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VPR Brands Announces Q1 2019 Results

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FORT LAUDERDALE, Fla., May 20, 2019 (GLOBE NEWSWIRE) — VPR Brands LP (OTC: VPRB), a market leader specializing in vaporizers and accessories for essential oils, cannabis concentrates and extracts (CBD), as well as electronic cigarettes containing nicotine, announces its first quarter 2019 financial results, posting increased revenues and a narrowed net loss as compared to 2018. 
In addition to increasing its quarterly revenues approximately 31% year over year to $1.3 million, the Company slightly lowered its net loss from approximately $149,000 in 2018 to approximately $138,000 in 2019. The company continues to maintain strong gross operating margins above 40% as well.“2019 is off to a solid start so far and we are setting the company’s pace which will allow us to remain focused on sustainable manageable growth,” said Kevin Frija, CEO of VPR Brands, LP. “We continue to invest in inventory and new products to be able to keep up with increased demand.”“I am very pleased with the increased sales performance we achieved in the first quarter of 2019 as we continue to fine tune our operational efficiencies,” commented Dan Hoff, COO of VPR Brands LP. “As our product portfolio is heavily weighted towards cannabis vapes and CBD products, we continue to benefit from the continued growth in those product categories.”Results of Operations for the Three Months Ended March 31, 2019, Compared to the Three Months Ended March 31, 2018Revenues
Our revenue for the three months ended March 31, 2019, and 2018 was $1,318,049 and $1,001,162, respectively. The increase is a result of increased marketing and advertising efforts.
Cost of Sales
Cost of sales for the three months ended March 31, 2019, and 2018 was $779,027 and $534,457, respectively. Increase is a result of the increased sales during the current year. Gross margin decreased from 47% to 41% due to a higher mix of private labels sales.
Operating Expenses
Operating expenses for the three months ended March 31, 2019, were $564,605 as compared to $453,881 for the three months ended March 31, 2018. The increase in expenses is primarily due to increased marketing and advertising efforts.
Other Income (Expense)
Net other expenses decreased to $113,101 for the three months ended March 31, 2019, as compared to $162,244 for the three months ended March 31, 2018. Interest expense increased from $65,231 in 2018 to $113,101 in 2019 due to increased debt, which was offset by non-cash interest of $65,231 incurred in 2018 that was not incurred in 2019, and a loss on extinguishment of debt of $244,834 incurred in 2018, offset by a gain on derivative liabilities in 2018 of $147,821
Net Loss
Net loss for the three months ended March 31, 2019, was $138,684 compared to a net loss of $149,420 for the three months ended March 31, 2018.
Liquidity and Capital Resources
The Company used cash in operating activities of $705,866 for three months ended March 31, 2019, as compared to $55,931 used in three months ended March 31, 2018. The increased use of cash is primarily the result of an increase in accounts receivable of $174,837, an increase in inventory of $103,467, an increase in vendor deposits of $80,226, and a decrease in accounts payable of $227,685, offset by non-cash stock compensation of $34,723.
During the three months ended March 31, 2019, the Company received $1,000,000 of proceeds from the issuance of convertible debt, received $100,000 from the issuance of a note payable, and repaid $289,129 of principal on notes payable. During the three months ended March 31, 2018, the Company received $200,000 of proceeds from the issuance of notes payable and repaid $106,401 of principal on notes payable.Assets
At March 31, 2019, and Dec. 31, 2018, we had total assets of $1,310,634 and $767,209, respectively. Assets primarily consist of the cash accounts held by the Company, inventory, vendor deposits, accounts receivable and a right-to-use asset. In 2019 the Company’s inventory was increased by approximately $103,000 as a result of additional purchases for new products, accounts receivable increased by approximately $151,000 from additional sales in the last part of the year, vendor deposits increased by $80,226, and we recorded a right-to-use asset of $63,356 as a result of implementing new lease accounting guidance effective Jan. 1, 2019.
Liabilities
At March 31, 2019, and Dec. 31, 2018, we had total liabilities of $1,998,088 and $1,350,702, respectively. The increase was primarily due to the issuance of convertible debt in 2019, offset by the repayment of existing notes payable and decrease in accounts payable, offset by the right to use obligation of $60,651.
The Company plans to pursue equity funding to expand its brand. Through equity funding and the current operations, including the acquisition of the Vapor line of business, the Company expects to meet its current capital needs. There can be no assurance that additional capital will be available to us, or that, if available, it will be on terms satisfactory to us. Any additional financing may involve dilution to our shareholders. In the alternative, additional funds may be provided from cash flow in excess of that needed to finance our day-to-day operations, although we may never generate this excess cash flow. If we do not raise additional capital or generate additional funds, implementation of our plans for expansion will be delayed. If necessary, we may withdraw from certain growth strategies to conserve cash for continued operations.Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to investors.
Although our sales are not segregated by brand or product category, our primary revenue source is from vaporization devices specifically created for use with medical cannabis and recreational marijuana as well as cannabidiols (CBD). These devices are specifically created for use with extract oils and concentrates which are vaped, providing optimal results and the best experience for patients and recreational users. Vaporizers are far more convenient and discrete compared to traditional cannabis use methods. These units are compact, easy to carry and concealable. Modern cannabis vaporizers do not emit distinct and lingering odors that are affiliated with traditional marijuana use. We believe that portable vaporizers is the fastest growing delivery mechanism for marijuana. Our team is currently working with other market leaders within cannabis growth and extraction to innovate and further educate the marketplace on its advantages.About VPR Brands LP
VPR Brands is a technology company whose assets include issued U.S. and Chinese patents for atomization related products including technology for medical marijuana vaporizers and electronic cigarette products and components. The Company is also engaged in product development for the vapor or vaping market, including e-liquids, vaporizers and electronic cigarettes (also known as e-cigarettes) which are devices which deliver nicotine and or cannabis and cannabidiol (CBD) through atomization or vaping, and without smoke and other chemical constituents typically found in traditional products. For more information about VPR Brands, please visit the Company on the web at www.vprbrands.com.
Forward-Looking Statements
This news release contains statements that involve expectations, plans or intentions, and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contact Information:
VPR Brands LP
Kevin Frija CEO
(954) 715-7001
Info@VPRBrands.com
Corporate Communications:
NetworkWire (NW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkWire.com

