LOS ANGELES, Nov. 19, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- NUGL Inc. (OTC: NUGL) (the “Company”), a technology and multimedia platform for the cannabis industry, is pleased to announce it has posted 9/30/2019 quarterly financials. The financials show a strong foundation for the company’s operations. The company has not taken on additional debt from investors, and the company is paying for its growth with sales revenues.
“We see continued improvement in the financial position of the company. Operating expenses have decreased by 21% compared to Q2. Cash used in operating activities has decreased and improved by 27%. The company has not utilized available credit lines in the quarter and is operating on company revenues,” stated Tom Bouse, CFO of NUGL Inc.
NUGL Inc. boasts 3 publications, a software application on Apple and Android, a PodCast, and digital marketing assets that all have been generating revenues. “Right now, the industry is going through an adjustment period. The stock market is down, and private business in the cannabis space is still evolving. It is natural for any young industry to go through these peaks and valleys. NUGL is well-positioned with redundant revenues and access to the mainstream markets so we are not dependent on any one thing or any one industry, which is why we continue to gain market share, expand our offering and grow during these down cycles,” stated CJ Melone, CEO of NUGL.
NUGL is attending the MJ BIZ Con event in Las Vegas from December 11 to December 14. The company will be distributing its first NUGL Money Magazine to be presented in Issue #4 of NUGL Magazine. NUGL Money will be covering topics related to the cannabis stock market, international markets, and current cannabis financials topics. NUGL Money will also have a digital presence on nuglmagazine.com.
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Forward-Looking Statements
Certain statements in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, operating expenses or net earnings; projections of growth; and assumptions relating to the foregoing. Such forward-looking statements are generally qualified by terms such as: "plans", "anticipates," "expects," "believes" or similar words of like kind. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or qualified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking information. These factors are discussed in greater detail in the company's business plan and filings with the OTC Markets Group.
Contact Information:
Website: www.nugl.com
Email: info@nugl.com
Phone: (714) 383-9982