VANCOUVER, British Columbia, May 16, 2019 /CNW/ -- Lifestyle Delivery Systems Inc. (CSE: LDS), (OTCQX: LDSYF), (Frankfurt: LD6, WKN: A14XHT) ("LDS" or the "Company") is pleased to announce that during its fourth quarter of 2018 the Company generated over three million dollars in revenue, as reported in its Annual Audited Financial Statements filed on SEDAR.
The Company reported total revenue of CAD$4,080,747 for the year ended December 31, 2018. The majority of the revenue, CAD$3.1 million, was received in the fourth quarter of 2018. The gross margin for the year 2018 was negative $1,689,471 and resulted from $5,770,218 in cost of sales.
The Company's CEO, Brad Eckenweiler, stated, "Although it took most of the year to achieve revenue, the fourth quarter numbers are very encouraging. We believe that our numbers in 2019 will be significantly better due in part to anticipated tax reductions by both the City of Adelanto and the State of California. The taxes on cultivation, manufacturing, transportation, distribution and sales in 2018 amounted to a significant portion of the cost of sales."
The Company will continue to update the market on all events as they become relevant.
About Lifestyle Delivery Systems Inc.
Lifestyle Delivery Systems Inc. is a technology company that licenses its technology to a state-of-the-art production and packaging facility located in Southern California. The Company's technology produces infused strips (similar to breath strips) that are not only a safer, healthier option to other forms of delivery but also superior bioavailability of cannabis constituents. Some strips will also include supplemental co-active ingredients such as nutraceuticals, vitamins and peptides. The technology provides a new way to accurately meter the dosage and assure the purity of selected product. From start to finish, the production process, based on the Company's technology, tests for quality and composition of all the ingredients used in each and every strip which results in a delivery system that is safe, consistent and effective.
Lifestyle Delivery Systems Inc. Brad Eckenweiler CEO & Director
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, The Company undertakes no obligation to publicly update or revise forward-looking information.