CALGARY, Nov. 28, 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 quarter ended September 30, 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 quarter ended September 30, 2019, which are available on SEDAR at www.sedar.com and the Company’s website at www.cbi2.com.
Financial Highlights
The following table summarizes key financial highlights associated with the Company’s financial performance.
| September 30, 2019 $000s | September 30, 2018 $000s | ||
| Revenues | 332 | 238 | |
| Expenses | 598 | 676 | |
| Net Loss | 266 | 438 | |
| Total Assets | 3,197 | 3,878 | |
| Total Liabilities | 181 | 86 | |
| Total Shareholders’ Equity | 3,016 | 3,792 |
Update on Investment in Intev Technologies, LLC.
Intev Technologies LLC is advancing the commercialization of their debut consumer product, the Zepto product line, and the initial public launch is anticipated in the coming months. The Zepto vaporizer is a patented, luxury, sleek personal vaporizer device and pod system. It boasts ground breaking features, including wireless recharging and smart button technology, giving the user superior control of the device. Its modular design is adaptable for use with other manufacturers' e-liquid pods, establishing it as an industry leader in market adoption, resiliency, portability and consumer convenience. Learn more at www.zeptovape.com.
Approval of Incentive Stock Option Plan and Grant of Options
On November 27, 2019 the Board of Directors of the Company approved an Incentive Stock Option Plan (the “Plan”). The Plan is intended to assist in retaining and engaging the directors, officers and any future employees of the Company and to provide additional incentive to these individuals for their efforts on behalf of the Company. The Plan allows the Company to issue total stock options of up to 10% of the issued and outstanding common shares of the Company, on a non-diluted basis. The Plan has been conditionally approved by the TSX Venture Exchange, subject to the formal approval of the Plan by the shareholders of the Company at the next annual general meeting.
In conjunction with this approval, effective November 27, 2019 the Company issued a total of 5,500,000 options to officers and directors of the Company with an exercise price of $0.05. These options are fully vested and expire on November 27, 2024. This grant is subject to final regulatory and shareholder approval.
About CBi2 Capital
Target Capital Inc. d.b.a. CBi2 Capital, is a Calgary, Alberta based company executing on a cannabis focused investment strategy, where it intends to develop and manage a diversified portfolio of predominantly early stage cannabis investment opportunities. 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. Statements relating to Intev's brands, products, business, strategies, expectations, planned operations or future actions, including a go-public transaction involving Intev, the performance of Intev's business and operations, the competitive conditions of the industry in which Intev operates and the competitive advantages of Intev and Intev's future product offerings are deemed to be forward-looking statements.
The forward-looking statements are founded on the basis of expectations and assumptions made by the Company, including expectations and assumptions concerning Intev. 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. Without limitation, these risks and uncertainties include: the parties being unable to obtain the required stock exchange and regulatory approvals; the possibility that licenses to use certain brands or trademarks will be terminated, challenged or restricted; failure to maintain consumer brand recognition and loyalty of customers; substantial and increasing U.S. and Canadian regulation and uncertainty related to the regulation and taxation of vaporizer products; reliance on relationships with wholesalers and retailers for distribution of products and failure to maintain strategic business relationships, including brand partnerships; intense competition, including from illicit sources; uncertainty and continued evolution of markets; product liability litigation; the scientific community's lack of information regarding the long-term health effects of electronic cigarettes, vaporizers and e-liquids; reliance on information technology; infringement on intellectual property; failure to benefit from partnerships or successfully integrate acquisitions; exchange rate fluctuations; adverse U.S., Canadian and global economic conditions; sensitivity of end-customers to increased sales taxes and economic conditions; failure to comply with certain regulations; departure of key management personnel or inability to attract and retain talent; risks associated with the e-cigarette, vaporizer and e-liquid industry in general; actions and initiatives of federal, state and provincial governments and changes to government actions, initiatives and policies and the execution and impact thereof; import/export and research restriction; and the size of the global e-cigarette and vaping market.
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.