Mr. Jim Durward, CEO, reports: “From November, 2019 to the end of February, 2020, MXT’s fourth quarter and fiscal year-end, sales were consistent with management expectations. However, around the middle of March, 2020, MXT experienced dramatic declines in both web traffic and sales and these declines are expected to extend into the first quarter and possibly beyond. The ongoing financial/operational turmoil in the cannabis complex, combined with the overall stock market crash and the world-wide COVID-19 effect, makes it impossible to predict with any accuracy what the ultimate effect on MXT will be. Fortunately, our cash balance remains near an all-time high, we have no debt, our fixed costs remain low (and have recently decreased), and our inventory is fully stocked. On a further positive note, the slowdown has allowed us to focus more on internal product development and we are currently testing a new extraction product that we hope to launch within the next sixty days. In addition, we are monitoring the markets with a view toward mergers & acquisitions potential – at this time no specific M&A potentials have been identified. In closing, the aforementioned means MXT does not need financing, does not expect any material supply-line disruptions and expects to launch a new product in the near future – in short, we are open for business and set to ride out the storm.”
MXT’s 2020 year-end was February 29, 2020 and audited financials will be released when available.
ABOUT MEDXTRACTOR CORP.:
The Corporation is a Calgary-based company that manufactures award-winning, patented, proprietary craft-scale carbon dioxide-based extractors that are used to extract essential oils and compounds from a variety of botanical materials. Growing demand is from the premium craft medical cannabis market as these growers respond to the shift toward high-purity oils and concentrates as the base for a multitude of products such as vapes, dabs, edibles, lotions, sprays, and suppositories. The Corporation has installations in multiple countries worldwide and the ongoing worldwide cannabis legalization movement is expected to further increase demand for extracts. The Corporation owns the US patent, and the Canadian Patent application, on its CO2-based extraction process.
FOR FURTHER INFORMATION, PLEASE CONTACT:
This news release does not constitute an offer to sell or a solicitation of an offer to sell 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.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Corporation believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54166