenues
CAVE CREEK, AZ , Jan. 23, 2018 (GLOBE NEWSWIRE) -- Endexx Corporation (OTC PINK: EDXC), a provider of innovative phytonutrient-based food and nutritional products, today announced financial and operational highlights for the full year ended September 30, 2017.
The Company is pleased to report another record sales year for fiscal 2017. For the full year ended September 30, 2017, the Company generated $501,606 in sales, representing a 127% increase compared to the full year ended September 30, 2016. Gross profit was $289,142 for full year ended September 30, 2016, up 433% as compared to the full year ended September 30, 2016. Operating loss was $(223,754), down 71% as compared to the full year ended September 30, 2016, which contributed to the Company’s ability to reduce its operating expenses by 40%. Net loss for the full year ended September 30 was ($585,517), down from ($776,660) as compared to the full year ended September 30, 2016.
Fourth Quarter 2017 Milestones and Updates:
- Announced new cannabidiol (CBD)-infused pain relief products, Maggie's Mist© and Maggie's Balm©, 100% organic, with premium CBD
- Showcased Phyto-Bites at the 4th Annual SuperZoo Show 2017
- Engaged Eventus Consulting, P.C., to assist with the completion of preparing accounting records for the current audit and to facilitate final preparations for the SEC registration and filing
- Sponsored “Athletes for Care” at the Cannabis World Congress and Business Exposition and the 3rd Annual Southwest Cannabis Conference & Expo, demonstrating the Company’s commitment in developing sustainable health solutions for athletes
CEO Todd Davis said, "2017 was an exciting year for Endexx. We successfully expanded our footprint and continued to reinforce the strength of our product launch strategy. From an industry perspective, we created additional exposure at industry conferences and within communities that not only recognized our leadership in the CBD space but also our commitment in setting the standards for high-quality therapeutic value for our customers. We plan on providing over 40 SKUs of various categories, over the next fiscal year, with the goal of making CBD Unlimited a recognizable brand for delivering the best CBD hemp oil and CBD infused products. In November 2017, we acquired Holistic Earth Remedies LLC, a therapeutic topical delivery systems company, to immediately capture 20% increase in revenues. This revenue producing acquisition has generated $85-90K annually in each of the past two years and will continue to add to our top line growth going forward. Heading into fiscal year 2018 we also expect to continue growing even more aggressively, through the quality of our relationships, networks, distributor and partners, and to build long-term shareholder value.”
About Endexx
Endexx, with its collaborative partners and consultants, develops and distributes two consumable product lines derived from industrial hemp, which is organic and naturally rich in phytocannabinoids. Phyto-Bites®, is its CBD-infused soft chews for dogs. The dog treats are formulated to promote health and support the reduction of separation anxiety, pain and inflammation. The company also has two technology products and services that launched in 2014 -- the M3hub and the Autospense™. Both products provide essential solutions to promote regulatory compliance and full accountability through "seed to sale" inventory management and, an "End of Sale" technology integration. Based on principles developed by the pharmacological industry, the m3hub platform is the first standardized software solution for tracking pharmaceutical grade products that maintains compliance with federal, state and local regulations. It is intended to provide a smooth transition to eventual federal mandates. The Autospense™ is a commercial grade inventory control and dispensing device that provides up-to-the-minute accounting details and ensures both product and patient security. By automating the dispensing process, Autospense™ increases productivity and reduces shrink and costs for retailers, while enhancing their service quality by reducing transaction time for customers. Websites include: www.cbdunlimited.com, www.endexx.com, www.phytobites.com.
Safe Harbor Notice
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.