ASTRON CONNECT INC. Reports Third Quarter 2022 Results

(TheNewswire)

Astron Connect Inc.

VANCOUVER, BC – TheNewswire - August 12, 2022 Astron Connect Inc. (the “Company” or “Astron”) (TSXV:AST) today announced its third quarter results for the nine month period ended June 30, 2022. All dollar amounts are in Canadian dollars, unless otherwise indicated.

 

Highlights for the period ended June 30, 2022:

 
  • Net loss of $401,184 for the period ended June 30, 2022 (June 30, 2021 – $563,444), an improvement of 29% from the same period of year 2021.  

 
  • On April 1, 2022, the Company completed a non-brokered private 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 the annual audited consolidated financial statements.

 

Financial Statements and MD&A

 

The Company's Financial Statements and Management's Discussion and Analysis (MD&A) for the nine months ended June 30, 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 (TSX-V:AST) helps Canadian enterprises in the food and beverage industry break through the noise and bring their products to new international markets in the emerging world. 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, please contact:

S. Randall Smallbone

President and CEO

Astron Connect

604-620-2092

[email protected]

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 the adequacy or accuracy of this release.

 

Notice regarding forward looking statements:

This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. 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 of forward-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 such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects the current beliefs of Astron and is based on information currently available to Astron and on assumptions Astron believes are reasonable. These assumptions include, but are not limited to, management’s assumptions about receiving TSXV acceptance of the Transaction as constituting Astron’s “qualifying transaction”.


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 be materially different from those expressed or implied by such forward-looking information. Although Astron has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information as there can be no assurance that 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 to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

 

The forward-looking statements contained in this press release represent the expectations of Astron as of the date of this press release and, accordingly, are subject to change after such date. However, Astron expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

 

Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.  Trading in the securities of a capital pool company should be considered highly speculative.

 

The TSX Venture Exchange has in no way passed on the merits of the Transaction and has neither approved or disapproved the contents of this press release.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility of the adequacy or accuracy of this press release.    

 

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