Revenues $11,072,809, up 64% vs. June 2021
TORONTO, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Captor Capital Corp. (CSE: CPTR; FRANKFURT: NMVA; STUGGART: NMVA), (“Captor” or the “Company”), is pleased to announce today the release of its Unaudited Condensed Interim Consolidated Financial Statements and MD&A for the three months ended June 30, 2022. In the quarter, revenues from the sale of cannabis at the Company’s California dispensary network were $11,072,809, with the Company recording a gross profit of $3,844,775. Revenues from cannabis sales were up $1,975,606 (22%) from the previous financial quarter.
Financial Statement Highlights
On a quarter-by-quarter basis, revenues continue to increase. During the three months ended June 30, 2022, the Company recorded revenues of $11,072,809 from the sale of cannabis at its retail dispensaries compared to $9,097,203 in the previous quarter and $6,779,946 during the three months ended June 30, 2021.
Corporate Objective and Strategy
On June 21, 2022, the board of directors initiated a process to identify, examine and pursue strategic alternatives to the Company’s current business. (the “Strategic Review”). Brady Cobb, a cannabis industry veteran, has been named as the interim chairman of the board of directors, effective July 1, 2022, to oversee the leadership of the Company and the Strategic Review process with an eye towards maximizing operational efficiencies and charting the most accretive path forward to maximize shareholder value. The strategic alternatives being pursued include the potential sale of all or a material portion of the Company’s 51% equity interest in CRG, either in one transaction or in a series of transactions, with the net proceeds being paid out through dividends to the shareholders of the Company on a pro-rated basis.
On July 18, 2022, the Company announced that it entered a binding letter of intent (the “LOI”) dated July 15, 2022, with UK-based Rimstock Holdings Limited (“Rimstock”) in respect of a proposed business combination pursuant to which the Company will acquire 64.11% of Rimstock in exchange for share capital in the Company and cash considerations, which will result in the reverse takeover of Captor Capital by Rimstock (the “Transaction”). The Company is currently working towards completing the Transaction with Rimstock and will continue to review other strategic investments.
Effective August 29, 2022, the Board of Directors of Captor Capital has accepted the resignation of Alex Spiro. “Mr. Spiro has played a critical role in the continuing development and success of the Company. We want to thank him for his time and dedication to advancing the Company’s goals”, Brady Cobb, Chairman.
Additional information relating to the Company’s filing is available on SEDAR at www.sedar.com and in the Company’s Unaudited Financial Statements and in the Management’s Discussion and Analysis for the Quarter Ended June 30, 2022.
About Captor Capital Corp.
Captor Capital Corp. is a Canadian vertically integrated cannabis company listed on the Canadian Securities Exchange, and the Frankfurt and Stuttgart stock exchanges. Captor provides recreational cannabis products to consumers, as well as other high demand cannabis-based goods. The Company follows a strategy of acquiring cash flowing established companies and organizations with growth potential that require capital to scale.
Captor Capital Corp.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to availability of investment opportunities, economic circumstances, market fluctuations and uncertainties, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, and the other risks involved in the investment industry and junior capital markets. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.