Green Rise Foods Inc. Announces Third Quarter Financial Results
Toronto, Ontario--(Newsfile Corp. - November 3, 2020) - Green Rise Foods Inc. (TSXV: GRF) ("Green Rise" or the "Company") is pleased to announce the release of its consolidated financial results for the quarter and nine-months ended September 30, 2020. Detailed results and Management's discussion and analysis are now available on SEDAR.
The highlights are as follows:
The Company earned revenues of $12.6 million ($11.3 million for the nine-months ended September 30, 2019) and generated earnings from operations of $3.4 million for the nine-months ended September 30, 2020 ($1.6 million for the nine-months ended September 30, 2019).
The Company generated $6.0 million of EBITDA for the nine-months ended September 30, 2020 ($4.0 million of EBITDA for the nine-months ended September 30, 2019) and $4.4 million of cash flow from operations ($3.5 million for the nine-months ended September 30, 2019)
On August 27, 2020, the Company repurchased 14,974,133 of its common shares for the purposes of cancellation at a cost, including expenses of $1.8 million. The Company used cash on hand to repurchase the common shares.
Between August 31, 2020 and September 1, 2020, the Company announced its new CFO and management appointments that, along with the CEO form the core team to lead the Company to continue to manage its current farm and future greenhouse operations. All members of this core team have purchased shares in the Company and along with the Company's directors received options as part of the 2,050,000 options granted on August 28, 2020. The option grant provides long term incentives for the Company's board, officers and management to further drive the Company performance over the next 5 years.
"On behalf of the executive team and our Board of Directors, I would like to thank all of our employees and trusted partners for their continued hard work and delivery of world class produce. I am looking forward to this continued discipline and execution 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.
For further information, please contact:
Vincent Narang, Chief Executive 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67430