Toronto, Ontario, Canada, May 30, 2022 (GLOBE NEWSWIRE) — Yooma Wellness Inc. (“Yooma“or the”Company“) (CSE: YOOM, AQSE: YOOM), a Toronto-based vertically integrated global wellness platform that develops and markets a portfolio of wellness brands, today released its interim financial statements (the “financial state“) for the three-month period ended March 31, 2022 (the “Reporting period“). A summary of Yooma’s financial highlights during the reporting period is set forth below and a summary of recent operational highlights is included in the company’s press release dated May 17, 2022. More information Details are contained in the financial statements and related MD&A and Analysis, which are available on Yooma’s SEDAR page at www.sedar.com.
Lorne Abony, President of Yooma, said, “Markets continue to be challenging and we are working diligently with our strategic advisor, Canaccord Genuity Corp., to conduct a strategic review of potential options for the company, which may include a sale of assets. or new mergers and acquisitions by the Company, if financing can be obtained on acceptable terms. We look forward to providing an update once our review is complete.
Jordan Greenberg, CEO of Yooma, added, “A number of key Yooma acquisitions from 2021 are performing well, including Vitality CBD in Europe and Vertex Co., Ltd. in Japan. Revenue and gross profit have both increased significantly, year-over-year, and we expect to start seeing returns on our efforts to streamline and streamline Yooma’s global platform in the near term.
Key Financial Highlights (Q1 2022)
During the reporting period, the Company generated revenues of US$3.2 million, but recorded overall losses of US$3.1 million, reflecting, among other things, a cost of sales of 2. US$4 million and expenditures of US$3.7 million. The significant year-over-year increase in revenue, cost of sales and expenses reflects the six significant acquisitions made by Yooma in 2021, which expanded Yooma’s global platform into Europe, Japan and the United States. United.
|All dollar amounts are in USD.||For the three–month period ended||For the three-month period ended|
|March, 31st,||March, 31st,|
|Cost of sales||(2,419,018||)||(273,527||)|
|Gross profit||$||783,446||$||330 153|
|Depreciation and amortization||$||374 265||$||–|
|Consulting fees||156,766||163 123|
|Registration fees||–||960 725|
|Fair value adjustment to discounted purchase price||216,578||–|
|Office and administrative||2,664,615||1,197,077|
|Fair value adjustment of liability warrants||(44,387||)||–|
|Deferred income tax recovery||196,012||–|
|Other comprehensive loss|
|Foreign Currency Conversion||(396,947||)||–|
|Loss per share – basic and diluted:||$||(0.03||)||$||(0.06||)|
|Weighted average number of common shares outstanding – basic and diluted:||100 859 744||36,606,818|
About Yooma Wellness Inc.
Yooma’s mission is to build a vertically integrated global leader in the manufacturing, marketing, distribution and sale of wellness products, including hemp seed oil and hemp-derived ingredients and cannabinoids (CBD). ). The Company leverages strategically organized sales channels and e-commerce networks to offer a diverse range of wellness products through operating subsidiaries in the United States, United Kingdom, France and in Japan. Learn more at www.yooma.ca.
Jordan Greenberg, CEO
Email: [email protected]
Forward Reviews–Looking for statements
All information in this press release, including any information relating to future financial or operating performance and other statements by Yooma that express management’s expectations or estimates regarding future performance or business, other than statements of historical fact , constitutes forward-looking or forward-looking information. forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management’s current expectations and plans regarding the future. Whenever possible, words such as “will”, “intend”, “believe”, “future”, “move forward”, “become”, “pursue”, “pursue”, “potential”, “projects”, “enter”, “continues to” or the negative of these words or other variations thereof have been used to identify such forward-looking information. Specific forward-looking statements include, but are not limited to, any disclosures regarding future operating results, economic conditions and anticipated courses of action, including statements about Yooma’s mission and strategic plan; his In progress strategic review; and the nature and direction of Yooma’s business going forward.
Numerous risks and uncertainties may affect forward-looking statements, including, among others, regulatory risk in each jurisdiction in which Yooma operates or intends to operate; uncertainties, effects and responses to the COVID-19 pandemic; dependence on licenses; competition; reliance on senior management and key personnel; general business risks and liability; regulation of the CBD industry; changes in laws, regulations and guidelines; in accordance with the laws; limited operating history; adverse publicity or consumer perception; product liability, intellectual property risks; Product recalls; difficulties with forecasting; growth management; dispute; by Yooma ability to effectively integrate existing and future acquisition targets into its platform; the effects of competition in the industry; the demand for increasingly innovative product solutions and service offerings; customer growth trends; the sufficiency of current working capital to meet future working and operating capital requirements; and other matters beyond Yooma’s control. Although the forward-looking statements contained herein reflect management’s current beliefs and reasonable assumptions based on information available to management as of the date hereof, Yooma cannot be certain that actual results will be consistent with such forward-looking information. Yooma cautions you not to place undue reliance on these forward-looking statements. Yooma disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as an offer to sell or a solicitation to buy or sell securities of Yooma.