Anaheim, CA, Nov. 18, 2019 (GLOBE NEWSWIRE) -- LiveWire Ergogenics Inc. (OTC: LVVV), a health and wellness company with a focus on special purpose real estate acquisitions and the licensing and management of high-end and permitted facilities for the production of cannabis-based products and services in California, announces its Financial Report for the third quarter of 2019.
Bill Hodson, CEO of LiveWire Ergogenic states, ”The cannabis market is ever-changing and complex. While a flood of investment has entered the market over the last two years based on overly optimistic projections, questionable market analysis and unproven business models, these expectations are now being hit by the reality of a still unconventional business, complicated by the typical growing pains of a rapidly emerging new industry. With the industry now set to explode, companies must begin scrutinizing their operations for inefficiencies and evaluate what works and what doesn’t. In other words, “doing it right”; a principle that LiveWire has been trying to follow strictly for the last two years, supporting the momentum of this new and promising industry, which according to some industry experts is expected to reach $80 Billion by 2030.”
Hodson continues, “Our acquisition of the Estrella Ranch property in Paso Robles, California in June 2019, propelled us into the next stage of the company’s business plan to become one of the first truly vertically integrated and high-end cannabis companies in California. Cultivation and nursery operations will be located in the heart of central California in Paso Robles and supported by the Company’s statewide cannabis distribution license. This will provide the basis for an economically advantageous central operation for all of our activities and the development of high-quality brands in cooperation with our strategic partners.”
“To capitalize on the increasing market demand, we have positioned ourselves as the world’s first Estate Grown Weedery at Estrella Ranch and will produce only the highest quality Craft Cannabis in a unique microclimate, which we consider the farm of the future. We know consumers will appreciate the family-farm style of locally produced artisanal cannabis products, and that’s why we support the appellation model to establish designations-of-origin, similar to the wine industry, as our strategy to create a unique, profitable and sustainable business.”
“Setting up a central hub for our operations at the Ranch in Paso Robles in the heart of California wine country with 11 designated appellations, and “doing it right”, requires extensive environmental research and compliance with complex legal requirements on a local and State basis. Despite this very involved and resource intense process, we have begun generating modest revenue over the last two quarters and have improved our balance sheet considerably. We are not only accelerating the build-out of our Weedery, but also taking aggressive measures to increase revenue throughout the company, while being very conscious about economical use of working capital, improving our asset base, keeping our overhead low and staying focused on return of investment for our family of investors. We will provide you with progress reports over the next few weeks,” Hodson added.
Results for the three, and nine months period of 2019:
Revenue
During the three months ended September 30, 2019 sales of our products and services increased to $184,200 from $17,790 in the same period in 2018, an increase of $166,410. For the nine months period ending in September 2019 sales increased to $603,382 compared to $34,534 in the same period in 2018 an increase of $568,848.
Gross Profit
For the quarter ended September 30, 2019 our gross profit increased to $177,240 compared to a gross profit of ($27,119) for the quarter ended September 30, 2018, an increase of $204,359.
Net Income
During the the quarter ended September 30, 2019 we incurred net income of $94,749 compared to a loss of ($1,717,712) in the same quarter 2018, an increase of $1,812,461 in net income.
Assets
The Company’s current assets of $3,081,048 exceeds the current libailities by $539.570 as of September 30, 2019.
As announced earlier, the Company has applied for and has been granted multiple cannabis operational licenses from local and State authorities, including a state-wide distribution license from the California Bureau of Cannabis Control and has conducted the biological and legal research for its initial cultivation license, and is currently completing all necessary compliance requirements for the full operation on the Paso Robles Ranch. Negotiations with several third-party operators are close to conclusion and the Company will keep you updated on all crucial developments over the next few weeks and months.
About LiveWire Ergogenics Inc.
LiveWire Ergogenics, Inc. (LVVV) specializes in identifying and monetizing current and future trends in the human and veterinary health and wellness industry. The Company is focused on acquiring, managing and licensing specialized “closed loop” turnkey cannabis real estate locations of fully compliant and permitted turnkey facilities to produce cannabis-based products and services in California and the state-wide distribution of these products. This includes verification of zero pesticide products for quality brands via its “7X Pure” Cannabis Verification System, the development, licensing and distribution of legal and high-quality cannabinoid-based products and services and the creation of the high-quality "Estrella Weedery" brand. LiveWire Ergogenics does not produce, sell or distribute products that are in violation of the United States Controlled Substance Act. For more information, please visit: LiveWireErgogenics.com
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, the Company's Social Media postings and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
LIVEWIRE ERGOGNEICS, INC
LIVEWIRE ERGOGENICS INC.
1600 North Kraemer Blvd.
Anaheim, CA 92806
714-740-5144
www.livewireergogenics.com
info@livewireergogenics.com
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Download the Financial Report here: https://backend.otcmarkets.com/otcapi/company/financial-report/234891/content
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