Original story can be found at: http://www.globenewswire.com/news-release/2019/05/20/1829036/0/en/VPR-Brands-Announces-Q1-2019-Results.html?f=22&fvtc=5&fvtv=41223728

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AsiaBaseMetals Inc. Provides Additional Information Regarding Previously Announced Cooperation Agreement

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VANCOUVER, British Columbia, June 26, 2019 (GLOBE NEWSWIRE) — AsiaBaseMetals Inc. (the “Company”) (TSX-V: “ABZ”) wishes to provide additional information regarding the cooperation agreement (the “Agreement“) between the Company and a city (the “City“) within a member country (the “Country“) of the European Union (“EU“), as previously announced on June 19, 2019.
The Agreement provides for the City to apply for a licence for growing and selling cannabis for medical purposes (“Medical-Cannabis-Permit“) and, if it becomes permitted by law in the Country, a licence for the growing, processing and sale of cannabis for commercial purposes including recreational purposes (“Recreational-Cannabis-Permit“), through a limited liability company to be incorporated by the City (“City-New-Sub-Co-Ltd.“).  Upon City-New-Sub-Co-Ltd. obtaining a Medical-Cannabis-Permit or a Recreational-Cannabis-Permit, the City has agreed to transfer all or a majority of the shares of City-New-Sub-Co-Ltd. to the Company for a purchase price of up to approximately C$8,000 based on the current exchange rate.The City has informed the Company that it has commenced the process to incorporate City-New-Sub-Co-Ltd.The Company has spent approximately C$10,000 to date in regard to the Agreement, excluding legal fees, and has no financial obligations under the Agreement unless and until the Company acquires City-New-Sub-Co-Ltd. as noted above.  The Company is using its working capital to evaluate and pursue this and other mining and non-mining opportunities.There is no defined timeline for obtaining a Medical-Cannabis-Permit or Recreational-Cannabis-Permit and, unlike in Canada, completing the construction of a production facility is not required in order to apply for a Medical-Cannabis-Permit in the Country.  The Company has not designed or estimated costs to build a production facility or made a decision to build a production facility. For more information on the Agreement and the transactions contemplated therein, see the Company’s news release disseminated on June 19, 2019, a copy of which can be found on the Company’s profile on www.sedar.com.  Any transaction will be subject to receipt of regulatory approvals, including approval of the TSX Venture Exchange.For more information please email info@asiabasemetals.com.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.Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the Agreement, the transactions contemplated thereby and the Company’s pursuit of opportunities, may constitute “forward-looking information” within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will obtain the necessary regulatory approvals for the transactions contemplated by the Agreement, the Medical-Cannabis-Permit will be obtained, the acquisition of City-New-Sub-Co-Ltd. by the Company will be completed as expected and will have the benefits expected by management. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, financing risks, delays in obtaining or inability to obtain required regulatory approvals, the Medical-Cannabis-Permit will not be obtained, the Company will not be able to use the working capital to pay associated costs with the Agreement or Medical-Cannabis Permit, as applicable, the acquisition of City-New-Sub-Co-Ltd. by the Company will not be completed as expected or will not have the benefits expected by management and changes in the Company’s plans. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.  There can be no assurance that the transaction contemplated by the Agreement will complete on the anticipated terms or at all.Contact Information

AsiaBaseMetals Inc.
Raj Chowdhry, Chief Executive Officer
Email:

