EARTHRENEW ANNOUNCES Q2 2022 FINANCIAL RESULTS
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES/
CALGARY, AB, Aug. 29, 2022 /CNW/ - EarthRenew Inc. (CSE: ERTH) (OTCQB: VVIVF) ("EarthRenew" or the "Company"), along with its wholly-owned subsidiary, Replenish Nutrients Ltd. ("Replenish"), are pleased to announce Q2 financial results highlighting strong product demand and revenue growth.
- Replenish delivered record revenues in the first half of 2022 on the back of strong product demand stemming from favourable weather conditions and market fundamentals.
- The Company generated quarter-to-date and year-to-date revenues of $7.0 million and $10.1 million, respectively, compared to $1.4 million in the prior year.
- The Company is on track to double annual fertilizer revenue in fiscal 2022 while revenue guidance remains unchanged at $27 million with approximately 50% of second half forecasted revenues committed as of the date of this release.
"We continue to be encouraged by the strong demand for our products in central and northern Alberta and foresee continued strong demand and revenue growth in the coming quarters." stated EarthRenew CEO, Keith Driver.
Replenish Nutrients delivers leading regenerative fertilizer solutions to support a farm system that puts healthy soils and grower profitability back on the table. By combining Canadian-sourced nutrients with our proprietary delivery system, we've developed a sustainable alternative to synthetic fertilizers that enhances overall soil function and biology while providing valuable plant-available nutrients farmers rely upon for healthy crops. To learn more about Replenish Nutrients products, visit our website at www.replenishnutrients.com
Replenish Nutrients is a wholly-owned subsidiary of EarthRenew Inc. (CSE:ERTH).
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the use of net proceeds of the Offering; the closing, timing, and size of the Offering, including the satisfaction and timing of the receipt of all required regulatory approvals; and satisfaction or waiver of other conditions to closing of the Offering. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; regulatory risks; other risks of the energy and fertilizer industries and other risk factors disclosed in our public disclosure which can be found under our profile on SEDAR at www.sedar.com. Readers are cautioned that these risk factors should not be construed as exhaustive. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE EarthRenew Inc.
Keith Driver, CEO of Replenish Nutrients, +1 (403) 860-8623, Email: [email protected]
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