(TheNewswire)
VANCOUVER, BC – TheNewswire - August 12, 2022 – Astron Connect Inc. (the“Company” or “Astron”) (TSXV:AST) today announced its thirdquarter results for the nine month period ended June 30, 2022. Alldollar amounts are in Canadian dollars, unless otherwise indicated.
Highlights for the period ended June 30, 2022:
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Net loss of $401,184 for the period ended June 30, 2022(June 30, 2021 – $563,444), an improvement of 29% from the sameperiod of year 2021.
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On April 1, 2022, the Company completed a non-brokeredprivate placement and raised $500,000 by the issuance of units (the“Units”) at a price of $0.10 per Unit.
Selected Annual Information
2021 | 2020 | 2019 | |
$ | $ | $ | |
Revenue | 41,953 | 401,383 | 1,276,475 |
Operating expenses | (980,292) | (1,264,379) | (2,018,100) |
Impairment of intangible assets | (114,476) | (75,282) | - |
Other income (expenses) | (9,893) | (13,519) | 25,828 |
Net loss | (1,134,185) | (1,299,445) | (1,756,450) |
Basic and diluted EPS | (0.11) | (0.14) | (0.28) |
Total assets | 1,195,051 | 2,531,610 | 1,866,927 |
Total non-current liabilities | 60,000 | 104,660 | - |
For further financial information, please refer to theannual audited consolidated financial statements.
Financial Statements andMD&A
The Company's Financial Statements and Management'sDiscussion and Analysis (MD&A) for the nine monthsended June 30,2022 will be accessible on SEDARat www.sedar.com under Astron's profile and on the Company's websiteat www.astronconnect.com .
ABOUT ASTRONCONNECT
Astron Connect (TSX-V:AST) helps Canadian enterprises in the food andbeverage industry break through the noise and bring their products tonew international markets in the emerging world. Astron Connect bringsCanadian food and beverage companies to the world through itsextensive connections and export logistics capabilities in China andemerging markets. Manna Water and Sachiel Water (both Astron brands)supply China and other emerging markets with pure Canadian bottledspring water. For more information, visit www.astronconnect.com .
For more information, pleasecontact:
S. Randall Smallbone
President and CEO
Astron Connect
604-620-2092
TheTSXV has neither approved nor disapproved the contents of this newsrelease. Neither the TSXV nor its Regulation Service Provider (as thatterm is defined in the policies of the TSXV) accepts responsibilityfor the adequacy or accuracy of this release.
Notice regardingforward looking statements:
This press release may contain“forward-looking information” within the meaning of applicableCanadian securities legislation. All statements, other than statementsof historical fact, included herein may be forward-lookinginformation. Generally, forward-looking information may be identifiedby the use of forward-looking terminology such as “plans”“expects” or “does not expect”, “proposed”, “isexpected”, “estimates”, “forecasts”, “intends”,“anticipates” or “does not anticipate”, or “believes”, orvariations of such words and phrases, or by the use of words orphrases which state that certain actions, events or results may,could, would, or might occur or be achieved. This forward-lookinginformation reflects the current beliefs of Astron and is based oninformation currently available to Astron and on assumptions Astronbelieves are reasonable. These assumptions include, but are notlimited to, management’s assumptions about receiving TSXV acceptanceof the Transaction as constituting Astron’s “qualifyingtransaction”.
Forward-looking information is subject to known and unknown risks,uncertainties and other factors that may cause the actual results,level of activity, performance or achievements of Astron to bematerially different from those expressed or implied by suchforward-looking information. Although Astron has attempted to identifyimportant factors that could cause actual results to differ materiallyfrom those contained in forward-looking information, there may beother factors that cause results not to be as anticipated, estimatedor intended. Accordingly, readers should not place undue reliance onforward-looking information as there can be no assurance that theplans, intentions or expectations upon which they are placed willoccur. Such information, although considered reasonable by managementat the time of preparation, may prove to be incorrect and actualresults may differ materially from those anticipated. Forward-lookingstatements contained in this press release are expressly qualified bythis cautionary statement.
The forward-looking statementscontained in this press release represent the expectations of Astronas of the date of this press release and, accordingly, are subject tochange after such date. However, Astron expressly disclaims anyintention or obligation to update or revise any forward-lookingstatements, whether as a result of new information, future events orotherwise, except as expressly required by applicable securitieslaw.
Investors are cautioned that, exceptas disclosed in the filing statement prepared in connection with theTransaction, any information released or received with respect to theTransaction may not be accurate or complete and should not be reliedupon. Trading in the securities of a capital pool company should beconsidered highly speculative.
The TSX Venture Exchange has in noway passed on the merits of the Transaction and has neither approved or disapprovedthe contents of this press release.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility of the adequacy oraccuracy of this press release.
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