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Corporate Universe Announces Second Significant Share Reduction of Common Stock

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New York, New York–(Newsfile Corp. – October 16, 2020) – Corporate Universe, Inc. (OTC Pink: COUV) is pleased to announce the company has filed a petition in Federal Court for the cancellation of an additional 89 Million shares of common stock. The company expects a response on the final decision soon. This reduction is in addition to the 106 Million shares of common stock the company previously purchased and then retired to the treasury, as stated in the August 25th press release.

Additionally, the company has been diligently updating Otcmarkets.com and it is anticipated that all financials, as well as the attorney letter, will be posted as expeditiously as possible. We are bringing the company up to “Current” reporting status. In conjunction with updating the financials and becoming current, we are bringing the company current to close major transactions. We have already rebranded the corporate website which can be found at CorpUniverse.com. The company is excited to continue working toward its corporate milestones quickly while rapidly increasing shareholder base and value.

Isaac H Sutton, CEO of Corporate Universe, stated, “We have shown tremendous progress in recent months. We set forth many milestones, inclusive of of going current, cleaning up debt and drastically reducing our share structure. We are working closely with OTC Markets to fulfill all requirements. We strongly feel with the retirement of nearly 200 million shares of common stock, which I am confident will be a favorable rule, will not only significantly increase shareholder value, but will allow us to focus on several important ventures we are currently engaged in. We truly look forward to updating our new and future shareholders in the very near term.”

Safe Harbor:

Safe Harbor Statement Information in this news release may contain statements about future expectations, plans, prospects, or performance of Corporate Universe, Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases “can be,” “expects,” “may affect,” “believed,” “estimate,” “project,” and similar words and phrases are intended to identify such forward-looking statements. Corporate Universe, Inc. cautions you that any forward-looking information provided by or on behalf of Corporate Universe, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Corporate Universe, Inc.’s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Corporate Universe, Inc.’s control. In addition to those discussed in Corporate Universe, Inc.’s press releases, public filings, and statements by Corporate Universe, Inc.’s management, including, but not limited to, Corporate Universe, Inc.’s estimate of the sufficiency of its existing capital resources, Corporate Universe, Inc.’s ability to raise additional capital to fund future operations, Corporate Universe, Inc.’s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match Corporate Universe, Inc.’s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Corporate Universe, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.

Contact:

Corporate Universe Inc
isutton@corpuniverse.com

1-302-273-1150

SOURCE: Corporate Universe, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66180

Cannabis

Harvest One Reports Fourth and Year End Financial Results for 2020

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Vancouver, British Columbia–(Newsfile Corp. – October 28, 2020) – Harvest One Cannabis Inc. (TSXV: HVT) (OTCQX: HRVOF) (“Harvest One” or the “Company“) is pleased to announce its financial results for the three and twelve months ended June 30, 2020.

Management Commentary

“We are encouraged by modest revenue growth in our consumer goods divisions in the fourth quarter in spite of COVID and uncertain market conditions. This was mainly due to the successful launch of our Cannabis 2.0 program in addition to steady performance from Dream Water and LivRelief products. We anticipate this growth to continue in the new fiscal year as we focus on product innovation, distribution and marketing of our consumer goods brands,” said Gord Davey, President and Interim Chief Executive Officer of Harvest One. “This has been a transformational year for Harvest One as we continue to pursue the growth of our core business while undergoing a Strategic Review to divest capital intensive and non-performing assets. Such divestitures have significantly decreased operating costs and provide the Company with capital to reduce its liabilities and grow ongoing operations. I remain optimistic for the future as we look to complete the Strategic Review and continue to execute our commercial plans to grow the consumer goods business.”

Financial Highlights:

  • During the year ended June 30, 2020, the Company announced the divestment from cultivation and focus on cannabis infused and non-infused consumer packaged goods (“CPG”). As such, cultivation assets including United Greeneries Holding Ltd.’s Duncan and Greenbelt facilities are considered Discontinued Operations and the CPG assets including Dream Water Products Inc., Delivra Inc., and Satipharm AG are considered Continued Operations for the purposes of the Audited Financial Statements for the year ended June 30, 2020. The divestitures of both the Duncan and Greenbelt facilities were completed on August 26 and October 15, 2020, respectively.
  • For the twelve months ended June 30, 2020, the Company reported total net revenue of $11.79 million made up of $8.38 million from Continued Operations and $3.40 million from Discontinued Operations representing 40% and -38% year on year growth for Continued and Discontinued Operations, respectively. For the quarter ended June 30, 2020, the Company reported total net revenue of $2.33 million and $0.29 million from Continued and Discontinued Operations, respectively.
  • The year on year net revenue growth of 40% for continued operations was attributable to the addition of Cannabis 2.0 products introduced in Q3 2020, and the addition of sales from of LivRelief generated from the acquisition of Delivra Corp. completed on July 3, 2019. Net revenue from cultivation activities decreased by 38% compared to the same period last year.
  • SG&A for the twelve and three months ended June 30, 2020, was $12.18 million and $3.13 million respectively, representing a 4% reduction for the year and 33% reduction for the quarter ended June 30, 2020. The cost reduction was significant during the fourth quarter as the Company began to streamline operations and made drastic changes to its organizational structure.
  • The Company recognized a goodwill impairment of $41.12 million for the year due to the decrease in the Company’s market capitalization, slow development of the cannabis market, and changes to initial assumptions used to value intangible assets and goodwill of previous acquisitions to reflect current market conditions.
  • The Company recognized a loss of $10.17 million from the divestitures of Discontinued Operations for the year ended June 30, 2020, which were completed subsequent to the year end.

Subsequent to Quarter End;

  • On August 26, 2020, Harvest One completed the divestiture of the Duncan facility for cash consideration of $8.2 million. Concurrently, Harvest One commenced a licensing agreement with Costa LLP, the purchaser, to facilitate the production, distribution and sale of the Company’s Cannabis 2.0 product lines.
  • In conjunction with the closing of the Duncan transaction, the Company also repaid all principal, fees and interests totaling $3.73 million related to the $1.5 million bridge financing facility due to Costa LLP and $2.0 million loan due to MMJ Group Holdings Ltd.
  • On October 16, 2020, Harvest One completed the sale of its majority interest in Greenbelt Greenhouse Ltd. for net cash proceeds of approximately $2.85 million. Greenbelt is a non-core cultivation asset.
  • On October 9, 2020, Harvest One announced leadership changes with Andy Bayfield transitioning to the Board of Directors from his role as Interim Chief Executive Officer and Gord Davey being appointed as President and Interim Chief Executive Officer and director of the Company.

Summary of Key Financial Results

For the Year Ended June 30, 2020
($000’s, except share and per share amounts) 2020 2019
Continued Operations: $ $
Net Revenue 8,384 5,982
Cost of Sales 6,767 3,966
Inventory Write-down 2,248
Gross Profit (631) 2,016
General and Admin 12,181 12,655
Asset Impairment and Write Down (41,123) (6,100)
Other Costs 7,327 9,542
Total Expenses 60,631 28,297
Loss from Operations (61,262) (26,281)
Other (expense) Income (1,509) 73
Net Loss from Continued Operations (62,771) (26,208)
  
Discontinued Operations:
Net Revenue 3,405 5,483
Gross (Loss) Profit (4,672) 992
Expenses 3,149 1,562
Loss from Remeasurement of Discontinued Assets (10,167)
Other (expenses) Income (634) (1,187)
Loss from Discontinued Operations (18,622) (1,757)
  
Net Loss (81,393) (27,965)

 

Adjusted EBITDA (non-GAAP measure)

For the Year Ended June 30, 2020
($000’s, except share and per share amounts) 2020 2019
Loss from operations (61,262) (26,281)
Inventory write-down 2,248
(59,014) (26,281)
Asset impairment and write-downs 41,123 6,100
Fair value adjustment in cost of sales 1,409 468
Depreciation and amortization 3,073 879
Share-based compensation 2,022 4,245
Issuance of common shares for services 471
48,098 11,692
Adjusted EBITDA(1) (10,916) (14,589)
(1)Adjusted EBITDA is a non-GAAP measure defined as loss from operations before interest, taxes, depreciation and amortization adjusted for fair value items and other non-cash items, as reconciled in the Management’s Discussion and Analysis for fiscal 2020.

 

Balance Sheet and liquidity

Management is managing capital resources to ensure that it has adequate liquidity to fund operations and discharge liabilities and obligations. During the fiscal year ended June 30, 2020, the Company used $18.36 million and $3.63 million in operating and investing activities, respectively, and received $3.17 million from financing activities. The Company’s ability to continue in the normal course of operations is dependent on the Company’s ability to increase profitability, reduce operating costs, and acquire capital from divestiture of non-core assets during the Strategic Review in addition to raising capital through equity and debt subscriptions. The Company has made significant progress in streamlining operations to lower operating costs by reducing its workforce, including eliminating several executive management positions, and divesting non-performing assets. These cost-saving initiatives have made a positive impact in the fourth quarter. Subsequent to the fiscal year ended June 30, 2020, the Company has successfully completed divestitures of two assets including the Duncan facility and Greenbelt Greenhouse. Net proceeds from these transactions were used to reduce liabilities and provided working capital to support operations. The Company is continuing to evaluate other non-performing asset divestiture opportunities as it completes the Strategic Review.

Outlook

Management anticipates sales volumes, net revenues, and adjusted EBITDA to improve throughout the new fiscal year due to a full year of new Cannabis 2.0 sales, organic growth of core OTC consumer products, improvements in gross margin, and a continued focus on reducing overhead costs. The Company remains confident in achieving positive operating cash flow and profitability in the near term.

The Company will continue to drive the growth of its Dream Water, Liv Relief and Satipharm brands and continued to advance the commercialization of new Cannabis 2.0 product offerings. Harvest One will also accelerate the commercialization of both cannabis infused and non-infused over-the-counter consumer products while leveraging its established distribution channels in North America and Europe. International expansion for the Company’s OTC products remains a high priority as well as the advancement of new product innovation.

The Strategic Review remains ongoing to further restructure the organization and solidify the balance sheet with additional sales of non-core assets. The Company will also continue to evaluate all transactions or financing alternatives available to support the growth and expansion of its CPG brands and product lines.

About Harvest One

Harvest One is a global company that develops and distributes premium health, wellness and selfcare products with a market focus on sleep, pain, and anxiety. Harvest One is a uniquely positioned company in the cannabis space with a focus on cannabis infused and non-infused consumer packaged goods. Harvest One owns and operates three subsidiaries; Dream Water Global, and Delivra (consumer); if (medical and nutraceutical). For more information, please visit www.harvestone.com.

This press release contains references to “Adjusted EBITDA”, which is a non-GAAP financial measure.

Adjusted EBITDA is a non-GAAP measure used by management that does not have any standardized meaning prescribed by International Financial Reporting Standards and may not be comparable to similar measures presented by other companies. Management defines adjusted EBITDA as the loss from operations, as reported, before interest, taxes, depreciation and amortization and adjusted for share-based compensation, common shares issued for services, the fair value effects of accounting for biological assets and inventories, asset impairments and write-downs and other non-cash items. Management believes that Adjusted EBITDA is a useful financial metric to assess the Company’s operating performance on a cash basis before the impact of non-cash items, and on an adjusted basis as described above.

A reconciliation of the supplemental non-GAAP measure is presented in the Year-end June 30 2020 MD&A. The Company believes that the measure provides information useful to shareholders and investors in understanding its performance and may assist in the evaluation of the Company’s business relative to that of its peers. For more information, please see “Non-GAAP Measures” in the Year-end 2020 MD&A available on the Company’s profile on SEDAR at www.sedar.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The forward-looking information contained in this press release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accept responsibility for the adequacy or accuracy of this release.

Investor Relations:

Colin Clancy
Investor Relations
IR@harvestone.com
1-877-915-7934

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67083

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Greene Concepts Fortifies Financial Positioning Through Major Debt Reduction Combined with Share Buyback in Alignment with the Company’s Growth Strategy

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Marion, North Carolina–(Newsfile Corp. – October 28, 2020) – Greene Concepts Inc. (OTC Pink: INKW) is excited to report the company has completed a debt forgiveness agreement in the amount of $340,898 previously owed to one of our largest note holders. This reduces our notes payable by 56%. The debt holder, Greene Concepts’ management and accountants have agreed to write-off and eliminate $340,898 of the third-party convertible notes from the company’s finances as debts that are no longer due.

Additionally, the Company is in the process of finalizing a substantial share buyback of its common stock. This common stock buyback will reduce the common share count by over 280 million shares. The company has taken powerful actions financially in a short time span by increasing its Assets, Cash, Inventory, and Sales.

