VANCOUVER, British Columbia — Astron Connect Inc. (the “Company” or “Astron”, formerly “Exalt Capital Corp.”) (TSX-V:AST), a leader in bringing Canadian food and beverage products to China and other emerging markets, today announced its third quarter results for the nine month period ended June 30, 2019. All dollar amounts are in Canadian dollars, unless otherwise indicated.
“The Company continued its steady growth in the third quarter as consumer recognized the quality Sachiel brand” said Randall Smallbone, President and CEO of Astron Connect. “The success to date of Dutchman’s Gold Honey and Sachiel Water has shown our ability to launch successful products in China and build demand from buyers.”
Highlights from nine months ended June 30, 2019
- Grew revenue to $1,223,886 in the nine months ended June 30, 2019, from $117,285 the year before
- Increased gross profit to $204,688 in the nine months ended June 30, 2019 from $25,300 the year
- YTD 16.72% gross margin on sales
- Net loss rose to $1,294,908 in the nine months ended June 30, 2019 largely due to increased expenses associated with funding growth
- Ended the quarter with a cash balance of $1,617,551 to fund future expansion
- The company currently does not have any short- or long-term bank debt
Selected Financial Information for the Nine Months ended June 30, 2019
|Basic and diluted EPS||(0.03)||(0.20)|
For further financial information, please refer to the annual audited financial statements.
“China and North America’s trade tensions have persisted in calendar 2019. These trade tensions to date have not had a material impact on our business. Astron Connect has been accepted as a participant in the International Shanghai Food and Beverage Expo in November 2019. We look forward to our continued growth in the China marketplace” said Mr. Smallbone.
Financial Statements and MD&A
The Company’s Financial Statements and Management’s Discussion and Analysis (MD&A) for the nine months ended June 30, 2019 will be accessible on SEDAR at www.sedar.com under Astron’s profile and on the Company’s website at www.astronconnect.com.
The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Service Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
ABOUT ASTRON CONNECT
Astron Connect (TSX-V:AST) helps Canadian enterprises in the food and beverage industry break through the noise and bring their products to new international markets in the emerging world. Astron Connect brings Canadian food and beverage companies to the world through its extensive connections and export logistics capabilities in China and emerging markets. Sachiel Water (an Astron brand) supplies China and other emerging markets with pure Canadian bottled spring water. For more information, visit www.astronconnect.com.
For more information, please contact:
S. Randall Smallbone
President and CEO