(TheNewswire)
VANCOUVER, BC – TheNewswire - February 29, 2024 – Astron Connect Inc. (the “Company” or “Astron”) (TSXV:AST) today announced its first quarter results for the threemonths ended December 31, 2023.
Highlights for the three months ended December 31,2023:
Sales for the three months ended December 31, 2023 were (2022- ). There were no revenues recorded in the first quarter due tobusiness closure of our main supplier.
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Net loss of $57,875 for the three months ended December31, 2023 (2022 – net loss of $85,446), a decrease of 33% fromFY2022.
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Operating expenses of $58,891for the three months endedDecember 31, 2023 (2022 - $87,064), a decrease of 32% fromFY2022.
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As of December 31, 2023, the Company had a workingcapital deficiency of $127,911 (2022 - $393,289).
| Selected First Quarter Information | ||
| December 31, 2022 | December 31, 2021 | |
| CAD$ | CAD$ | |
| Revenue | - | - |
| Gross profit | - | - |
| Operating expenses | 58,891 | 87,064 |
| Other loss (income) | (1,016) | (618) |
| Net loss | (57,875) | (86,446) |
| Basic and diluted EPS | (0.00) | (0.01) |
For further financial information, please refer to theannual audited consolidated financial statements www.sedar.com orwww.astronconnect.com.
Financial Statements andMD&A
The Company's Financial Statements and Management'sDiscussion and Analysis (MD&A) for the three months ended December31, 2022 will be accessible on SEDAR at www.sedar.com under Astron's profile and on the Company's website at www.astronconnect.com .
ABOUT ASTRON CONNECT
Astron Connect Inc. (TSX-V:AST) helps Canadianenterprises in the food and beverage industry break through the noiseand bring their products to new international markets in the emergingworld. Astron Connect brings Canadian food and beverage companies to the world through its extensive connections and export logistics capabilities in China and emerging markets. Manna Water and Sachiel Water (both Astron brands) supply China and other emerging markets with pure Canadian bottled spring water. For more information, visit www.astronconnect.com .
For more information, pleasecontact:
S. Randall Smallbone Chairman and Director AstronConnect Inc.
rsmallbone@cogeco.ca
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 theadequacy or accuracy of this release.
Notice regardingforward looking statements:
This press release may contain “forward-lookinginformation” within the meaning of applicable Canadian securitieslegislation. All statements, other than statements of historical fact,included herein may be forward-looking information. Generally,forward-looking information may be identified by the use offorward-looking terminology such as “plans” “expects” or“does not expect”, “proposed”, “is expected”,“estimates”, “forecasts”, “intends”, “anticipates” or“does not anticipate”, or “believes”, or variations of suchwords and phrases, or by the use of words or phrases which state thatcertain actions, events or results may, could, would, or might occuror be achieved. This forward-looking information reflects the currentbeliefs of Astron and is based on information currently available toAstron and on assumptions Astron believes are reasonable. Theseassumptions include, but are not limited to, management’sassumptions about receiving TSXV acceptance of the Transaction asconstituting Astron’s “qualifying transaction”.
Forward-looking information is subject to known andunknown risks, uncertainties and other factors that may cause theactual results, level of activity, performance or achievements ofAstron to be materially different from those expressed or implied bysuch forward-looking information. Although Astron has attempted toidentify important factors that could cause actual results to differmaterially from those contained in forward-looking information, theremay be other factors that cause results not to be as anticipated,estimated or intended. Accordingly, readers should not place unduereliance on forward- looking information as there can be no assurancethat the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove tobe incorrect and actual results may differ materially fromthose anticipated. Forward-looking statementscontained in this press release are expressly qualified by thiscautionary statement.
The forward-looking statements contained in this pressrelease represent the expectations of Astron as of the date of this press release and, accordingly, aresubject to change after such date. However, Astron expressly disclaimsany intention or obligation to update or revise any forward-lookingstatements, whether as a result of new information, future events orotherwise, except as expressly required by applicablesecurities law.
Investors are cautioned that, except as disclosed inthe filing statement prepared in connection with the Transaction, anyinformation released or received with respect to the Transaction maynot be accurate or complete and should not be relied upon. Trading inthe securities of a capital pool company should be considered highlyspeculative.
The TSX Venture Exchange has in no way passed on the merits of the Transaction and has neither approved or disapproved thecontents of this press release.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility of the adequacy or accuracyof this press release.
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