Company Sees Revenues Up 107% Year-Over-Year and Up 18% Sequentially Driven by High Demand for its CBD Product Line
CAVE CREEK, AZ, Aug. 16, 2018 (GLOBE NEWSWIRE) -- Endexx Corporation (OTC PINK: EDXC), a provider of innovative phytonutrient-based food and nutritional products, is pleased to report record sales growth for its third quarter of fiscal 2018. For the three months ended June 30, 2018, the company generated over $220,000 in sales, representing an increase of 107% year-over-year and 18% sequential increase quarter-over-over.
Third Quarter 2018 Milestones and Updates:
- Endexx acquired Go Green Global Enterprises to secure an international hub in Jamaica, for distribution of its CBD-based products to key markets that include Canada, Europe, South and Central America and the Caribbean.
- The Company launched a new and improved formula for its best-selling Phyto-Bites® product made available for both cats and dogs and formulated to promote health and support the reduction of separation anxiety, pain and inflammation.
- Endexx introduced its upgraded AutoSpense™ technology to blue chip retail operators to showcase its inventory control and automated dispensing system.
CEO Todd Davis commented, “Our third quarter of fiscal 2018 generated another record-breaking quarter, which we saw a 107% year-over-year increase in our core revenues. During that time, we successfully acquired Go Green Global which owns a 49.9% stake in a Jamaican farming and distribution operation helping us to establish a vertical market to grow, process, transport, dispense, sell, and export its entire array of products, both current and future. This summer we also demonstrated our new AutoSpense™ system to S&P 100 retailers. The product has been well received and is positioned to secure significant orders in the coming quarters.”
About Endexx
Endexx, with its collaborative partners and consultants, develops and distributes two consumable product lines derived from industrial hemp, which is organic and naturally rich in phytocannabinoids. Phyto-Bites® is its CBD-infused soft chews for dogs. The dog treats are formulated to promote health and support the reduction of separation anxiety, pain and inflammation. The company also has two technology products and services that launched in 2014 – the m3hub and the AutoSpense™. Both products provide essential solutions to promote regulatory compliance and full accountability through “seed to sale” inventory management and an “end of sale” technology integration. Based on principles developed by the pharmacological industry, the m3hub platform is the first standardized software solution for tracking pharmaceutical-grade marijuana that maintains compliance with federal, state and local regulations. It is intended to provide a smooth transition to eventual federal mandates. The AutoSpense™ is a commercial-grade inventory control and dispensing device that provides up-to-the-minute accounting details and ensures both product and patient security. By automating the dispensing process, AutoSpense™ increases productivity and reduces costs for marijuana retailers, while enhancing their service quality by reducing transaction time for customers. Websites include: www.cbdunlimited.com,www.endexx.com and www.phytobites.com.
Safe Harbor Notice
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements.