Hill Street Reports Strong FY 2022 Year End and Q4 Results and Applies to Amend Warrant Terms
Hill Street Reports Strong FY 2022 Year End and Q4 Results and Applies to Amend Warrant Terms
Highlights for the Year:
年度亮點：
- Delivered outstanding consolidated net revenue growth of +46% YoY for the full year, and exceptional +134% YoY growth in Q4
- 全年合併淨收入同比增長46%，第四季度同比增長134%
- Achieved full year gross profit increase of +37% YOY despite supply chain cost increases and inventory write-offs from now-withdrawn (V)ia Regal cannabis beverage business
- 儘管供應鏈成本增加和現已退出的富豪大麻飲料業務的庫存沖銷，全年毛利潤同比增長+37%
- Re-engineered our Vin(Zero) commercial business model to improve the key financials of the business and began executing on a global distribution expansion strategy
- 重新設計了我們的Vin(Zero)商業業務模式，以改善業務的關鍵財務狀況，並開始執行全球分銷擴張戰略
- Activated and expanded our DehydraTECH™ licensing business, growing the U.S. DehydraTECH™ licensee ecosystem from two to seven and doubling the number of US states in operation in our DehydraTECH™ licensing footprint
- 激活並擴展了我們的脱氫技術™許可業務，發展美國DehyTECH™獲得許可的生態系統從2個增加到7個，並使我們DehyTECH中運營的美國州數量翻了一番™許可佔用空間
- Re-evaluated our overall cannabis strategy for Canada after a full year in-market, subsequently withdrawing the (V)ia Regal cannabis beverage initiative from the Canadian market
- 在市場投放了整整一年後，重新評估了我們針對加拿大的整體大麻戰略，隨後從加拿大市場撤回了(V)ia Regal大麻飲料倡議
- Added key members to the management team to drive the growth agenda
- 將關鍵成員添加到管理團隊以推動增長議程
Toronto, Ontario--(Newsfile Corp. - October 31, 2022) - Hill Street Beverage Company Inc. (TSXV: HILL) ("Hill Street" or the "Company") reported its audited fiscal 2022 results for the twelve-month and three-month periods ended June 30, 2022. A complete set of audited financial statements and Management's Discussion and Analysis has been filed at . The Company also announces today that it will apply to the TSX Venture Exchange to amend the expiry date and reprice the exercise price of warrants that are set to expire on November 18, 2022. All dollar figures are quoted in Canadian dollars.
安大略省多倫多-(Newsfile Corp.-2022年10月31日)-Hill Street Beverage Company Inc.(多倫多證券交易所股票代碼：Hill)(“希爾街“或”公司“)報告了截至2022年6月30日的12個月和3個月的經審計的2022財年業績。一套完整的經審計的財務報表和管理層的討論和分析已提交到。本公司今天還宣佈，將向多倫多證券交易所創業板申請修訂到期日，並重新定價將於2022年11月18日到期的權證的行使價。所有的美元數字都是以加元報價的。
RESULTS OF OPERATIONS
行動的結果
The following table summarizes certain financial information of the Company for the years ended June 30, 2022, June 30, 2021 and June 30, 2020.
下表彙總了本公司截至2022年6月30日、2021年6月30日和2020年6月30日的年度的某些財務信息。
|
Results for the Year Ended |
June 30, 2022 |
June 30, 2021 |
June 30, 2020 |
|||
| Gross Revenue | $3,660,008 | $2,753,481 | $2,613,923 | |||
| Chargebacks, finance fees, and listing fees | ($447,685 | ) | ($558,567 | ) | ($883,068 | ) |
| Net Revenue | $3,212,323 | $2,194,914 | $1,730,855 | |||
| Direct Costs | ($1,675,231 | ) | ($1,071,284 | ) | ($1,004,806 | ) |
| Gross Profit | $1,537,092 | $1,123,630 | $726,049 | |||
| Operating Expenses (excl. One-time & Non Cash) | ($2,929,107 | ) | ($2,829,462 | ) | ($2,453,643 | ) |
| One-time Expenses | ($180,006 | ) | ($167,548 | ) | ($1,242,075 | ) |
| Non Cash Expenses | ($911,140 | ) | ($1,075,035 | ) | ($676,940 | ) |
| Loss before other Income (Expense) | ($2,483,161 | ) | ($2,948,415 | ) | ($3,646,609 | ) |
| Other income (Expenses) | ||||||
| Foreign exchange gain (loss) | $901 | ($5,393 | ) | ($7,975 | ) | |
| Gain on favourable interest rate | - | $6,541 | $17,939 | |||
| Gain on settlement of liability | $2,288 | $137,480 | $43,217 | |||
| Gain (loss) on fair value of Consideration | $69,308 | ($259,216 | ) | - | ||
| Loss on impairment of assets held for sale | ($54,055 | ) | - | - | ||
| Loss on impairment of intangibles | ($5,629 | ) | - | ($8,000 | ) | |
| Write-off of inventory | ($115,906 | ) | ($17,258 | ) | ($80,445 | ) |
| Other income | $8,319 | $30 | $194 | |||
| Income (Loss) and comprehensive income (loss) for the period | ($2,577,935 | ) | ($3,086,231 | ) | ($3,681,679 | ) |
| Basic and diluted loss per common share | ($0.01 | ) | ($0.02 | ) | ($0.04 | ) |
| Weighted average number of common shares outstanding | 214,618,160 | 141,775,866 | 104,401,665 | |||
|
截至該年度的業績 |
2022年6月30日 |
2021年6月30日 |
2020年6月30日 |
|||
| 總收入 | $3,660,008 | $2,753,481 | $2,613,923 | |||
| 按存儲容量使用計費、財務費用和上市費用 | ($447,685 | ) | ($558,567 | ) | ($883,068 | ) |
| 淨收入 | $3,212,323 | $2,194,914 | $1,730,855 | |||
| 直接成本 | ($1,675,231 | ) | ($1,071,284 | ) | ($1,004,806 | ) |
| 毛利 | $1,537,092 | $1,123,630 | $726,049 | |||
| 運營費用(不包括一次性和非現金) | ($2,929,107 | ) | ($2,829,462 | ) | ($2,453,643 | ) |
| 一次性費用 | ($180,006 | ) | ($167,548 | ) | ($1,242,075 | ) |
| 非現金支出 | ($911,140 | ) | ($1,075,035 | ) | ($676,940 | ) |
| 扣除其他收入(費用)前的虧損 | ($2,483,161 | ) | ($2,948,415 | ) | ($3,646,609 | ) |
| 其他收入(費用) | ||||||
| 匯兑損益 | $901 | ($5,393 | ) | ($7,975 | ) | |
| 優惠利率收益 | - | $6,541 | $17,939 | |||
| 清償責任的收益 | $2,288 | $137,480 | $43,217 | |||
| 公允對價收益(損失) | $69,308 | ($259,216 | ) | - | ||
| 持有待售資產的減值損失 | ($54,055 | ) | - | - | ||
| 無形資產減值損失 | ($5,629 | ) | - | ($8,000 | ) | |
| 存貨核銷 | ($115,906 | ) | ($17,258 | ) | ($80,445 | ) |
| 其他收入 | $8,319 | $30 | $194 | |||
| 當期收益(虧損)和綜合收益(虧損) | ($2,577,935 | ) | ($3,086,231 | ) | ($3,681,679 | ) |
| 每股普通股基本及攤薄虧損 | ($0.01 | ) | ($0.02 | ) | ($0.04 | ) |
| 已發行普通股加權平均數 | 214,618,160 | 141,775,866 | 104,401,665 | |||
BUSINESS HIGHLIGHTS FOR THE FULL FISCAL YEAR 2022
2022財年全年業務重點
Hill Street's fiscal year 2022 was by far the most successful fiscal year in the history of Hill Street in terms of both operational and financial results.
就運營和財務業績而言，Hill Street的2022財年是迄今為止Hill Street歷史上最成功的財年。
"This year was a step-change in our business, highlighted by an outstanding record fourth quarter," said Craig Binkley, CEO of the Company. "With both our Vin(Zero) alcohol-free wine and DehydraTECH™ licensing businesses, we took bold steps in expanding their footprints and addressable markets during the year. We continue to show dynamic growth and improved financials as evidence of the potential of this next-generation business model."
該公司首席執行官克雷格·賓克利表示：“今年我們的業務發生了翻天覆地的變化，突出表現在第四季度創紀錄的業績。”通過我們的Vin(零)無酒精葡萄酒和DehyTECH™許可業務，我們在這一年裏採取了大膽的步驟，擴大了他們的足跡和潛在市場。我們繼續展示出充滿活力的增長和改善的財務狀況，證明瞭這種下一代商業模式的潛力。
Several key highlights of the year:
今年的幾個主要亮點：
- Major adjustments were made across all the key areas of the Vin(Zero) business, including production planning, shipping and logistics, warehousing, sales and retail distribution. The changes had a significant positive impact on Q4 sales and are expected to drive key positive financial impacts over time.
- Vin(Zero)業務的所有關鍵領域都進行了重大調整，包括生產計劃、航運和物流、倉儲、銷售和零售分銷。這些變化對第四季度的銷售額產生了重大的積極影響，預計隨着時間的推移將推動關鍵的積極財務影響。
- New distribution programs for Vin(Zero) outside of Canada, beginning the push towards global aspirations for this business, including a new distribution and promotional program in the U.S. with New York-based alcohol-free retailer Boisson; and new distribution in Australia.
- Vin(Zero)在加拿大以外的新分銷計劃，開始推動這項業務的全球抱負，包括與總部位於紐約的無酒精零售商Boisson在美國的新分銷和促銷計劃；以及在澳大利亞的新分銷。
- Expanded DehydraTECH™ intellectual property licensing relationships, increasing the DehydraTECH™ licensing footprint from four states at the beginning of the fiscal year to eight states at fiscal year-end, representing a population of over 90 million people[1] (+305% vs. the 29.5MM with which we started the fiscal year) and an addressable market of $19.2B USD[2] in estimated 2022 total cannabis sales.
- 擴大了DehyTECH™知識產權許可關係，將DehyTECH™許可足跡從財政年度開始的四個州增加到財政年末的八個州，代表着9000多萬人口[1](增長305%，而本財年開始時為29.5百萬美元)，潛在市場價值為192億美元[2]據估計，2022年大麻總銷量。
- Continued to support the cannabis-infused beverage business in Canada throughout the year, but ultimately decided to withdraw that initiative and focus on the Company's two strong growth businesses.
- 全年繼續支持加拿大的大麻灌裝飲料業務，但最終決定撤回這一計劃，將重點放在公司的兩項強勁增長的業務上。
FINANCIAL HIGHLIGHTS FOR FULL YEAR FISCAL 2022
2022財年全年財務亮點
Delivered outstanding consolidated net revenue growth of +46% YoY for the full year
全年實現了顯著的合併淨收入同比增長46%
Stellar revenue growth for the year was driven by strong growth and business model adjustments on the Vin(Zero) business as well as more than doubling of revenues on the DehydraTECH™ licensing business.
由於Vin(零)業務的強勁增長和業務模式的調整，以及DehyTECH™許可業務的收入翻了一番以上，該公司今年的收入實現了強勁增長。
Net Loss Narrowed Substantially in Fiscal 2022
2022財年淨虧損大幅收窄
An improvement in earnings was driven primarily by a +37% increase in gross profit, achieved despite significant supply chain cost increases and costs related to the now-withdrawn (V)ia Regal cannabis beverage business. Our preliminary unaudited FY2022 financial results showed expected gross profit for the fiscal year to increase 47% YoY excluding the impact of the (V)ia Regal business, but year-end accounting adjustments resulted in a lower gross profit increase. The strong business growth was accomplished while maintaining relatively flat operating expenses, resulting in a +16% improvement in net earnings.
收益的改善主要是由毛利潤增長+37%推動的，儘管供應鏈成本大幅增加，以及與現已退出的(V)富豪大麻飲料業務相關的成本。我們未經審計的2022財年初步財務業績顯示，剔除富豪業務的影響，預計本財年毛利同比增長47%，但年終會計調整導致毛利增幅較低。強勁的業務增長是在保持相對持平的運營費用的情況下實現的，導致淨收益提高+16%。
Q4 HIGHLIGHTS
第四季度亮點
Q4 Net Revenues More than Doubled to a Record $1.2MM
第四季度淨收入增長一倍多，達到創紀錄的120萬美元
The strength of the business and the adjustments in the business model drove the Vin(Zero) revenues and total consolidated revenues for the fourth quarter. We also continued to see growth on DehydraTECH(TM) licensing revenues.
業務實力和業務模式的調整推動了Vin(Zero)第四季度的收入和總合並收入。我們還繼續看到DehyTECH的增長(TM)授權收入。
We now have an operating footprint of DehydraTECHTM licensees in the U.S. covering ten states with a total population of 115MM[3] and an addressable market of approximately $21.5B USD in estimated 2022 cannabis sales[4]. That footprint covers states generating almost two-thirds of the addressable market of $33B USD in projected total U.S. cannabis sales for 20228, up from our coverage of less than one-quarter of total U.S. cannabis sales at the beginning of FY 2022.
我們現在有了DehyTECH的運營足跡TM美國10個州的持牌人，總人口為1.15億[3]預計2022年大麻銷售的潛在市場價值約為215億美元[4]。這一足跡覆蓋了20228財年美國大麻總銷售額預計為330億美元的潛在市場中產生近三分之二的州，而在2022財年開始時，我們的覆蓋範圍不到美國大麻總銷售額的四分之一。
Appointment of New CFO Completes a Transformational Year of Adding Key Members to the Management Team to Drive the Growth Agenda
任命新的首席財務官完成了為管理團隊增加關鍵成員以推動增長議程的轉型一年
Matthew Jewell was appointed as permanent Chief Financial Officer on October 12, 2022, joining Pearl Chan, who joined the Company on September 27, 2021 as its first Chief Legal Officer, and Craig Binkley, who accepted the full-time CEO position on January 6, 2022. The full Hill Street team is now poised to lead the company through its next phase of growth and development.
馬修·朱厄爾於2022年10月12日被任命為常任首席財務官，加入2021年9月27日加入公司擔任首任首席法務官的陳珍珠和2022年1月6日接受全職首席執行官職位的克雷格·賓克利。整個Hill Street團隊現在準備帶領公司完成下一階段的增長和發展。
Application to the TSX Venture Exchange for Warrant Repricing and Expiry Extension
向多倫多證券交易所創業板申請權證重新定價及續期
The Company also announces that it will file an application today to the TSX Venture Exchange to extend the expiry date and to amend the exercise price of 11,250,900 warrants ("Warrants") of the Company issued in connection with a non-brokered private placement of the Company that closed on or around November 18, 2020.
本公司亦宣佈，將於今天向多倫多證券交易所創業板提交申請，延長到期日及修訂11,250,900份認股權證的行使價(“認股權證“)本公司就本公司於2020年11月18日或前後完成的非經紀私募發行的股份。
The Company intends to extend the expiry date of the Warrants to March 17, 2023 and to amend the exercise price of the Warrants to $0.05. The Warrants, as amended, would include an accelerated expiry provision such that the exercise period of each of the Warrants would be reduced to 30 days if for any 10 consecutive trading days, the closing price of the Company's common shares is equal or greater than $0.0625, with the 30-day expiry period commencing on the day the Company disseminates a press release announcing the commencement of the accelerated expiry period. Approval of such Warrant amendments is subject to the approval of the TSX Venture Exchange.
公司擬將認股權證的到期日延長至2023年3月17日，並將認股權證的行使價修訂為0.05美元。經修訂的認股權證將包括一項加速到期條款，如在任何連續10個交易日內，本公司普通股的收市價等於或大於0.0625美元，則每份認股權證的行使期限將縮短至30天，而30天的到期期限自本公司發佈宣佈開始加速到期期限的新聞稿之日起計算。該等認股權證修訂須經多倫多證券交易所創業板批准。
A portion of the Warrants are held by parties who are considered to be "related parties" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants does not exceeds 25% of the market capitalization of the Company. A material change report in respect of this related party transaction will be filed by the Company.
部分認股權證由被視為本公司“關連人士”的人士持有。因此，根據多邊文件61-101“特殊交易中少數股東保護”和多倫多證券交易所政策5.9“特別交易中少數股東保護”的設想，權證的修訂構成了“關聯方交易”。然而，由於認股權證的公平市值不超過本公司市值的25%，因此可以信賴這些準則規定的豁免正式估值和少數股東批准的要求。本公司將提交有關本次關聯方交易的重大變更報告。
While the Company is prioritizing the push to achieve positive quarterly cash flow without additional fundraising through its revenue generating and cost containment measures, it believes that the repricing of the Warrants is reasonable and necessary in the context of the overall market, as it increases the likelihood that any additional cash needs of the Company could be financed through the exercise of the Warrants.
雖然該公司正在優先推動通過其創收和成本控制措施在沒有額外籌資的情況下實現正的季度現金流，但它認為權證的重新定價在整體市場背景下是合理的，是必要的，因為這增加了公司任何額外現金需求通過行使權證籌集資金的可能性。
About Hill Street Beverage Company Inc. (TSXV: HILL)
關於Hill Street飲料公司(多倫多證券交易所代碼：Hill)
Hill Street Beverage Company Inc. is a progressive non-alcoholic beverage and cannabis solutions company. We are pioneering the space where craft consumer products meet bioscience by combining our deep CPG expertise and our rights to use Lexaria Bioscience Corp.'s ground-breaking DehydraTECH™ patent portfolio for product development, licensing and B2B sales of cannabis ingredients.
希爾街飲料公司。是一家進步的非酒精飲料和大麻解決方案公司。通過將我們深厚的CPG專業知識和我們的使用權相結合，我們正在開創工藝消費品與生物科學相結合的領域利卡里亞生物科學公司的開創性的脱氫技術™大麻成分的產品開發、許可和B2B銷售的專利組合。
For more information on our business activities or to check out Hill Street's award-winning alcohol-free line-up and order product to be delivered straight to your home go to
欲瞭解更多有關我們業務活動的信息或查看希爾街的屢獲殊榮的不含酒精產品陣容和訂購產品直接送貨上門
For more information:
瞭解更多信息:
Craig Binkley, Chief Executive Officer
craig@hillstreetbevco.com
首席執行官克雷格·賓克利
郵箱：Craig@hillstreetbevco.com
FORWARD-LOOKING STATEMENTS
前瞻性陳述
Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "would", "anticipate", "expects", and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.
本新聞稿中的陳述可能包含前瞻性信息。本新聞稿中任何非歷史事實的陳述均可被視為前瞻性陳述。前瞻性陳述通常由諸如“可能”、“應該”、“將”、“預期”、“預期”和類似的表達方式來識別。提醒讀者，在準備任何前瞻性信息時使用的假設可能被證明是不正確的。由於許多已知和未知的風險、不確定因素和其他因素，其中許多不是公司所能控制的因素，事件或情況，如未來以有利條件獲得資本，可能會導致實際結果與預測的結果大不相同。提醒讀者不要過度依賴任何前瞻性信息。這些信息雖然在準備時被管理層認為是合理的，但可能被證明是不正確的，實際結果可能與預期的大不相同。本新聞稿中包含的前瞻性陳述明確地受到本警示性聲明的限制。本新聞稿中包含的前瞻性陳述是截至本新聞稿發佈之日作出的。除非證券法要求，否則公司不承擔公開更新或修改任何包含的前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因。
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
多倫多證券交易所風險交易所及其監管服務提供商(該術語在多倫多證券交易所的政策中定義)均不對本新聞稿的充分性或準確性承擔責任。
Not for dissemination in the United States.
不能在美國傳播。
[1] US Census Bureau,
[2] MJBiz Factbook 2022
[3] US Census Bureau,
[4] MJBiz Factbook 2022
[1]美國人口普查局，
[2]MJBiz Factbook 2022
[3]美國人口普查局，
[4]MJBiz Factbook 2022
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