Green Rise Capital Corporation Announces Second Quarter Financial Results and Appointment of New Chief Financial Officer

Toronto, Ontario--(Newsfile Corp. - August 31, 2020) - Green Rise Capital Corporation (TSXV: GRF), doing business as Green Rise Foods ("Green Rise" or the "Company") is pleased to announce the release of its consolidated financial results for the quarter and six months ended June 30, 2020. Detailed results and Management's detailed discussion and analysis are now available on SEDAR.

The highlights are as follows:

  • The Company earned revenues of $6.0 million ($5.4 million for the six-months ending June 30, 2019) and generated earnings from operations of $1.5 million for the six-months ending June 30, 2020 ($1.0 million for the six-months ending June 30, 2019).

  • The Company generated $2.4 million of EBITDA for the six-month period ending June 30, 2020 ($2.0 million of EBITDA for the six-month period ending June 30, 2019).

  • The Company ended the quarter with $1.1 million of net cash.

  • Subsequent to the second quarter, on August 27, 2020, the Company repurchased 14,974,133 of its common shares for the purposes of cancellation at a cost of $1.7 million. The Company used cash on hand to repurchase the shares.

Green Rise is also pleased to announce that it has appointed Mr. George Hatzoglou as Chief Financial Officer, effective August 31, 2020, in replacement of interim Chief Financial Officer Rick Paolone, who will remain on the Company's board of directors.

With this new addition to the Company's executive leadership team, George brings nearly 22 years of financial experience in accounting and financial control in the Agriculture and Banking Industry Segments in both private and public sectors.

George is a CPA, CA. He obtained his Honours Bachelor of Commerce at McMaster University in 1998. He spent his first seven years at PricewaterhouseCoopers in the audit and assurance practice. From 2005 to 2018, he served in various accounting, finance and technology roles at BMO and in 2018, he joined Triple A Cheese as their Chief Financial Officer.

"On behalf of the executive team and our Board of Directors, I would like to thank Rick for his continued dedication to Green Rise and his interim tenure as CFO. I would also like to take this opportunity to welcome George on behalf of the Company and its Board, and I am looking forward to having his financial experience as we move the Company forward," said Vincent Narang, Chief Executive Officer of the Company.

ABOUT GREEN RISE

Green Rise is a grower of fresh produce with a producing, 51-acre greenhouse on its 81-acre farm located in Leamington, 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.

Contact Information

For further information, please contact:

Green Rise
Vincent Narang, Chief Executive Officer
Phone: 416-294-2881
E-mail: vnarang@greenrisecapital.ca

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62900

info