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CENTR Brands Corp. - Corporate Update
January 16, 2020 8:00 AM EST | Source: CENTR Brands Corp.
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2020) - CENTR Brands Corp. (CSE: CNTR) (FRA: 303) (the "Company") announced today its financial results for the quarter ending November 30, 2019. Selected financial information for the quarter is set forth below (with the full financial statements for the quarter and the related management's discussion and analysis ("MD&A") available under the Company's SEDAR profile at www.sedar.com):
| Description | Three months ended Nov 30, 2019 | Period of Sep 17, 2018 to Nov 30, 2018 |
| Revenue | $160,234 | $ - |
| Expenses | $1,060,137 | $66,493 |
| Net and comprehensive loss for the period | ($944,803) | ($66,493) |
| Total assets | $1,044,503 | $475,668 |
| Total liabilities | $365,976 | $41,686 |
| Net loss per share | ($0.02) | ($0.05) |
*All amounts reflected in Canadian dollars
The Company is also pleased to announce that it proposes to conduct a non-brokered private placement financing (the "Financing") and expects Paul Meehan, Board member and Chairman of the Company, and other Board members to participate in the Financing. A total of up to 1,100,000 common shares of the Company will be issued under the Financing at $.50 per share, without warrants or other finders fees. The net proceeds from the Financing are intended for general working capital purposes. The Company expects to close the Financing on or before February 1, 2020.
About CENTR Brands Corp. CENTR Brands Corp. develops and markets non-alcoholic beverages. The Company's initial focus is on the creation and launch of a global brand for the cannabidiol (CBD) infused beverage market. The Company's first product, named CENTR, is a sparkling, low-calorie, CBD beverage.
For further information, contact Joseph Meehan at 1.604.733.1514.
On behalf of the Board,
CENTR BRANDS CORP.
Joseph Meehan, Chief Executive Officer
This news release may contain certain "Forward-Looking Statements" within the meaning of applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the completion of the Financing and the participation by certain directors of the Company. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51555