Lumiera reports first half of 2022 results with a 40% increase compared to previous year
MONTREAL, July 5, 2022 /CNW Telbec/ - Lumiera Health Inc. (TSXV: NHP) (the "Company" or "Lumiera "), a company specializing in the development and commercialization of natural health products, is pleased to provide an update to announce that the corporate strategy and plans that were put place in 2021, are continuing to prove successful with Lumiera's first half of 2022 improving its sales by +40% compared to last year first half results.
The increase in the Company's sales has been driven by increased retail and online distribution which has led to trial and repeat purchases of Awaye™ natural pain relief cream and Bazzzics™, a natural non-addictive sleep aid.
"We are very proud to see that the strategies and plans we put together and have been executing are driving considerable growth, both in online and retail channels." says Carlos Ponce, CEO of Lumiera Health. "It's also exciting to see that the two product we launched last year, Awaye pain relief cream and Bazzzics natural sleep aids, have quickly become important revenue drivers. As we keep expanding national distribution and begin sales in the US, we look forward to continuing our growth."
Q2 financial statements will be released on or before July 29, 2022.
As a part of its accelerate growth plan, Lumiera is continuing to identify savings and allocate those saving to inventory to support growth. With that focus, the Company entered into an agreement with shareholders and members of management, for a total amount of $293,000. This amount will be used to free-up cash flow in the short term; new loan has a one-year term and pays monthly interest at 15%.
The Lenders will receive a total 5,000,000 non-transferable warrants. Each warrant will entitle the holder to acquire one common share, at an exercise price of $0.05 per share, for a period of one year ending July 5, 2023. The Warrants will, unless exercised, expire on the 30th day after the Company pays back the note.
The new loan is subject to certain standard conditions including, but not limited to, the receipt of all necessary approvals including the acceptance of the TSX Venture Exchange.
Lumiera specializes in the development and commercialization of consumer products for the natural health industry. The Company sells herbal tonics and natural supplements through its Holizen Laboratories division, with a diverse portfolio including a line of innovative sleep aids. The Company is also commercializing a unique topical product line acting on the endocannabinoid system, without the use of cannabis, that provides an innovative solution for chronic pain and inflammation. A pioneer in the natural health innovation space, the Lumiera brand is rooted in the core values of science, nature and compassion. Our goal is to make people's lives better by developing natural health and wellness products that are effective, safe and trustworthy.
For more information visit: www.lumiera.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions indicate such "forward-looking information" as they relate to Lumiera. All statements other than statements of historical fact may be forward-looking information. Such statements reflect Lumiera' current views and intentions with respect to future events, and current information available to Lumiera, and are subject to certain risks, uncertainties and assumptions. Such risks and uncertainties include, among others, the risk factors included in Lumiera' annual management's discussion and analysis for the year ended November 30, 2021, which is available under the issuer's SEDAR profile at www.sedar.com. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect Lumiera in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, Lumiera does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and Lumiera undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
SOURCE Lumiera Health Inc.
Lumiera Health Inc., Simon Castonguay, Interim Chief Financial Officer, 514-880-7772, [email protected]
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