LiveWire Ergogenics Reports Second Quarter 2020 Results and Prepares for Full Operation on Paso Robles Ranch Property

Anaheim, CA, Aug. 17, 2020 (GLOBE NEWSWIRE) -- LiveWire Ergogenics Inc. (OTC: LVVV), a company focused on acquiring and managing special purpose real estate properties conducive to producing the highest-quality, organically-grown and handcrafted cannabis products for medicinal and recreational use in California, today announced its financial results for Q2 ending June 30, 2020.

During the quarter ending June 30, 2020, sales amounted to $180,500, an increase of of 28% over the previous quarter in 2020. Revenues in the first two quarters of 2020 do not reflect revenues generated through GHC Ventures. The three and six months revenue for 2019 has been adjusted retroactively to $17,980 to reflect that revenues for GHC Ventures are not being recognized in our financial reporting based on the sale of GHC Ventures, and its treatment as a discontinued operation.

For the quarter ending June 30, 2020 net income was $747,815 compared to an adjusted loss of $400,691 for the quarter ending June 30, 2019, an increase of $1,148,506, or 286%. The increase in net income is attributed to the elimination of non-cash expenses for impairment of capitalized licenses in connection with the sale of GHC Ventures and the appropriate retroactive adjustments, a decrease in operating expenses and a gain on derivatives. Stock based consulting expenses decreased to $0.

The Company still maintains a minority ownership position in GHC Ventures until all payment obligations from the buyer have been received, which allows LiveWire to continue ultizing its network of clients to continue to grow revenue moving forward.

The detailed Financial Report for Q2 2020 can be downloaded at OTC Markets
https://backend.otcmarkets.com/otcapi/company/financial-report/255252/ ...

Bill Hodson, CEO of LiveWire Ergogenics states, “The acquisition of Estrella Ranch in Paso Robles California in 2019, has successfully positioned LiveWire’s operation at one of the most beautiful and historic locations in California, with a unique microclimate, perfect for growing exceptional organic and handcrafted-style cannabis. The Company’s goal is to develop the world’s first ‘Estate Grown Weedery’ on Estrella Ranch for the cultivation of a cannabis product unique to the environment and establishing high-quality recognized brands Nationwide. The Estrella Ranch business model will allow us to dynamically and economically scale the business on this vast acreage with easily expandable outdoor and indoor growing areas, as required by market demand.”