PHOENIX, Aug. 14, 2019 (GLOBE NEWSWIRE) — Item 9 Labs Corp. (OTC: INLB) (“Item 9 Labs” or the “Company”), a leader in comfortable cannabis health solutions for the modern consumer, today announced the launch of its new product suite, “Cocktails,” a unique first to market disposable vape pen with cartridge and battery inspired by popular culture’s classic aperitifs.
The Item 9 Labs mixology team developed the craft-cannabis line utilizing organic fruit, botanically-derived terpenes, and 100 percent solvent-free distillate. The long-lasting disposable Cocktails vape pen is supplemented by a charging port for those patients who medicate less frequently. Cocktails comes with 300 mg. of premium distillate in four signature flavors including Blackberry Mojito, Piña Colada, Old Fashioned, and Strawberry Daiquiri.
With eye popping premium packaging and a minimalist sleek design, the Cocktails vape pen features a robust 280mAH breath-activated battery that lasts for approximately 300 inhales between recharges, offering cannabis patients a discreet, portable, and easy way to medicate.
The Company hosted an official brand kick-off event in Phoenix on July 26th. Nearly three hundred cannabis industry professionals attended the private event, where budtenders, buyers, and management from ten area dispensaries enjoyed a custom curated menu and themed cocktails celebrating the new product.
“The Cocktails brand embodies the company mantra ‘in good times.’ It’s a fresh approach to the growing wellness trend of alcohol-free bars coupled with the rise in vape product consumption,” stated Vice President of Marketing, Kyle Jennings.
According to Arcview Market Research, U.S. concentrate product sales are estimated to reach $8.4 billion by 2022, with vaping as the primary modality.
Headquartered in Phoenix, Item 9 Labs has received multiple accolades for its medical-grade flower and concentrates. Most recently, the Company’s Candyland and Tres Leches cannabis flower strains were named 1st Place Sativa and 2nd Place Hybrid respectively at Arizona’s 2019 Errl Cup Awards.
Item 9 Labs is bringing dynamic product suites and progressive new delivery platforms to the industry. Cocktails is available at select Arizona dispensaries, for more information visit Item9LabsCorp.com.
About Item 9 Labs Corp.:
Item 9 Labs Corp. (OTC: INLB) creates comfortable cannabis health solutions for the modern consumer. The Company is bringing best of industry practices to markets from coast to coast through cultivation and production, distinctive retail environments, licensing services, and diverse product suites catering to different medical cannabis demographics. Item 9 Labs Corp. is headquartered in Phoenix, Arizona, with medical cannabis operations in multiple U.S. markets.
Item 9 Labs Corp.’s asset portfolio includes Dispensary Permits, Dispensary Templates, and Strive Life. These assets provide services specific to different stakeholder groups. Dispensary Permits is the Company’s consulting firm specializing in strategic license application and compliance. Dispensary Templates, a subdivision of the firm, is a technology platform with an extensive digital library of licensing and business planning resources. Strive Life is a turnkey dispensary model for the retail sector, elevating the patient experience with consistent and superior service, high-end design, and precision-tested products. It is currently being implemented in Arizona and North Dakota.
In addition, Item 9 Labs Corp. is advancing the industry with its dynamic product suites. The Company has created complementary brands Item 9 Labs and Strive Wellness to channel consumer diversity. Propriety delivery platforms include the Apollo Vape and Pod system, as well as a pioneering intra-nasal device. The Company has received multiple accolades for its medical-grade flower and concentrates.
Item 9 Labs Corp. intends to manage cultivation, processing, distribution, and dispensary operations in up to ten U.S. markets by the end of 2019. Current facilities include distribution and processing operation Strive Wellness of Nevada and dispensary Strive Life North Dakota.
For more information, visit Item 9 Labs Corp. at www.Item9labscorp.com.
Forward-Looking Statement: This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, including, but not limited to, risks and effects of legal and administrative proceedings and governmental regulation, especially in a foreign country, future financial and operational results, competition, general economic conditions, proposed transactions that are not legally binding obligations of the company and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include the introduction of new technology, market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Item 9 Labs Corp.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9971ee39-80f1-4b09-a4e8-7679366d4551
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1362f5e7-0039-4419-9152-0ce7ab158709
ShiftPixy, Inc. Reports Fiscal 2019 Results
IRVINE, Calif., Dec. 13, 2019 (GLOBE NEWSWIRE) — ShiftPixy, Inc. (NASDAQ: PIXY), a California-based staffing enterprise that designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announced operating results for the year ended August 31, 2019 (“2019”).
