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Toronto, Ontario--(Newsfile Corp. - May 2, 2022) - 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, 2021.
The Company generated record sales of $17.7 million with Adjusted EBITDA of $4.4 million for the fiscal year ended December 31, 2021 across 73 acres of cultivation capacity, representing an increase of 43% over the same period in 2020.
Year-to-Date Financial Results
Achieved record sales of $17.7 million for the fiscal year ended December 31, 2021, a 15% increase over $15.4 million realized in the prior-year period.
Generated Adjusted EBITDA of $4.4 million for the fiscal year ended December 31, 2021, compared to $6.5 million realized in the prior-year period.
The complete audited consolidated financial statements and associated Management's Discussion and Analysis are available under the Company's profile at www.sedar.com.
Fiscal 2022 Crop Update:
"We look forward to a robust 2022 growing season. GR1, our 36 Acre Medley Range, is now in full swing with an additional packing line commissioning in the next couple of months. GR2, our Beef Steak Range, begins full production within the next week. The range is now stable with a full complement of competent labour and seasoned management, and we expect yields, revenues, and EBITDA at our GR2 Range to return to normalized annual levels," said Vincent Narang, Chief Executive Officer of Green Rise.
Mr. Narang further added, "The shipping at the Company's GR1 Range, started last month, on 27 Acres of Medley and 9 Acres on Piccolo varieties. The alignment to full Medley production for 2022 at GR1 provides focus to our staff and labour as well as a high-demand product under contract pricing, adding greater certainty to our yields, revenues, and return to shareholders."
The Company continues to monitor its labor and input costs and resulting inflationary pressures. Costs to date are as budgeted.
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 products 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, bee-pollinated fresh produce using less water than field-grown produce. The Company is proud that its first range is EFI (Equitable Food Initiative) certified.
For further information, please contact:
George Hatzoglou, Chief Financial 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/122448