EDMONTON, Alberta, July 25, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture:RTI) has released its financial results for the fiscal year ended March 31, 2018. The audited financial statements and Management's Discussion and Analysis for the fiscal year ended March 31, 2018 are available on www.SEDAR.com under the Company’s profile.
Key Highlights for the 2018 Year:
The balance sheet significantly strengthened from 2017 to complete a successful turnaround for the Company. The cash balance as of March 31, 2018 was approximately $21.9 million, up from $11.4 million on March 31, 2017. Long-term debt of over $8.1 million as of March 31, 2017 was extinguished through a series of pay-downs and restructuring initiatives. The working capital position swung to a surplus of $22.1 million from $6.7 million during the same time frame due to the following initiatives:
As a result, the Company has a strong working capital balance to support its business activities going forward.
Denis Taschuk, President & CEO of Radient Technologies commented, “This has been a watershed year for Radient Technologies, marked by several major milestones that have facilitated unprecedented levels of growth for the Company. This year alone, we have completed the expansion of our Edmonton-based manufacturing facility, strengthened our accretive partnership with one of the largest Cannabis producers in the world, were named one of the Top 50 performing companies of the year by the TSX Venture Exchange, and successfully submitted our application to the FDA for our method of extracting nicotine from tobacco biomass. With our next steps being the expansion of our presence in the European market, Radient is rapidly becoming a global leader in the commercial-scale production of cannabis and hemp products worldwide.
We have increased our talent pool substantially this year, adding a number of leading scientists and researchers to our team along with technical staff. Financially, the Company has strengthened its balance sheet by eliminating its debt, which will position it for near-term and long-term success. With our strong working capital surplus, and having hit our targets successfully over the last year, Radient is in a superior position to continue executing on its long-term vision to become the leading industrial-scale cannabis processor in the world.”
About Radient
Radient extracts natural compounds from a range of biological materials using microwave assisted processing (“MAP™”), a patented technology platform which provides superior customer outcomes in terms of ingredient purity, yield, and cost. From its 23,000 square-foot manufacturing plant in Edmonton, Alberta, Radient serves market leaders in industries that include pharmaceutical, food, beverage, natural health, personal care and cannabis. Visit www.radientinc.com for more information.
Denis Taschuk, Chief Executive Officer, [email protected]; (780) 465-1318
Prakash Hariharan, Chief Financial Officer, [email protected]; (780) 465-1318
Forward Looking Information:
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company’s business operations; the Company’s ability to extract nicotine from tobacco, the Company’s financial results, the Company’s ability to complete the renovations and expansion of its facilities; the timing of receiving the ACMPR license, the Company’s ability to close its previously announced financings and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. 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 forward-looking information. Although Radient 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. 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 any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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