Original story can be found at: http://www.globenewswire.com/news-release/2019/06/26/1874839/0/en/AsiaBaseMetals-Inc-Provides-Additional-Information-Regarding-Previously-Announced-Cooperation-Agreement.html?f=22&fvtc=5&fvtv=41223728

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American Herbal Products Association Hosts Inaugural Hemp-CBD Dietary Supplement Congress in Denver on August 15-16

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Denver, CO, June 26, 2019 (GLOBE NEWSWIRE) —The American Herbal Products Association (AHPA) is presenting a unique, two-day Hemp-CBD Supplement Congress in Denver this August to provide critical input for companies navigating the rapidly evolving legal, regulatory and financial landscapes to manufacture and market dietary supplement products with hemp or hemp-derived ingredients including cannabidiol (CBD). The event features presentations from Federal officials, including speakers from the FDA and USDA who will provide insights into their agencies’ approach to regulating hemp-CBD and supplements made with these ingredients. According to the latest research, hemp-CBD sales are projected to surpass $15 – 20 billion in the U.S. by 2024, indicating an immediate need for manufacturers and retailers to understand the role of hemp in the dietary supplement category. “The U.S. market for hemp-derived CBD in dietary supplements is growing and evolving rapidly and companies that manufacture and sell CBD supplements face a host of challenges and opportunities. AHPA’s Congress will provide companies with the information needed to successfully navigate challenges and take advantage of opportunities,” explains AHPA President Michael McGuffin. “FDA and USDA officials will join legal and industry experts to provide compliance strategies for dietary supplement regulatory requirements to help companies meet the growing consumer demand for high-quality, safe products.”AHPA’s Hemp-CBD Congress features a full-day of presentations and discussions on Friday, August 16 and two, half-day workshops on Thursday, August 15 that will cover:How to comply with FDA’s current good manufacturing practice (cGMP) requirements for dietary supplements – training by EAS Consulting Group.New dietary ingredient (NDI) notifications and generally recognized as safe (GRAS) for hemp as a food additive and dietary ingredient – presented by AIBMR Life SciencesIndustry experts and government officials will present on a host of issues impacting Hemp-CBD companies, including:Getting to Market: Hemp Supply Chain ManagementOvercoming Regulatory Obstacles: Updates from the FDA, USDA and Individual StatesPrimer on FDA Regulation of Hemp-CBD SupplementsThe Hemp-CBD Supplement Market: A Financial SnapshotHemp-CBD Supplements from the Retailers’ PerspectiveNotable sessions include a presentation from USDA Agricultural Marketing Service (AMS) senior marketing specialist William Richmond, who will provide an update on USDA efforts related to the recent decriminalization of hemp. In addition, the FDA will provide an update on the agency’s ongoing efforts to design and implement a regulatory framework to ensure informed access to safe, legal products. This session is sponsored by Greenspoon Marder LLP and will be moderated by Jessica Wasserman, a partner in the International, Government Relations and Cannabis Law practice.USDA Speaker Bio – Bill RichmondBill Richmond leads the USDA, Agricultural Marketing Service, Specialty Crops Program in Washington, D.C. and is responsible for establishment and implementation of the U.S. Domestic Hemp Production Program. In this role, he is responsible for rulemaking, public education, and stakeholder outreach. In prior roles, Bill was the Acting Director of the USDA team responsible for establishing new labeling rules for bioengineered (GMO) foods in the U.S., served as the Chief of Staff of the Agricultural Marketing Service from 2016-2018, and led the Colorado dairy field office. Event DetailsWhere: Crowne Plaza Denver, 1450 Glenarm Pl, Denver, CO 80202When: Thursday, August, 15 & Friday, August, 16, 2019Register for the Congress: http://bit.ly/HempCBDCongressBecome a Sponsor PartnerYour tax-deductible sponsorship of AHPA’s Hemp-CBD Supplement Congress supports the important work of the American Herbal Products Association. Sponsors will be recognized in all marketing materials, PR and onsite throughout the event. For information on individual and corporate sponsorships, contact Amber Bennett at abennett@ahpa.org.About AHPAThe American Herbal Products Association (AHPA) is the national trade association and voice of the herbal products industry. AHPA is comprised of more than 400 member companies, consisting primarily of domestic and foreign companies doing business as growers, processors, manufacturers and marketers of herbs and herbal products as foods, dietary supplements, cosmetics, and non-prescription drugs, and also including companies that provide expert services to the herbal trade. Founded in 1982, AHPA’s mission is to promote the responsible commerce of herbal products to ensure that consumers continue to enjoy informed access to a wide variety of herbal goods. www.AHPA.orgMedia and Press Pass ContactSteve Hoffman, Compass Natural — steve@compassnaturalmarketing.com — (303) 807-1042# # #AttachmentsWilliam Bill Richmond USDA SMALLHemp-CBD Congress Sponsors verticalHaley Chitty (media inquires)
American Herbal Products Association (AHPA)
301-588-1171 x104
communications@ahpa.org

