LAS VEGAS and VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) — TAAT® GLOBAL ALTERNATIVES INC. (CSE: TAAT) (OTCQX: TOBAF) (FRANKFURT: 2TP) (the “Company” or “TAAT®”) today announced its financial results for the three-month period ended July 31, 2022, its Fiscal Third Quarter of 2022 (referred to herein as “FQ3 2022”). A selection of highlights from the Company’s FQ3 2022 mandated filings is provided below. All monetary figures reported herein are in Canadian dollars unless specified otherwise.
TAAT® Fiscal Third Quarter 2022 Highlights
- Revenue of $17,473,223 resulting in a Gross Profit of $567,404 based on $16,905,819 as the Cost of Goods Sold;
- Growth of Total Assets to $23,383,865 reflecting an increase of 48.77% from the previous quarter, inclusive of $5,698,895 in Accounts Receivable and $5,119,919 in Inventory (showing growth of 233% and 131%, respectively, from the previous quarter);
- The Company’s acquisition of ADCO Distributors, Inc. (formerly a wholly-owned subsidiary of HLND Holdings, Inc.) successfully closed in May 2022, fortifying the Company’s portfolio of operations in the United States; and
- TAAT® steadily grew its retail footprint in specific geographies through strategic store and chain placements as well as regional advertising initiatives targeting adult smokers.
Complete disclosure of TAAT®’s FQ3 2022 performance including financial results and Management Discussion and Analysis (“MD&A”) can be found on the Company’s profile on SEDAR (http://www.sedar.com).
TAAT® Chief Executive Officer Michael Saxon commented, “I am very pleased with our results for FQ3 2022, as they reflect the many steps we have taken to fortify the financial landscape of the Company as an integrated innovator, manufacturer, and distributor of tobacco alternatives, legacy convenience offerings, and other emerging product categories. We continue to strategically commercialize TAAT® as a category-creator, which is now sold in thousands of stores between our U.S. and U.K. footprints, including placements in major convenience and gas chains. Together with our CFO Joel Dumaresq, we will be hosting the TAAT® FQ3 2022 earnings call at 4:30 pm (Eastern) on Wednesday, September 21, 2022, and we look forward to providing further details as well as answering questions from our investors.”
The Company is hosting an earnings call after today’s market hours led by Chief Executive Officer Michael Saxon and Chief Financial Officer Joel Dumaresq. Information regarding the event is listed below. After the conclusion of the event, a full recording will be made available on the Company’s YouTube channel.
Time and Date: 4:30 pm (Eastern) / 1:30 pm (Pacific) Wednesday, September 21, 2022
Duration: Approximately One Hour
Readers using news aggregation services may be unable to view the FQ3 2022 earnings call registration link originally published in this press release. Readers who cannot see the link above can access the version of this press release containing the link on the Company’s website or filed on SEDAR.
On behalf of the Board of Directors of the Company,
TAAT® GLOBAL ALTERNATIVES INC.
Michael Saxon, CEO and Director
For further information, please contact:
TAAT® Investor Relations
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.
About TAAT® Global Alternatives Inc.
TAAT® develops, manufactures, and distributes alternative products in categories such as tobacco, hemp, kratom, and other emerging CPG segments. Its flagship product is a nicotine-free/tobacco-free combustible with a patent-pending base material formulation, sold in several thousand U.S. stores. With over CAD $80 million in overall gross revenue annually, TAAT®’s facilities include an operations centre in Nevada, as well as a distribution centre and multiple convenience stores in Ohio.
For more information, please visit http://taatglobal.com.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “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 in this news release includes statements regarding the anticipated performance of TAAT® in the tobacco industry, in addition to the following: Successful completion of the earnings call scheduled to take place at 4:30 pm (Eastern) on Wednesday, September 21, 2022, anticipated ongoing and future performance of the Company, potential outcomes following the Company’s FQ3 2022 performance. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes to the growth and size of the tobacco markets; (iii) changes to the regulatory landscape applicable to the Company’s business; and (iv) other factors beyond the control of the Company. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or guarantees can be made as to the effects of the Company’s products on an individual’s health and well-being. The Company’s products are not intended to diagnose, treat, cure, or prevent any disease.
This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by the Company with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with the Company is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.
Statement Regarding Third-Party Investor Relations Firms
Disclosures relating to investor relations firms retained by TAAT® Global Alternatives Inc. can be found under the Company’s profile on http://sedar.com.