CENTR Brands Corp. Fiscal Year 2021 Results and Q1’22 Revenue Growth Highlights Continued Favourable Trends
Vancouver, British Columbia–(Newsfile Corp. – September 29, 2021) – CENTR Brands Corp. (CSE: CNTR) (FSE: 303) (OTCQB: CNTRF) (the “Company“) announced today its audited financial results for the year ended May 31, 2021. Selected comparative financial information is set forth below with the full financial statements for the year and the related management’s discussion and analysis (“MD&A“) available under the Company’s SEDAR profile at www.sedar.com. All amounts are expressed in United States Dollars, unless otherwise stated:
| Description | Year Ended May 31, 2021 ($) |
Year Ended May 31, 2020 ($) |
| Gross sales | 1,112,634 | 511,313 |
| Net sales | 762,547 | 463,154 |
| Net and comprehensive loss | (14,257,039) | (2,612,216) |
| Net loss and diluted loss per share | 0.22 | 0.04 |
| Adjusted net and comprehensive loss (1) | (6,242,228) | – |
| Adjusted net loss and diluted loss per share (1) | 0.10 | – |
(1) Adjusted net and comprehensive loss excludes non-cash charges relating to the revaluation of warrants in the amount of $8,014,811
“Fiscal 2021 was a transformative year for CENTR,” said Company CEO Joseph Meehan. “The investment of significant effort to move CENTR from a regional to a leading national distribution platform in F2021 is already paying dividends in increased F2022 sales. Selling more CENTR and CENTR Sugar Free in our first quarter this year than in all of last year is a testament to CENTR’s ongoing growth potential.”
The Company previously announced on September 20th record gross sales for Q1’22 (ended August 31, 2021) of $981,000, more than 470% over Q1’21.
“We are thrilled with the Company’s continued growth trends, as CENTR expands its reach across the U.S.,” said Company CFO David Young. “With millions of drinks served at on- and off-premise locations, a growing community is enjoying CENTR and CENTR Sugar Free. CENTR’s presence in thousands of U.S. locations is the tip of the iceberg, as we ramp up production to meet growing demand in existing and new markets. In response to high demand for CENTR, consumers will soon #findyourcentr online and subscribe for the best-tasting CBD beverages in America to be delivered straight to their doorsteps.”
About CENTR Brands Corp. CENTR Brands is a functional beverage company that develops and markets non-alcoholic beverages and related products for the global market. The Company’s portfolio includes CENTR and CENTR Sugar Free, both all natural, sparkling, low calorie, hemp-derived CBD beverages, and CENTR Instant, a family of super convenient, single serve, ready-to-mix CBD drink powders.
For further information, contact Joseph Meehan at info@centrcorp.com
On behalf of the Board,
CENTR BRANDS CORP.
/s/ Joseph Meehan
Joseph Meehan, Chief Executive Officer
This news release may contain certain “Forward-Looking Statements” within the meaning of applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule”, “will” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the development of the business of CENTR Brands Corp., the timing for the launch of the Company’s products , the Company’s financial positon and results of operations, F2022 sales and other matters . Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties including, without limitation, the risks identified in the Company’s annual information form for the year ended May 31, 2021 available under the Company’s profile on SEDAR at www.sedar.com. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
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