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CALGARY, March 1, 2019 /CNW/ - RMMI Corp. ("RMMI" or the "Company") (CSE: RMMI) announced today that it has filed its audited financial statements and related management discussion and analysis for the year-ended December 31, 2018 under its profile on the SEDAR filing system (www.sedar.com). The Company has also filed its 2019 Annual Information Form on SEDAR.
RMMI remains well capitalized to execute its near-term business plan to progress its Cannabis Act application and renovate its Newell property for cultivation and production of cannabis. RMMI had a working capital surplus of $5.2 million, including cash of $5.4 million, at December 31, 2018. As of the date of this press release, renovations are advancing at the Newell property. Building exterior re-skinning has commenced with all materials on-site, and building interior construction is well underway. RMMI regularly provides updated photos of the facility renovation on the RMMI website: www.rmmi.ca.
Over the past year RMMI has executed on all aspects of the Company's business plan, creating forward momentum and value for our shareholders, as demonstrated by our achievements in 2018, including:
- Completed a $2.5 million private placement in early 2018;
- Completed the acquisition of the Newell property which includes two buildings totalling 28,400 square feet and 7.4 acres of land that provides opportunity for future expansion;
- Completed an initial public offering of $4.4 million in September 2018 and commenced trading on the Canadian Securities Exchange on September 25, 2018;
- Transitioned our licenced producer application to the Cannabis Act's Cannabis Tracking and Licensing System ("CTLS") in October 2018;
- Completed the Company's first hemp cultivation in 2018 and a second hemp cultivation in 2019 using the Company's chosen aeroponics system from Aessense Corporation to collect valuable information such as nutrient and pH requirements at different stages of growth, and work towards standardizing environmental conditions such as temperature, humidity, lighting, electroconductivity of the nutrient-water mix, as well as other factors that will be directly transferable to cannabis cultivation; and
- Commenced renovations of the main building at the Newell property in preparation for commercial cultivation and processing of cannabis.
"In 2018, the Company made excellent progress towards its goal of becoming a premium, organic-quality cannabis producer", said Earl Connors, President and CEO of RMMI. "Our balance sheet is strong, our building design is optimized, and we have the resources, platform and people to continue to execute our strategic plan and deliver sustainable value to our investors and stakeholders."
Filing of amended and restated financial statements for the three and nine months ended September 30, 2018 and related amended and restated management discussion and analysis
RMMI has filed an amended and restated, unaudited, condensed, interim consolidated financial statements and related amended and restated management discussion and analysis for the three and nine months ended September 30, 2018 under its profile on the SEDAR filing system. The restatement is due to the adjustment of certain listing costs that were previously classified as share issue costs, into transaction costs. As a result, the Company's net loss and comprehensive loss for the three and nine months ended September 30, 2018 has been amended, as has the Company's deficit and share capital at September 30, 2018. There has been no change to the Company's cash balance, working capital balance nor total shareholders' equity at September 30, 2018 as a result of this amendment and restatement. The amendment and restatement is fully described in Note 2 to the amended and restated unaudited condensed interim consolidated financial statements.
About RMMI Corp.
RMMI is an Alberta based company that focuses on the production, cultivation and sale of marijuana in various forms. RMMI, through its wholly-owned subsidiary, Rocky Mountain Marijuana Inc. ("Rocky Mountain"), is a late stage applicant under the Cannabis Act (Canada) and is in the process of obtaining the requisite license to commence cannabis production and operations. Rocky Mountain blends science with nature, using aeroponic cultivation and CO2 extraction, and intends to produce high-purity, organic-quality cannabis oils. RMMI's team will employ leading commercially-available science and technology to maximize production yields and product quality as a low-cost producer, while reducing risk to its crops and its business.
For more information about RMMI, please call Investor Relations or visit www.rmmi.ca.
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Forward Looking Statements
Certain statements contained in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of the applicable securities legislation (collectively, "forward-looking statements"). These statements relate to management's expectations about future events, results of operations and RMMI's future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Unless otherwise indicated, these statements speak only as of the date of this news release. In particular, this news release contains forward-looking statements pertaining RMMI's future business plans, Newell facility renovations and its expected completion date, the ability to successfully supply products that meet high quality standards and expected volumes and the optimum operation of the facility once completed.
Forward-looking statements are based on certain assumptions and analyses made by RMMI in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties. In making the forward-looking statements, RMMI has made various material assumptions, including but not limited to, receipt of applicable regulatory licences from Health Canada, material assumptions relating to general business and economic conditions and RMMI's ability to successfully execute its business plans strategy. Although RMMI believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and RMMI cannot assure that actual results will be consistent with the forward-looking statements included in this news release. Given these risks, uncertainties and assumptions, readers should not place undue reliance on the forward-looking statements in this news release and should review the various risk factors set forth in RMMI's AIF dated February 28, 2019.
The forward-looking statements included in this news release are expressly qualified by this cautionary statement and, except as otherwise indicated, are made as of the date of this news release. RMMI does not undertake any obligation to publicly update or revise any forward-looking statements or departures from them except as required by applicable securities laws. All of the forward-looking statements contained in this news release are expressly qualified by the foregoing cautionary statements.
For further information: Earl Connors, President and Chief Executive Officer; Investor Relations Contact: George Jurcic, Director of Corporate Development, [email protected], 403-930-7079