Astron Connect Inc. (formerly "exalt Capital Corp") Reports Full Year 2018 Results

VANCOUVER, Jan. 28, 2018 /CNW/ - Astron Connect Inc. (the "Company" or "Astron") (TSX-V:AST) today announced its full year results for the fiscal year ended September 30, 2018. All dollar amounts are in Canadian dollars, unless otherwise indicated.

"It's been a transformational year for the Company as we completed our reverse takeover of Exalt Capital and began trading on the TSX Venture Exchange," said Randall Smallbone, President and CEO of Astron Connect. "We saw meaningful sales increases as Sachiel Water and our honey products gained traction in China. We continued to grow our distribution networks in China and made significant progress towards gaining new food and beverage export partners. As we enter 2019, Astron is well-positioned to expand our product line and accelerate our growth trajectory."

FY 2018 Highlights

• Completed qualifying transaction on August 28, 2018 to amalgamate the company and list on the TSX Venture Exchange;
• Rebranded company to Astron Connect;
• Grew sales by 16.8 per cent to $849,104 compared to 2017;
• Ended 2018 with a cash balance of $2,885,437 to fund future expansion;
• Established a Senior Leadership Team with Public Company, M&A, Finance and Marketing experience;
• Full year loss of $2,706,721 as a result of one-time transaction and listing expenses.

Selected Annual Information
		2018	2017
		$	$
Revenue		849,104	727,070
Operating expenses		2,867,640	688,780
Other income		336	882
Net loss		(2,706,721)	(371,479)
Basic and diluted EPS		(0.08)	(0.01)
Total assets		3,571,405	1,128,771
Current assets		417,887	220,259
Total non-current liabilities		-	-

 

For further financial information, please refer to the annual audited financial statements.

"Despite the tensions between Canada and China, we continue to see strong demand for our food and beverage brands in the country," continued Mr. Smallbone. "We expect to further penetrate the Chinese market in 2019 while satisfying the growing demand for authentic, high-quality Canadian products among the middle- and upper-class in emerging markets."

Financial Statements and MD&A

The Company's Financial Statements and Management's Discussion and Analysis (MD&A) for the three and twelve months ended September 30, 2018 will be accessible on SEDAR at www.sedar.com under Astron's profile and on the Company's website at www.astronconnect.com.

ABOUT ASTRON CONNECT

Astron Connect (TSX-V:AST) helps Canadian enterprises in the food and beverage industry break through the noise and bring their products to new international markets in the emerging world. Astron Connect brings Canadian food and beverage companies to the world through its extensive connections and export logistics capabilities in China and emerging markets. Sachiel Water (an Astron brand) supplies China and other emerging markets with pure Canadian bottled spring water. For more information, visit www.astronconnect.com.

The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Service Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Astron Connect Inc.

Copyright 2018 Canada NewsWire