TAAT Provides Overview of Fiscal 2022 Financial Results

LAS VEGAS and VANCOUVER, British Columbia, March 24, 2023 (GLOBE NEWSWIRE) -- TAAT GLOBAL ALTERNATIVES INC. (CSE: TAAT) (OTCQX: TOBAF) (FRANKFURT: 2TP) (the “Company” or “TAAT”) is pleased to provide a summarized update of its performance during the Company’s fiscal year 2022 (12-month period ended October 31, 2022). For more information, please refer to the Management Discussion and Analysis and Consolidated Financial Statements for the Years Ended October 31, 2022 and 2021 documents, which can be found under the Company’s profile on SEDAR (www.SEDAR.com).

TAAT Fiscal Year 2022 Highlights (all monetary figures are listed in Canadian dollars unless specified otherwise)

• Sequential annual revenue growth from $2,560,721 to $42,535,944 (cost of goods sold $1,655,360 and $38,794,122 for each respective period), inclusive of convenience wholesale revenues from ADCO Distributors, Inc. (“ADCO”) for the period of approximately 5.5 months between May 20, 2022 and October 31, 2022;
  
• Successful acquisition of ADCO (announced in a press release dated May 20, 2022), an Ohio-based convenience and tobacco wholesaler established in 1960; and
  
• Appointment of Michael Saxon (former Altria Group and Philip Morris International leader) as the Company’s Chief Executive Officer (announced in a press release dated June 20, 2022).
  

Additionally, further to its press releases dated March 1, 2023 and March 15, 2023, the Company has now filed its audited annual financial statements for the year ended October 31, 2022, the related management's discussion and analysis and CEO and CFO certifications on SEDAR (www.SEDAR.com).

TAAT Chief Executive Officer Michael Saxon commented, “Fiscal 2022 was a pivotal year for the Company, and our financial results reflect that with a significant increase in revenue. The combination of our branded products (TAAT and Jayvees) along with our distribution subsidiary (ADCO), provides us with more diverse revenue streams so that we can further invest in the Company’s businesses. On behalf of the management team, we thank shareholders for their continued support, and we are excited to further discuss these results during our Annual General Meeting (‘AGM’) on Monday.”