EDMONTON, Aug. 28, 2015 /CNW/ - Radient Technologies Inc. (TSX-V: RTI) (the "Corporation") announced today that it has released its financial results for the first quarter of its fiscal year ended March 31, 2016. The unaudited financial statements, Management's Discussion and Analysis, and the CEO & CFO certifications for the three month period ended June 30, 2015 are available on www.SEDAR.com.
Current Financial Situation
The Corporation is currently experiencing a significant cash shortage. The Corporation urgently needs to secure additional financing arrangements in order to fund its current working capital deficit and to fund its continuing operations and corporate administration costs so as to continue as a going concern. The board of directors of the Corporation is currently advancing alternatives to address the Corporation's financial situation.
To partially alleviate this issue, as previously announced on August 11, 2015 the Corporation completed the first tranche of a non-brokered private placement of units ("Units") of the Corporation (the "Offering"). Each Unit was comprised of one common share of the Corporation (a "Common Share") and one half Common Share purchase warrant (each whole warrant, a "Warrant"), with each whole Warrant entitling the holder to subscribe for one additional Common Share at a price of $0.50 per Common Share until the date that is 42 months from the date of issuance of such Warrant. Under the first tranche of the Offering, the Corporation issued and sold 1,272,100 Units for aggregate gross proceeds of $127,210.
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 20,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves market leaders in industries that include pharmaceutical, food, beverage, natural health, personal care and biofuel markets. Visit www.radientinc.com for more information.
Neither 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.
Information set forth in this news release contains forward-looking information and 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 terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", "intend", and similar terms and phrases are intended to identify these forward-looking statements, including but not limited to statements regarding securing additional financing and the use of proceeds of the Offering. The Corporation cautions that all forward looking information and statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Corporation's control. Such factors include, among other things: risks and uncertainties relating to the Corporation's ability to secure additional financing, the future use of the Offering proceeds by the Corporation and the Corporation continuing as a going concern. 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 Corporation undertakes no obligation to publicly update or revise forward-looking information.
SOURCE Radient Technologies Inc.