Entourage Health Postpones Full Year 2021 Earnings Release and Conference Call to Align with First Quarter 2022 Results
Company Reaffirms Previously Announced Preliminary Full Year 2021 Revenues with Further Improvements to $55.2 Million(1) and preliminary gross margins of 7.0%(1) for the year
TORONTO, May 03, 2022 (GLOBE NEWSWIRE) — Entourage Health Corp. (formerly WeedMD Inc.) (TSX-V:ENTG) (OTCQX:ETRGF) (FSE:4WE) (“Surroundings“or the”Company”), a Canadian producer and distributor of award-winning cannabis products, today announced that it will be rescheduling its fourth quarter and full year 2021 press release and conference call previously scheduled for May 3, 2022, so that they coincide with its financial guidance for the first quarter of 2022 results expected no later than May 31, 2022.
The postponement is the result of the opinion of the Company’s new external auditors that they were unable to complete the required procedures and issue an audit opinion on May 2, 2022 in time to support the conference call. management of the Company on May 3, 2022 as scheduled, with respect to the Company’s financial statements for the year ended December 31, 2021 and related MD&A. Entourage further announced that it will file its fourth quarter and full year 2021 financial results in the coming days, with the filing schedule to be provided once confirmed by auditors. Additionally, filing and conference call details for Q1 2022 will be provided in a later announcement.
Entourage also reaffirmed today that its record unaudited preliminary total revenue for the year 2021 has improved slightly and now stands at $55.2 million.(1) with preliminary gross margins of 7.0%(1).
In accordance with Entourage’s Trading Policy, directors, officers and other insiders of the company are currently restricted from trading in the company’s securities until it files its financial statements for the year 2021. Company expects the trading window to open following the filing of first quarter 2022 financial results, expected no later than May 31, 2022.
About Entourage Health Corp.
Entourage Health Corp. is the publicly traded parent company of Entourage Brands Corp. (formerly WeedMD RX Inc.) and CannTx Life Sciences Inc., licensees producing and distributing cannabis products for the medical and adult markets. The Company owns and operates a state-of-the-art hybrid greenhouse and processing facility located on 158 acres in Strathroy, Ontario; a 26,000 square foot fully licensed processing facility in Aylmer, Ontario specializing in cannabis extraction; and a center of excellence in micropropagation, tissue culture and genetics in Guelph, Ontario. With its medical-centric brand Starseed Medicinal, Entourage has expanded its multi-channel distribution strategy. Starseed’s industry-first exclusive partnership with LiUNA, Canada’s largest construction union, as well as employers and labor groups complements Entourage’s direct sales to medical patients. Entourage’s portfolio of elite adult-use products includes Color Cannabis, Saturday Cannabis and Royal City Cannabis Co. – sold through eight provincial distribution agencies. The Company also maintains strategic relationships in the seniors market and supply agreements with Shoppers Drug Mart. It is the exclusive Canadian producer and marketer of the award-winning American wellness brand Mary’s Medicinals sold in the medical and adult channels. As part of a collaboration with subsidiary of The Boston Beer Company, Entourage is also the exclusive distributor of cannabis-infused beverages in Canada, slated to launch in 2022.
For more information, visit www.entouragehealthcorp.com
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For more information, please contact:
For investor inquiries:
Valter Pinto or Scott Eckstein
KCSA Strategic Communications
For media inquiries:
Marianella de la Barrera
SVP, Communications and Corporate Affairs
Preliminary, unaudited financial results are subject to normal financial statement procedures by the Company and its auditors. Actual results could be affected by subsequent events or decisions. Although the Company believes there is a reasonable basis for these preliminary financial results, the results involve known and unknown risks and uncertainties that may cause actual results to differ materially. These preliminary financial results represent forward-looking information. See “Forward-Looking Information” and “Financial Outlook”.
Financial outlook This press release contains financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook of the Company’s expected revenues for the year ended December 31, 2021 and may not be appropriate for other purposes. The financial outlook has been prepared based on a number of assumptions, including the assumptions described under the heading “Forward-Looking Information” below. The actual results of the Company’s operations for any period will likely vary from the amounts shown in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks described under “Forward-Looking Information” below, it should not be relied upon as necessarily indicative of future results.
Forward-looking information This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws, which is based on Entourage’s current internal expectations, estimates, projections, assumptions and beliefs and beliefs regarding future events. Forward-looking information can be identified by the use of forward-looking terminology such as “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”. “, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variants thereof, or statements that certain events or conditions “could”, “would” or “will” occur, or through strategy discussions.The forward-looking information included in this press release includes, but is not limited to, statements regarding the Company’s anticipated revenues for the fiscal quarter ended December 31, 2021.
The forward-looking information contained in this press release is based on expectations, estimates, projections, assumptions and views of future events that management believes are reasonable under the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Forward-looking information necessarily involves known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources and/or inability to access sufficient capital on favorable terms; the cannabis industry in Canada in general; Entourage’s ability to implement its business strategies; the COVID-19 pandemic; competition; bad harvests; and other risks.
Any forward-looking information speaks only as of the date on which it is made and, except as required by law, Entourage undertakes no obligation to update or revise any forward-looking information, whether as a result new information, future events or the like. New factors appear from time to time and it is not possible for Entourage to predict all of these factors. When reviewing this forward-looking information, readers should keep in mind the risk factors and other cautionary statements contained in Entourage’s disclosure documents filed with applicable Canadian securities regulators on SEDAR at ‘address www.sedar.com. The risk and other factors set forth in the disclosure statements could cause actual events or results to differ materially from those described in the forward-looking information.
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