NutraLife Biosciences Inc. Company Update
Coconut Creek, Florida--(Newsfile Corp. - August 28, 2019) - NutraLife BioSciences, Inc. (NLBS):
To our Shareholders,
Since we were founded in 2010 by Edgar Ward, we have evolved into a branded and private label developer, manufacturer, and distributor of a wide range of nutraceutical, wellness, and CBD products.
We have evolved into an FDA registered manufacturer of top tier nutraceuticals and Cannabinoid products and are positioning ourselves to strengthen our competitive position. While our business has evolved over the years, our guiding principle has remained the same - to provide our customers with effective, high-quality nutraceutical products that carry the advantage of our enhanced delivery systems.
We started with three nutraceutical spray products in 2010. Since then, the Company has evolved into an FDA registered manufacturer of a wide range of life science products that include seventeen (17) different core formulations with over 50 different variations. Our products include:
Cannabinoid-rich hemp oil derived from industrial hemp
Nutraceutical Sprays and Tinctures with CBD as an added ingredient
Topical lotions and oils applied directly to the skin
Cosmetics and Skin Care
Pet products as a dietary supplement
All-natural effective insect repellent
- In November of 2018, our wholly-owned subsidiary Precision Analytic Testing Inc. (PAT) began providing bulk material, analytical, identity, potency, and purity testing of raw industrial hemp. In May of 2019, PAT acquired additional testing equipment known as the Waters Alliance, a historically favored instrument in the pharmaceutical industry that offers proprietary software that ensures accurate and precise results.
- In January of 2019, our wholly-owned subsidiary NutraDerma acquired the patent for a natural dermal skin patch that is designed to prevent mosquito and other insect bites. In June of 2019, the manufacturing of the first patches was completed, and we received our first order in August.
- In February of 2019, our wholly owned subsidiary PhytoChem Technologies, Inc. acquired the exclusive rights to commercialize certain technology for the extraction of CBD from hemp in North America, South America and the Caribbean. In May of 2019, with this technology, the first prototype of what is known as the Ennea processor was created and sent to us. The prototype has garnered gentle, efficient, and quality results. In July of 2019, manufacturing of the first commercial Ennea commenced, and we expect to receive delivery of the first unit in October of 2019. We believe that we will offer the purest and highest concentration of CBD available in today's market.
- In March of 2019, we changed our name to NutraLife BioSciences, Inc. to reflect our expanding operations.
- In March of 2019, we received two licenses from the state of Wisconsin to grow and process industrial hemp. In June of this year, we planted our first crop of 20,000 Phytocannabinoid rich (PCR) hemp plants on 10 acres in Wisconsin and expect to harvest the crop in late September-early October 2019. We plan to process the bulk hemp product using the Ennea and extract the CBD for in house use and resale.
- In June of 2019, Governor Ron DeSantis legalized the sale of CBD products in the state of Florida following legalization under the Farm Bill, which thereby eliminated the uncertainty surrounding the sale of CBD and hemp products in Florida, where we have our manufacturing operations.
2019 Financial Results
Our revenues increased from $225,293 in 2016 to $1,790,168 and $3,711,327 in 2017 and 2018, respectively. For the six-months ended June 30, 2019, the Company had revenues of $1,439,226, and assets of $5,060,480. Banking regulations have limited the ability of companies in the CBD industry to open bank accounts and process financial transactions, which has caused us to lose a customer. This resulted in a decrease in revenue in the 2nd quarter of 2019. We believe our customer relationships remain strong, and our clients in the CBD industry are locating solutions to their inability to open bank accounts. In addition to cultivating ongoing relationships with established clients, we have taken other measures to mitigate the impact that our customers' banking disruptions have on our business, including securing payment processing options for our company's B-B and B-C transactions. With the legalization of industrial hemp at the federal level due to the Farm Bill, and in many states, including Florida and Wisconsin, we expect banking regulations to ease the limitations placed on CBD and hemp companies.
This communication contains statements of a forward-looking nature about NutraLife BioSciences, Inc. ("NutraLife" or the "Company"). These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as "may," "will," "except," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. References to the Company's financial statements are summaries and you should not rely on summaries contained in this communication. The Company's financial statements are available for review at www.sec.gov. The Company has based these forward-looking statements largely on the Company's current expectations and projections about future events and financial trends that the Company believes may affect the Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate, or that the Company's plans will be successful. All forward-looking statements in this press release are based on information available to the Company on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors are set forth in the Company's filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the Section entitled "Risk Factors," in the Company's Annual Report on Form 10-Q for the quarter ended June 30, 2019 filed with the Securities and Exchange Commission on August 19, 2019. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company's management to predict all risk factors, nor can the Company assess the impact of all factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statements. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applies.
NutraLife BioSciences, Inc.
6601 Lyons Road, Suite L-6
Coconut Creek, FL 33073
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