Vancouver, British Columbia--(Newsfile Corp. - September 24, 2022) - CENTR Brands Corp. (CSE: CNTR) (FSE: 303) (OTCQB: CNTRF) (the "Company") (CENTR®, or CENTR Instant), one of the fastest-growing premium functional wellness drink brands in North America, today announced its audited financial results for the year ended May 31, 2022. Selected comparative financial information is set forth below with the full financial statements for the year and the related management's discussion and analysis available under the Company's SEDAR profile at www.sedar.com. All amounts are expressed in United States Dollars, unless otherwise stated:
|
Description |
Year Ended May 31, 2022 |
Year Ended May 31, 2021 |
|
Net sales |
1,853,902 |
762,547 |
|
Net income (loss) and |
484,939 |
(14,257,039) |
|
Basic and diluted earnings (loss) per share |
0.01 |
(0.22) |
(1) For the year ended May 31, 2022, net income and comprehensive income includes a non-cash gain of $5,879,278 for the revaluation of warrants as a liability for accounting purposes.
(2) For the year ended May 31, 2021, net loss and comprehensive loss includes non-cash losses of $8,014,811 for the revaluation of warrants as a liability for accounting purposes and $2,240,873 for the vesting of restricted share units.
"We continue to be excited about CENTR's leadership in the high-growth sparkling CBD beverage category. We expect to continue to deliver solid results and best-in-class performance as this category continues to evolve and activate in additional markets throughout the U.S," said Company CEO, Arjan Chima. "We look forward to CENTR's continued growth within the CBD sparkling water category. Additionally, we are excited at the tremendous growth prospects with the launch of CENTR Enhanced, the Company's first non-CBD product meeting consumer demand in the high-growth, multi-billion-dollar functional beverage market, which will be available to consumers throughout North America later this calendar year. "We continue to be pleased with the strong, triple-digit, growth rates CENTR has been achieving year-over-year and look forward to similar growth as CENTR evolves beyond CBD into a leading supplier in the life-style oriented functional wellness market," said Company President & CFO, David Young.
About CENTR Brands Corp.
CENTR Brands Corp. is one of North America's leading functional wellness beverage companies, and maker of the #1 selling CBD beverage brand in the United States, according to Brightfield Research. The Company develops and markets non-alcoholic, functional ingestibles for the global market. The Company produces CENTR, CENTR Sugar Free, both sparkling, low-calorie CBD beverages and CENTR Instant, a family of on-the-go, adaptogen-based CBD powders.
For more information on CENTR Brands visit findyourcentr.com or contact us at media@findyourcentr.com. Be sure to follow us on social media: @findyourcentr. Consumers that do not yet have a local CENTR Brands retailer can visit our online store at: findyourcentr.com/shop.
On behalf of the Board,
CENTR BRANDS CORP.
/s/ Arjan Chima
Arjan Chima, Chief Executive Officer
This press release may contain "Forward-Looking Statements" within the meaning of applicable Canadian securities laws. Forward-looking statements are not comprised of historical facts. Forward- looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's intentions regarding its objectives, goals or future plans and statements, including with respect to the value proposition the Company offers to consumers, the Company's ability to capitalize on global health & wellness trends, its ability to grow revenue opportunities and improve returns to its shareholders, the Company's positioning in the emerging health beverage market and the Company's ability to drive sustainable, industry-leading growth. 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/138371
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