CALGARY, Alberta , July 29, 2019 (GLOBE NEWSWIRE) -- (TSXV/CSE:TCI) Target Capital Inc. d.b.a. CBi2 Capital (“CBi2” or the “Company”) is pleased to provide a summary of its financial results for the financial year ended March 31, 2019.
Selected financial information is outlined below and should be read in conjunction with the Company’s audited consolidated financial statements and management’s discussion and analysis for the financial year ended March 31, 2019, which are available on SEDAR at www.sedar.com.
Financial Highlights
The following table summarizes key financial highlights associated with the Company’s financial performance.
| March 31, 2019 $000s | March 31, 2018 $000s | ||
| Revenues | 593 | 704 | |
| Expenses | 1,417 | 3,880 | |
| Net Loss | 931 | 3,301 | |
| Total Assets | 3,489 | 3,638 | |
| Total Liabilities | 115 | 105 | |
| Total Shareholders’ Equity (Deficit) | 3,374 | 3,533 |
The Company also announces the resignation of William Macdonald from the board of directors of the Company effective July 26, 2019. The Company thanks Mr. Macdonald for his contributions.
About CBi2 Capital
The Company continues to explore and evaluate strategic alternatives to enhance shareholder value. The Company currently has 106.7 million common shares outstanding and 59.2 million common share purchase warrants with an exercise price of $0.10 and a current cash balance of approximately $2.8 mm. The Company also has an estimated current non-cash working capital balance of approximately $600,000 and holds 833,333 in common shares of YSS Corp., a publicly listed cannabis retail operator. The Company’s existing revenue base from its private company fees is expected to fund a material portion of the Company’s annual operating costs. The Company’s common shares are listed on the TSX Venture Exchange and the Canadian Securities Exchange under the trading symbol “TCI”.
For additional information please contact:
Sonny Mottahed
President and Chief Executive Officer
Phone: 403.351.1779
Email: info@cbi2.com
Forward-Looking and Cautionary Statements
This news release may include forward-looking statements including the Company’s objectives, opinions and assumptions. When used in this document, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements.
The forward-looking statements are founded on the basis of expectations and assumptions made by the Company. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized.
Any number of important factors could cause actual results to differ materially from those in the forward -looking statements including, but not limited to: regulatory and third party approvals not being obtained in the manner or timing anticipated; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the medical marijuana market and the recreational marijuana market; government regulations, including future legislative and regulatory developments involving medical and recreational marijuana; competition from other industry participants; and other factors more fully described from time to time in the reports and filings made by the Company with securities regulatory authorities.
Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.