LAS VEGAS and VANCOUVER, British Columbia, March 24, 2023 (GLOBE NEWSWIRE) -- TAAT® GLOBAL ALTERNATIVES INC. (CSE: TAAT) (OTCQX: TOBAF) (FRANKFURT: 2TP) (the “Company” or “TAAT®”) is pleased to provide a summarized update of its performance during the Company’s fiscal year 2022 (12-month period ended October 31, 2022). For more information, please refer to the Management Discussion and Analysis and Consolidated Financial Statements for the Years Ended October 31, 2022 and 2021 documents, which can be found under the Company’s profile on SEDAR (www.SEDAR.com).
TAAT® Fiscal Year 2022 Highlights (all monetary figures are listed in Canadian dollars unless specified otherwise)
Sequential annual revenue growth from $2,560,721 to $42,535,944 (cost of goods sold $1,655,360 and $38,794,122 for each respective period), inclusive of convenience wholesale revenues from ADCO Distributors, Inc. (“ADCO”) for the period of approximately 5.5 months between May 20, 2022 and October 31, 2022;
Successful acquisition of ADCO (announced in a press release dated May 20, 2022), an Ohio-based convenience and tobacco wholesaler established in 1960; and
Appointment of Michael Saxon (former Altria Group and Philip Morris International leader) as the Company’s Chief Executive Officer (announced in a press release dated June 20, 2022).
Additionally, further to its press releases dated March 1, 2023 and March 15, 2023, the Company has now filed its audited annual financial statements for the year ended October 31, 2022, the related management's discussion and analysis and CEO and CFO certifications on SEDAR (www.SEDAR.com).
TAAT® Chief Executive Officer Michael Saxon commented, “Fiscal 2022 was a pivotal year for the Company, and our financial results reflect that with a significant increase in revenue. The combination of our branded products (TAAT® and Jayvees) along with our distribution subsidiary (ADCO), provides us with more diverse revenue streams so that we can further invest in the Company’s businesses. On behalf of the management team, we thank shareholders for their continued support, and we are excited to further discuss these results during our Annual General Meeting (‘AGM’) on Monday.”
On behalf of the Board of Directors of the Company,
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About TAAT® Global Alternatives Inc.
TAAT® is a vertically integrated consumer product and distribution company, generating more than CAD $90 million in overall gross revenue annually. TAAT® is strategically expanding its product categories including tobacco and reduced-risk alternatives, hemp, kratom, and other emerging CPG segments. TAAT® has facilities to include a processing plant in Nevada as well as a distribution centre in Canton, Ohio, leveraging existing retail shelf space and pipelines into national wholesale channels.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “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 in this news release includes statements regarding the anticipated performance of TAAT® in the tobacco industry, in addition to the following: Potential performance of the Company (and its subsidiaries) in its fiscal year 2023. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes to the growth and size of the tobacco markets; (iii) changes to the regulatory landscape applicable to the Company's business; and (iv) other factors beyond the control of the Company. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this news release are made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or guarantees can be made as to the effects of the Company’s products on an individual’s health and well-being. The Company’s products are not intended to diagnose, treat, cure, or prevent any disease.
This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by the Company with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with the Company is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.
Disclosures relating to investor relations firms retained by TAAT® Global Alternatives Inc. can be found under the Company's profile on http://sedar.com.
