HYTN Reports Q1 Financial Results for the Quarter Ending Dec 31, 2021
Vancouver, British Columbia. HYTN Innovations Inc. (“HYTN” or the “Company”) (CSE: HYTN) is pleased to report unaudited Q1 financial results(the “Q1 Results”) for its operating subsidiary, HYTN Beverage Corp. (“HYTN Beverage”), for the quarter ended December 31, 2021 (“Q1”).
The Q1 Results demonstrate HYTN’s path to commercialization as HYTN Beverage generated total sales of $212,581 during the Q1. This swift path to revenue was achieved as a direct result completion of the Company’s Kelowna, BC-based manufacturing facility and rapid license approvals from Health Canada, including a Cannabis Standard Processing Licence, both of which occurred during Q1 .
“With the completion of the recently announced reverse take-over and associated business combinations discussed in our February 18, 2022 news release, we are optimistic about our company’s simplified balance sheet, focused strategic vision and revenue trajectory as we progress into Q2,” said Elliot McKerr, HYTN CEO. “We encourage stakeholders to review our Listing Statement posted to SEDAR on February 18, 2022 and specifically the pro forma financial statements contained therein, which reflect the results of our recently completed business combinations.”
HYTN Beverage’s unaudited condensed consolidated financial statements and related management's discussion and analysis for the three months ended December 31, 2021 are available on www.SEDAR.com.
About HYTN Innovations Inc.
HYTN formulates, manufactures, markets, and sells premium cannabis goods. With the mission to be the leading provider of consistent, natural, and delicious cannabis products, HYTN focuses its efforts on identifying category opportunities and takes an innovative approach to delivering elevated cannabis experiences to a discerning customer base.
Please visit www.hytn.life for more information or contact:
Chief Executive Officer
HYTN Investor Relations
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, including, but not limited to, statements regarding the Company’s optimism about its simplified balance sheet, focused strategic vision and revenue trajectory as its progresses into Q2. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development and results of the Company’s business include, among other things: the Company's ability to generate sufficient cash flow from operations to meet its current and future obligations; the Company's ability to access sources of debt and equity capital; competitive factors, pricing pressures and supply and demand in the Company’s industry; general economic and business conditions; and the effects and impacts of the COVID-19 pandemic, the extent and duration of which are uncertain at this time, on the Company's business and general economic and business conditions and markets. Any statements that are not statements of historical fact are deemed to be forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and, except to the extent required by applicable law, the Company assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether as a result of new information, future events, or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary note.