NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
LOS ANGELES, CALIFORNIA (June 29, 2018) – BLVD Centers Corporation (“BLVD” or the “Company”) (CSE:BLVD), today posted its financial statements for the year ended February 28, 2018.
- Revenue increased to $31,201,000
- Real estate assets (listed as PP&E) increased from $4,775,000 to $7,648,000
- Bad Debt decreased from $8,313,000 to $2,100,000
- Net loss decreased from $29,524,000 in fiscal 2017 to $1,782,000 in fiscal 2018
- Cash and Accounts Receivable balance of $13,112,000
“We are pleased to post these audited statements,” said CEO Chris Heath. “We have a very stable business with significant revenue and a strong balance sheet. These statements highlight the nature of our opportunity to be a platform company with which to launch into the marijuana industry. With solid eight figure revenues and a strong balance sheet, as well as several locations on the west coast and a deep database with thousands of patients in need of addiction services and products, we are very well placed to take advantage of the market”.
“We have focused all of our efforts since the end of the third fiscal quarter to reorganize our business to that end”, continued Mr. Heath. “We have paired revenue lines that were low margin and had little value to a marijuana strategy. We have invested in several real estate properties that have unique licensing. We have also taken a closer look at our accounts receivable and bed debt figures, and considering our strategy, have decided to take a very conservative approach to these balances, reducing bad debt expense from over eight million to just over two million. My energy has focused almost entirely on getting to a transaction or series of transactions in the marijuana industry, either where we are acquired or we acquire operations, expertise and leadership, that can lever our platform and result in a more valuable company. On an industry level, we are tracking several studies that are investigating whether certain strains of marijuana show promise in reduction of cravings for opioids. With each passing month, there are more and more synergies that appear using our current operations to expand into the marijuana industry.”
Completion of any transaction would be subject to applicable conditions and approvals. There can be no assurance that a transaction will be agreed to or completed.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to the Company, including, the Company completing a transaction/merger with a company in the cannabis industry, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include, without limitation: changes in law; the ability to implement business strategies and pursue business opportunities; the state of the capital markets; the availability of funds and resources to pursue operations; decline of reimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; dependence on key suppliers; granting of permits and licenses in highly regulated businesses and industries; competition; changes in healthcare regulations or insurance coverage, particularly those relating to mental health or younger citizens; difficulty integrating newly acquired businesses; the time, outcome and cost of any inquiries, audits or litigation with insurance providers, or federal, state or local regulators; low profit market segments; fluctuations in exchange rates; investing in companies or projects which have limited or no operating history and/or are engaged in activities currently considered illegal under US Federal laws; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry; general economic, market and business conditions, as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. All figures are in Canadian dollars unless otherwise indicated.
BLVD Centers Corporation