Original story can be found at: http://www.globenewswire.com/news-release/2019/06/26/1874682/0/en/American-Herbal-Products-Association-Hosts-Inaugural-Hemp-CBD-Dietary-Supplement-Congress-in-Denver-on-August-15-16.html?f=22&fvtc=5&fvtv=41223728

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EnWave and Aurora Cannabis Expand Scope of Machine Delivery to Achieve Good Manufacturing Practice (GMP) Standards

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VANCOUVER, British Columbia, June 26, 2019 (GLOBE NEWSWIRE) — EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) reports today that Aurora Cannabis Inc. (“Aurora”) (TSX: ACB) (NYSE: ACB), is expanding the scope of requirements for its potential purchase of a third 120kW Radiant Energy Vacuum (“REV™”) machine targeted for its European operations in Denmark. Aurora Nordic Cannabis, a subsidiary of Aurora, plans to develop a pharmaceutical-level GMP facility, which requires several upgrades to the contemplated machinery.  These upgrades will be confirmed as soon as possible and will also increase the economic profile of this prospective equipment purchase.
On April 26, 2019, EnWave and Aurora announced that the companies had entered into a royalty-bearing commercial license agreement with sub-licensing rights, providing Aurora with the exclusive rights to EnWave’s patented REV™ drying technology for the production of cannabis materials in the European Union, excluding Portugal (the “European License”).Aurora intends to pursue widespread adoption of the REV™ technology throughout its global operations to capture the significant advantages of EnWave’s drying technology when compared to traditional drying methods. Benefits of REV™ Technology in the Cannabis IndustryEnWave’s patented REV™ technology is a rapid, low temperature, continuous drying method that maintains optimal terpene levels, flavour, as well as other product attributes during the drying process. The company’s vacuum-microwave technology enables fast, uniform drying with flexible final moisture content; capabilities that are unattainable with freeze drying or air drying.In the cannabis industry, REV™ technology provides for capital expenditure savings on drying space (smaller footprint) and related HVAC investments, as well as the ability to free up space, which can be repurposed to increase the economic output of each facility.  Furthermore, EnWave’s REV™ technology reduces drying time from 5-7 days to less than two hours, resulting in significant working capital savings and speed to market of product. The technology has certain additional benefits, including the support of industrial scale flow-though, accelerating the ability for large-scale processing of cannabis and CBD-rich biomass into intermediate or finished product.About EnWaveEnWave Corporation, a Vancouver-based advanced technology company, has developed Radiant Energy Vacuum (“REV™”) – an innovative, proprietary method for the precise dehydration of organic materials. EnWave has further developed patent-pending methods for uniformly drying and decontaminating cannabis through the use of REV™ technology, shortening the time from harvest to marketable cannabis products. REV™ technology’s commercial viability has been demonstrated and is growing rapidly across several market verticals in the food, and pharmaceutical sectors including legal cannabis. EnWave’s strategy is to sign royalty-bearing commercial licenses with industry leaders in multiple verticals for the use of REV™ technology. The company has signed over twenty royalty-bearing licenses to date, opening up nine distinct market sectors for commercialization of new and innovative products. In addition to these licenses, EnWave has formed a Limited Liability Corporation, NutraDried Food Company, LLC, to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand. EnWave has introduced REV™ as the new dehydration standard in the food and biological material sectors: faster and cheaper than freeze drying, with better end product quality than air drying or spray drying. EnWave currently has three commercial REV™ platforms:nutraREV® which is used in the food industry to dry food products quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour;powderREV® which is used for the bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes below the freezing point, andquantaREV® which is used for continuous, high-volume low-temperature drying.An additional platform, freezeREV®, is being developed as a new method to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.EnWave CorporationMr. Brent Charleton, CFA
President and CEO
For further information:Brent Charleton, CFA , President and CEO at +1 (778) 378-9616
E-mail: bcharleton@enwave.net
Dan Henriques, CPA, Chief Financial Officer at +1 (604) 835-5212
E-mail: dhenriques@enwave.net  
Deborah Honig, Corporate Development at + 1 (647) 203-8793
E-mail: dhonig@enwave.net
Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party claims referred to in this release are not guaranteed to be accurate. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. No statement in this press release should be construed as a waiver of any party’s rights, and all such rights are reserved. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements.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.

Original story can be found at: http://www.globenewswire.com/news-release/2019/06/26/1874676/0/en/EnWave-and-Aurora-Cannabis-Expand-Scope-of-Machine-Delivery-to-Achieve-Good-Manufacturing-Practice-GMP-Standards.html?f=22&fvtc=5&fvtv=41223728

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