Burnaby, British Columbia, Canada
October 27, 2020
Clean Seed Capital Group Ltd. (TSX-V: CSX) (“Clean Seed” or the “Company”) announces that it has filed its audited financial statements for the fiscal year end June 30, 2020 and its corresponding Management Discussion and Analysis (“MD&A”). Management wishes to highlight and provide further information regarding its financial results.
The Company’s net income in the year ended June 30, 2020 was primarily the result of the license revenues of $5,202,500. The license revenues were the result of issuing a license to AMVAC Chemical Corp. (see the Company’s news release of April 2, 2020), and was the first such license issued by the Company since its inception. See “Disclaimer” below.
In comparing our current year and previous year results, our Net Income increased by $5,861,900 and our Adjusted EBITDA increased by $6,570,357 as a result of:
- the license revenues earned,
- reduced operating expenses incurred as compared to the prior year, and
- a greater amount of our development costs qualifying for capitalization as intellectual property expenditures. During the June 30, 2020 year the Company’s primary development activities were the continued development of its SMART Seeder technology and the development of the prototype SMART Seeder MAX-S as part of the joint venture with Norwood Sales Inc. (“Norwood”)
Graeme Lempriere, Chief Executive Officer of Clean Seed states “2020 was a very progressive and productive year for our company. The years of intensive development and strategic planning are beginning to pay off, positioning us well for our future. Our partnership with Norwood has proved to be extremely beneficial and I could not be happier with the outcomes to date. Our first license agreement sets the standard for additional parallel opportunities around the world, leveraging our strong intellectual property portfolio with other synergistic opportunities will remain a dovetailed approach to our future growth plans.”
Our first license agreement sets the standard for additional parallel opportunities around the world, leveraging our strong intellectual property portfolio with other synergistic opportunities will remain a dovetailed approach to our future growth plans.”
Clean Seed’s financial statements and MD&A for the year-end June 30, 2020 are available electronically on SEDAR (www.sedar.com).
Topics
Species
