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Edmonton, Alberta, Oct. 21, 2022 (Newsfile Corp via COMTEX) — Edmonton, Alberta–(Newsfile Corp. – Oct. 21, 2022) – Radient Technologies Inc. (TSXV: RTI) (“Radient” or the “Company”), a commercial manufacturer of diverse, new and high-quality cannabis extracts and packaged products, reports its financial results for the three months ended June 30, 2022.

Major recent highlights:

  • Acquired Tunaaaaroom Xtracts Inc. (“TRX”), for the development and sale of premium cannabis products, which are now sold through provincially licensed retailers;

  • Partnership with All Good Collective Corp. for the production of unique cigarette-style cannabis pre-rolled products, which are now sold by provincially licensed retailers;

  • Obtaining from Health Canada an amendment to the company’s standard processing license for the sale of dried and fresh cannabis and a license for sale for medical purposes, allowing the company to offer a full range of products to cannabis base;

  • More than $1.2 million of hydrocarbon products and pre-roll products have been shipped to customers to date since the company’s June 27, 2022 announcement of commercial hydrocarbon production and revenue growth. pre-roll sales. The Company currently has product purchase orders for approximately $2.5 million;

  • Revenue for the quarter ended June 30, 2022 was $569,414, compared to $749,222 for the same period a year ago;

  • Gross profit for the quarter ended June 30, 2022 was $6,157, compared to $66,055 for the same period a year earlier;

  • Operating expenses for the quarter ended June 30, 2022 amounted to $1,736,268, compared to $2,070,082 for the same period of the previous year;

  • The Company has received a formal notice from its secured lender for approximately $10.5 million plus accrued interest and costs;

  • The Company is seeking ways to raise sufficient working capital to enable the Company to operate as a going concern, but cannot guarantee that it will be able to do so.

Management commentary

Radient continues to implement its restructuring plan focusing on the Company’s hydrocarbon concentrate and cannabis pre-roll product lines.

The acquisition of TRX has allowed the company to produce what we believe to be some of the highest quality Cannabis 2.0 products available in Canada, including distillates and isolates from products such as THCa Crystalline, Delta 8 THC, CBG, CBN and hydrocarbon products such as High Cannabinoid Full Spectrum Extracts (HCFSE), High Terpene Full Spectrum Extracts (HTFSE), Crumble, Shatter, Live Resin, Budder, Terp Diamonds and more . These premium hydrocarbon products are sold through provincially licensed retailers in seven Canadian provinces and territories.

Sales of hydrocarbon concentrates and pre-rolled cannabis products continue to improve and the Company is receiving repeat customer orders and positive product reviews. In the period following the Company’s June 27, 2022 announcement of growth in commercial hydrocarbon production and pre-roll sales, the Company has shipped more than $1.2 million in product. hydrocarbon and product pre-roll to its customers and has product purchase orders for approximately $2.5 million.

The Company expects sales of these products to continue, but requires sufficient working capital to facilitate product order fulfillment and growth. The Company is looking for ways to raise sufficient working capital to enable the Company to continue to operate as a going concern, but cannot guarantee that it will be able to do so.

Loan Facility Application

As previously announced, Moskowitz Capital Mortgage Fund II Inc. issued a Demand Notice on August 26, 2022 to the Company for the payment of approximately $10.5 million, plus accrued fees and interest. up to the date of payment pursuant to the terms of a secured loan (the “Facility”) guaranteed by the Company. The facility is secured by a first ranking mortgage on the land and buildings located at 4035, 4029 and 4025 101 St. NW, Edmonton, Alberta, and all present and future personal property of the company. For additional information on the facility, please see Radient’s press release dated April 4, 2022, which is available under the Company’s SEDAR profile at www.sedar.com.

Full details of the Company’s financial and operating results for the quarter ended June 30, 2022 are available under the Company’s profile at www.sedar.com.

About Radient

Radient Technologies is a commercial manufacturer of diverse, new and high quality cannabis extracts and packaged products. Radient develops specialty products and ingredients that contain a wide range of cannabinoid and terpene profiles while meeting the highest quality and safety standards. Radient is focused on innovation with expertise in formulations and technologies delivering unique cannabis and wellness solutions. RadientInc.com

Contact information:
Harry Kaura, CEO and Director
[email protected]
Phone: 780 465 1318

Forward-looking information:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding the growth of the Company’s business activities and cannabis product offerings and the Company’s ability to raise sufficient working capital to enable it to meet its purchase orders in progress and to continue its activities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is planned”, “budget”, “expects”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or states that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be carried out”. 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 Radient, as the case may be, to be materially different from those expressed or implied by such information. forward-looking information, including, but not limited to: general business, economic, competitive, geopolitical and social uncertainties; risks associated with operations in the cannabis industry; and other risks inherent in the cannabis industry. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or planned. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update forward-looking information except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE RELEVANCE OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/141439

COMTEX_417139618/2523/2022-10-21T11:35:10

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