Vancouver, BC / October 1, 2015 - INVICTUS MD STRATEGIES CORP. ("Invictus MD" or the "Company") ($IMH:CNX) (IVITF) (FRA: 8IS) announces that it has
filed its condensed interim consolidated financial statements and management's discussion and analysis (the "Financial Statements") for the six months ended July 31, 2015 (the "Second Quarter"), available for viewing on www.sedar.com.
During the Second Quarter, the Company acquired majority control of Future Harvest Developments Ltd. ("Future Harvest"), and accordingly, the Financial Statements have been prepared on a consolidated basis. On June 30, 2015, the Company increased its equity interest in Future Harvest to 60%.
Second Quarter Financial Highlights
-Total assets at July 31, 2015 of $4,610,218
-Revenues, cost of sales, and gross margin for the Second Quarter totalled $396,489, $237,847, and $158,642 respectively, which was primarily attributed to sales from Future Harvest for the month of July 2015.
-Operating expenses for the Second Quarter totalled $250,929, and are comprised of expenses incurred for investor relations, sales and marketing, and travel.
-General and administrative expenses for the Second Quarter totalled $268,198.
Dan Kriznic, President and CEO commented, "The value of the Company has
increased substantially since initial inception in December 2014. We have continuously executed our business plan and will continue to do so. Since the Company's initial acquisition of Future Harvest, they have seen record-breaking sales and profits, as demonstrated by their achievement of 100% sales growth in the quarter ended September 30, 2015, in comparison to the prior year period. We expect Future Harvest to continue generating strong sales and a strong bottom line as they prepare for a busy fall in the lawn and garden industry.”
Cash and Working Capital
At July 31, 2014, the Company had cash and cash equivalents of $469,922 and
working capital of $2,117,199. The Company currently has 54,636,118 common
shares outstanding, which will be reduced to 37,546,997 common shares in the
coming weeks, once the voluntary return and cancellation of escrowed
securities is completed.
Full details of the financial reports and operating results for the Second
Quarter are described in the Company's condensed interim consolidated
financial statements with accompanying notes and related Management's
Discussion and Analysis. These documents and additional information on
Invictus MD are available on SEDAR at www.sedar.com.
About Future Harvest Development Ltd.
For over 20 years, Future Harvest has brought innovative products and solutions to the hydroponic and indoor growing industries. Future Harvest’s product lines are available through leading distributors and retailers across North America, the United Kingdom and Europe and include SunBlaster Lighting™, Nutradip, Plantlife Products and Future Harvest Plastics, as well as the Nano-Dome and Grow Light Garden systems currently sold at major hardware and home garden centers across North America.
The SunBlaster Lighting™ line has introduced a variety of innovative lighting products to both the hydroponic and indoor growing industries. SunBlaster T5HO lighting fixtures and CFL self ballasted lamps are industry leaders and a great example of Future Harvest’s commitment to providing customers with the best possible lighting for all their growing needs.
Future Harvest has been manufacturing metering and monitoring equipment for over fifteen years. The most popular and industry standard is the Trimeter, made famous because a single glance tells you if your pH, nutrients and temperatures are on target. All Nutradip and SunBlaster products are developed, designed, tested and assembled in Canada.
Plantlife Products consists of 29 proprietary formulas that offer growers the leading edge in sediment free plant nutrition. Every product has been developed and tested in-house by Future Harvest’s own plant scientists.
For more information please visit www.futureharvest.com.
About Invictus MD Strategies Corp.
Invictus MD targets companies with proven brands, strong customer focus, and significant growth potential. We not only provide capital to meet these objectives but also years of management experience from a team that has been successful in all facets of business from start-ups to running large international organizations. The fundamental core of our operations is centered on the vast opportunities within fragmented industries.
Invictus MD works in partnership with management teams to increase shareholder value through business planning and process integration, developing and executing growth strategies, leveraging our experience and relationships, and structuring and deploying the proper capital to support long-term growth. Our prudent approach to both investing in and developing successful companies ensures successful execution of the business plan in both times of economic expansion and contraction.
For more information please visit www.invictus-md.com.
On Behalf of the Board,
Chairman & CEO
Cautionary Note Regarding Forward-Looking Statements: Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward looking statements. For more exhaustive information on these risks and uncertainties, the reader should refer to the risk factors described in the management's discussion and analysis for the period ended February 28, 2014. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements. Forward-looking statements are presented for the purpose of providing information about management's current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.
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