- Geyser Brands recently announced the TSX Venture Exchange’s conditional approval of its acquisition of Solace Management Group
- One of Solace Management Group’s most noteworthy assets is Apawthecary Pets – a line of hemp-based pet treats, salves and oral drops available for purchase throughout Canada
- Geyser also presented its financial results for the eight months ended in March 31, 2019, as well as providing several strategic milestones that will be determining for the growth and stability of the company in the future
Global science-led consumer health care company Geyser Brands Inc. (TSX.V: GYSR) recently announced that it was ready to move forward with a major strategic acquisition following its conditional approval by the TSX Venture Exchange. In a press release issued on August 6, 2019, the company said that it expects to complete the acquisition of Solace Management Group Inc. by the end of the month, subject to the terms of the definitive agreement (http://cnw.fm/e6Rq5).
Once the transaction is completed, Geyser Brands will have access to Solace’s brands and assets, which include the popular Apawthecary Pets line of products. Apawthecary Pets is a leading, natural and hemp-based range of pet treats with formulations for human-grade pet treats, salves and oral drops. The company’s pet products are available throughout stores and vet clinics in Canada.
Solace’s product portfolio features 23 products and 57 SKUs for both pet products and consumer health care goods. All of the products are made with organic, cold-pressed and unrefined hemp seed oil extract.
Geyser’s important announcements did not end there. Previously, the company presented its financial results for the eight months ended March 31, 2019 (http://cnw.fm/4Wa6M). “We are pleased with our progress in the first eight months since completing the RTO. Our subsidiary, 0957203 B.C. Ltd. dba Apothecary Botanicals, through its strong management, has been successful in bringing its facility to GMP-compliant standards for manufacturing and processing and in obtaining Health Canada licensing for Cultivation and Standard Processing,” Geyser CEO Andreas Thatcher said in a news release.
The financial report features a couple of important highlights that stand as evidence of Geyser’s growth. As of March 2019, the company’s total assets reached $4,890,422, in comparison to $4,504,411 as of July 31, 2018. Total shareholders’ equity reached $3,843,153 (from $3,405,399 in July 2018).
During the reporting period, Geyser completed equity financing that resulted in total proceeds from private placements of $2,015,140, as well as $76,500 from exercise of warrants. Geyser intends to use the proceeds from the financing for the completion of capital projects, potential acquisitions, research and development, commercialization of manufacturing capabilities and working capital purposes.
Finally, Geyser also announced its filing of amended and restated unaudited condensed consolidated interim financial statements for the three- and six-month periods ended January 31, 2019.
The restated interim financials and the corresponding management discussion can both be accessed via the company’s profile on SEDAR. The restated January interim financials replace and supersede previously filed January interim financials.
Geyser Brands works on the development of hemp-based consumer products in the nutraceutical, cosmetics, food and beverage and pet sectors. The company has an international presence, and it owns a Health Canada-approved licensed producer in Port Coquitlam, British Columbia, that has cultivation and processing licenses and is in anticipation of receiving research and development and sales licenses.
For more information, visit the company’s website at www.GeyserBrands.com
NOTE TO INVESTORS: The latest news and updates relating to GYSR are available in the company’s newsroom at http://cnw.fm/GYSR
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