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Toronto, Ontario--(Newsfile Corp. - April 26, 2021) - Green Rise Foods Inc. (TSXV: GRF) ("Green Rise" or the "Company") is pleased to announce the release of its consolidated financial results for the year ended December 31, 2020. Detailed results and Management's discussion and analysis are now available on SEDAR.
The highlights as at December 31, 2020 are as follows:
The Company earned revenues of $15.4 million as compared to $13.7 million for the year ended December 31, 2019 ("2019") and generated earnings from operations in the amount of $2.6 million as compared to $0.9 million for 2019;
The Company generated $6.5 million of Adjusted EBITDA as compared to $4.2 million for 2019 and $6.0 million of cash flow from operations as compared to $3.3 million for 2019;
Net income for the year amounted to $0.9 million as compared to a $2.2 million loss for 2019. The prior year results included a one-time listing expense of $2.3 million related to the closing of the Transaction;
On August 27, 2020, the Company repurchased 14,974,133 of its common shares for the purposes of cancellation at a cost, including expenses, of $1.8 million. The Company used cash on hand to repurchase the common shares;
On December 23, 2020, the Company announced the acquisition of the net assets of Mor Gro Farms Inc. ("Mor Gro"), a 22 acre greenhouse range located on a 57 acre farm in Kingsville, Ontario for a purchase price of $15.5 million. The acquisition was funded using cash on hand and a first mortgage of $13 million on the property. The acquisition has increased the company's fresh produce cultivation capacity by 60%. The Company successfully closed this acquisition on February 1, 2021;
The company was named to the 2021 Venture Top 50 list. The TSX Venture 50 is an annual ranking of the top 50 performing listed companies from five industry sectors: Clean Technology and Life Sciences, Diversified Industries, Energy, Mining and Technology. This selection is based on year over year performances across three equally weighted criteria being: (1) Market capitalization growth; (2) Share price appreciation and (3) trading volume for the year ended December 31, 2020.
"I am very pleased to report to our shareholders that 2020 was a record year for our financial results. We closed out the year by acquiring another greenhouse range, which will help drive the Company's financial growth for 2021. I want to thank our employees, leadership team and business partners for making the success in 2020 possible," stated Vincent Narang, the Company's Chief Executive Officer.
ABOUT GREEN RISE
Green Rise is a grower of fresh produce with 73 acres of greenhouse ranges located in Kingsville, Ontario. Poised to be the "best-in-class" contract grower of fresh produce, the Company takes pride in providing high-quality, consistent and reliable product to meet the growing consumer demand for locally grown fresh produce. By leveraging innovative growing solutions and embracing technology, Green Rise seeks to optimize its operations to generate improved product quality, expand profit margins, and provide investors with meaningful and growing returns. The company is proud to be an environmentally sustainable investment, producing locally grown, pesticide-free, bee-pollinated fresh produce using 90% less water. The company is proud that its first range is EFI (Equity Food Initiative) certified.
For further information, please contact:
Vincent Narang, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of applicable securities laws. Any such forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "plans" and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. The statements in this news release are made as of the date of this release. Green Rise undertakes no obligation to update any such forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on any such forward-looking statements. Green Rise undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Green Rise or their respective financial or operating results or (as applicable), their securities.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81636