Radient Technologies Inc. Releases First Quarter 2021 Financial Results - Seite 2

 

Following the traction on the first shipment of Cannabis 2.0 products in the high-end concentrate market in BC, Radient was in receipt of additional purchase orders from three provinces with more orders expected in the coming quarters. Radient will be making follow up announcements as it builds its brand and capabilities in this specific market.

Fiscal Q1 Summary

• Revenues generated in the quarter of $42,435 reflected the significantly reduced operations that was impacted due to the shutdown of manufacturing activities at the plant and reduced staff. As of late June 2020, the plant had been restarted on a reduced operational basis to execute on the shipment of orders to Shoppers and roll out of Cannabis 2.0 products with Premium 5.
   
• Net loss of $5,431,086 compared to $6,350,972 the previous year. Radient continues to restructure its operations by a combination of cost reductions and deferring construction initiatives in Edmonton and Germany. Radient is also looking at various options to restructure its liabilities and will provide guidance on such measures to the market as it becomes available.

The management's discussion and analysis for the period and the accompanying financial statements and notes are available under the Company's profile on SEDAR at www.sedar.com.

About Radient

Radient Technologies is a commercial manufacturer of high-quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary extraction and downstream processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Please visit www.radientinc.com for more information.

SOURCE: Radient Technologies Inc. For further information please contact:

Radient - Investor Relations, [e-mail]

Forward Looking Information:
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company’s business operations; the Company’s financial results; the Company’s ability to complete the construction of facilities and expected timing thereof; the various uses of the Company’s facilities; the growth of the cannabis market; the Company’s product offerings; the Company’s ability to grow its business in the cannabis sector and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward- looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “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 is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update any forward-looking information, except in accordance with applicable securities laws.