Greene Concepts 3rd and 4th Quarter Finance Comparisons
3rd Quarter Report (Period Ending 4/30/2020) 4th Quarter Annual Report (Period Ending 7/31/2020)
Assets $3,377,752 $4,837,830
Cash $1,623 $67,127
Inventory $0 $51,425
Sales $0 $51,885

Lenny Greene, CEO of Greene Concepts notes, “Today’s announcement marks an important step forward in significantly strengthening Greene Concepts in terms of debt reduction which wipes out 56% of our debt (over $340,000 worth of payable debt) off our books. We would like to give a profound thanks to this Debt holder for their strong work and altruism in this action. This bold and forward-looking gesture better positions us for increased revenue generation, faster inventory turnaround times, increased gross and profit margins, a rise in working capital, employee additions and positive cash flows. It also allows us to increase our assets, our cash reserves, and our total sales. We will continue to focus on the things we can control with aggressive cost management and working capital reductions. This focus will allow us to reduce debt, achieve positive liquidity and balance sheet improvement.”

Mr. Greene continues, “We are pleased to continue making strides in our ongoing efforts to strengthen our business, increase our flexibility and improve returns on capital. It is our intention to do whatever we can to continually reduce our debt and monitor our Key Performance Indicators for our financial condition to include our cash, accounts receivable and accounts payable. While we amplify our sales and reduce our debt, we also maintain an inventory of $51,425 of cases of our bottled ‘Be Water’ Brand ready to ship to Amazon and throughout the country. Our new ‘Be Water’ Label production run begins next week.”

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BeWater New Label

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“Finally, we are in the process of finalizing a share buyback of our stock. This common share buyback will reduce our common share count by over 280 million shares. We are confident that each of these financial actions offer improved security during these uncertain times and better positions us to pull the trigger on future partnership or acquisition opportunities while preparing us for unprecedented growth.”

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Greene Concepts Creek Running Water

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About Greene Concepts, Inc., Mammoth Ventures, Inc. and Water Club, Inc.

Greene Concepts, Inc. (http://www.greeneconcepts.com) is a publicly traded company. Through its recently acquired wholly owned subsidiary, Mammoth Ventures Inc., the Company has entered the specialty beverage and bottling business and is an emerging leader in the global scientifically formulated beverage industry. Through its subsidiary Water Club, Inc. we intend to pursue subscription-based delivery of water and scientifically formulated beverages directly to the consumers home and market the convenience of this service thru social media affiliate marketing partners.

Safe Harbor: This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company’s current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company’s business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission and OTC Markets, Inc. OTC Disclosure and News Service. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:

Greene Concepts, Inc.
Investor Relations
info@inkway.com

Lenny Greene
lenny@greeneconcepts.com
559-434-1000

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67028

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TransGlobal Assets Inc. (TMSH) Expands in Pittsburgh Area with Property Acquisition

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Company seeks a foothold on manufacturing of Monster Elixir branded CBD products and beverages

Pittsburgh, Pennsylvania–(Newsfile Corp. – October 28, 2020) – TransGlobal Assets, Inc. (OTC Pink: TMSH) is proud to announce the purchase of a 3,500 square foot building in Pittsburgh that will serve as the headquarters of Monster Elixir Inc., a wholly-owned subsidiary. It will house manufacturing for Monster Elixir’s line of CBD beverages and topical healing products.

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MONSTER ELIXIR

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The purchase expands on the company’s growth plan, which currently features a 2,400 square foot rental space in the city that will be a storage unit for production. The plan also entails the purchase of the first of many additional store front retail spaces in the Pittsburgh area.

The company is securing space for its line of heavily demanded drinks called Green Essence Beverages. The CBD-infused drinks will be sold in the following flavors:

Ginger Bite
Pineapple Agave (Dark)
Strawberry Pineapple Lemonade
Peach Rosemary
Watermelon Mint
Perfectly Plum

Monster Elixir will also launch a line of CBD wellness products that include, but are not limited to, the following:

Joint & Muscle Cream
Joint & Muscle Balm
Body Butter
Bath Bombs
Tincture Drops

In addition, the company is also launching a line of hemp-infused hair care products that will include shampoos & conditioners, healthy hair butters & tinctures, as well as beard care products. These fine CBD products will be sold at local dispensaries and other retail outlets.

For further inquiries please contact:

Curtis Philpot CEO
TransGlobal Assets Inc.
Office: (833) 217-8764 
Email: Info@TransGlobalAssets.net

www.TransGlobalAssets.com
Twitter: @TMSH_OTC
Facebook: Facebook.com/TMSHOTC

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67026

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