2019 Financial Highlights
- Earnings per share improved to $0.57 in 2019 compared to $0.58 for 2018.
- Gross billings grew 59% to $353 million, compared to $222 million for 2018. Q4 billings exceeded $100 million for the first quarter in our history at $105 million for an exit annualized billings rate of over $420 million.
- Revenues increased 53% to $53 million, compared to $35 million for 2018.
- Gross profit was $12.4 million, increasing 125% over 2018 gross profit of $5.5 million due to improving margins and workers compensation cost savings. Gross profit per worksite employee improved to $1,200 for 2019 from $800 for 2018.
- Loss from Operations improved to $9.7 million from $11.6 million in 2018.
- EBITDAS Loss (Operating Loss excluding depreciation and share-based compensation) improved to $8.3 million for 2019 from $11.0 million for 2018 due to improved margins and reduced spending on our mobile application, offset by increased operations costs.
- Investment in our mobile application and technology solution deployment decreased to $4.9 million in 2019 from $7.5 million in 2018 due to reduced costs relating to movement to our new in-sourced development team. Total Human Resource Information System (HRIS) and mobile application investment is $15.5 million to date.
2019 Operational highlights
- The number of employees billed during the year and retained in our employee HRIS exceeded 25,000.
- The active number of worksite employees billed increased to 13,100 at August 31, 2019, a 54% increase, from 8,500 at August 31, 2018.
- Average gross billings per worksite employee increased by 4.3% to $33,600 in 2019 from $32,200 in 2018
- Average operating support costs per billed worksite employee improved in 2019. We have staffed to manage up to 50,000 active worksite employees with our current corporate overhead.
- Our dispute with our outsourced software development partner delayed our HRIS and mobile application launch in 2019 and necessitated our move towards in-house development.
“We continue to see strong growth in our legacy business which has driven top line expansion and improvement in our operating metrics, including gross billings and gross profits for 2019,” stated Chief Executive Officer, Scott Absher. ”Delays in the launch of our mobile application solution are now behind us and the project is now back on track and well received by our initial launch customers. We believe it will support revenue growth in 2020 from both significantly higher worksite employee counts and added technology features. The reception from our target customers has been phenomenal and we expect to see a significant increase in our business activity levels as we move into calendar 2020 and continue our focus on creating long-term shareholder value.”
ShiftPixy is a disruptive human capital services enterprise, revolutionizing employment in the Gig Economy by delivering a next-gen platform for workforce management that helps businesses with shift-based employees navigate regulatory mandates, minimize administrative burdens and better connect with a ready-for-hire workforce. With expertise rooted in management’s nearly 25 years of workers’ compensation and compliance programs experience, ShiftPixy adds a needed layer for addressing compliance and continued demands for equitable employment practices in the growing Gig Economy. ShiftPixy’s complete HCM ecosystem is designed to manage regulatory requirements and compliance in such required areas as paid time off (PTO) laws, insurance and workers’ compensation, minimum wage increases, and the Affordable Care Act (ACA) compliance.
ShiftPixy Cautionary Statement
The information provided in this release includes forward-looking statements, the achievement or success of which involves risks, uncertainties, and assumptions. Although such forward-looking statements are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. If any of the risks or uncertainties, including those set forth below, materialize or if any of the assumptions proves incorrect, the results of ShiftPixy, Inc., could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties include, but are not limited to, risks associated with the nature of our business model; our ability to execute the Company’s vision and growth strategy; our ability to attract and retain clients; our ability to assess and manage risks; changes in the law that affect our business and our ability to respond to such changes and incorporate them into our business model, as necessary; our ability to insure against and otherwise effectively manage risks that affect our business; competition; reliance on third-party systems and software; our ability to protect and maintain our intellectual property; and general developments in the economy and financial markets. Statements made in connection with any guidance may refer to financial statements that have not been reviewed or audited. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws. The information in this press release shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD. Further information on these and other factors that could affect the financial results of ShiftPixy, Inc., is included in the filings on Forms 1-A and 10-Q and in other filings we make with the Securities and Exchange Commission from time to time. These documents are available on the “SEC Filings” subsection of the “Investor Information” section of our website at https://ir.shiftpixy.com/financial-information/sec-filings.
Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make corporate disclosures and announce key information in compliance with Regulation FD, ShiftPixy is alerting investors and other members of the general public that ShiftPixy will provide updates on operations and progress required to be disclosed under Regulation FD through its social media on Facebook, Twitter, LinkedIn and YouTube. Investors, potential investors, shareholders and individuals interested in our Company are encouraged to keep informed by following us on Facebook, Twitter, LinkedIn and YouTube.
Consolidated Balance Sheets
|Unbilled accounts receivable||9,478,000||6,193,000|
|Other current assets||244,000||259,000|
|Total current assets||14,031,000||10,447,000|
|Fixed assets, net||3,360,000||3,032,000|
|Deposits- workers’ compensation||6,281,000||2,202,000|
|Deposits and other assets||124,000||121,000|
|LIABILITIES AND STOCKHOLDERS’ DEFICIT|
|Accrued payroll and related liabilities||16,412,000||9,477,000|
|Convertible Notes, Net||3,351,000||6,171,000|
|Accrued workers’ compensation costs||1,957,000||305,000|
|Default penalties accrual||1,800,000||3,500,000|
|Other current liabilities||1,850,000||1,956,000|
|Total current liabilities||32,187,000||22,656,000|
|Accrued workers’ compensation costs||4,379,000||901,000|
|Commitments and contingencies|
|Preferred stock, 50,000,000 authorized shares; $0.0001 par value; no shares issued and outstanding||–||–|
|Common stock, 750,000,000 authorized shares; $0.0001 par value; 36,281,894 and 28,851,787 shares issued as of August 31, 2019 and 2018, respectively||4,000||3,000|
|Additional paid-in capital||32,501,000||18,465,000|
|Treasury stock, at cost – 558,132 shares and no shares as of August 31, 2019 and 2018, respectively||(325,000||)||–|
|Total stockholders’ deficit||(12,770,000||)||(7,755,000||)|
|Total liabilities and stockholders’ deficit||$||23,796,000||$||15,802,000|
Consolidated Statements of Operations
|For the Years Ended|
|Revenues (gross billings of $352.6 million and $222.4 million (unaudited) less worksite employee payroll cost of $299.2 million and $187.5 million, (unaudited) respectively)||$||53,436,000||$||34,959,000|
|Cost of revenue||41,046,000||29,458,000|
|Salaries, wages and payroll taxes||7,702,000||5,383,000|
|Share-based compensation – general and administrative||632,000||363,000|
|Marketing and advertising||1,208,000||547,000|
|General and administrative||3,823,000||3,005,000|
|Depreciation and amortization||839,000||274,000|
|Total operating expenses||22,063,000||17,072,000|
|Other income (expense)|
|Loss on debt extinguishment||(3,927,000||)||–|
|Change in fair value of derivative||2,569,000||–|
|Gain (Loss) associated with note defaults, net||811,000||(3,500,000||)|
|Total Other income (expense)||(9,054,000||)||(5,251,000||)|
|Net loss per common share|
|Basic and diluted||$||(0.57||)||$||(0.58||)|
|Weighted average number of common shares|
|Basic and diluted||32,708,800||28,810,103|
BrewBilt Merger with Vet Online: Chairman Statement
KELSEYVILLE, CA, Dec. 13, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Vet Online Supply, Inc. (OTC PINK:VTNL) (“Vet Online Supply” or the “Company”), BrewBilt Manufacturing, LLC (a California Limited Liability Corporation) CEO and Chairman, Jef Lewis, states the following:
“On November 22, 2019, we entered into a Merger Agreement between BrewBilt Manufacturing and the Company. Pursuant the 8K Filing on November 22, 2019, the Merger with BrewBilt brings a growing business with revenue of $2M+ and assets to the company and to our shareholders. With new purchase orders of over $1M in process, BrewBilt has been manufacturing quality beer brewing systems since 2014, and manufacturing cannabis systems used for extraction of hemp and CBD during the same period. The global industrial hemp market size is estimated at USD 3.9 billion in 2017, expanding at a CAGR of 14.0% over the forecast period. Growing demand for hemp-based food products including cooking oil, dairy alternatives, flour, and salad dressings is expected to drive market growth. In addition, rising demand for bakery products such as bread and cookies is expected to drive the market.
“Our objective in being a publicly owned company at this time is to broaden our scope of value over the next 5 years as we grow and enter the world market for supplying the growing beer industry and cannabis extraction industry. Our business is not a start-up, and we continue to be recognized as the quality manufacturer for restaurants and small breweries, and for cannabis growers seeking extraction systems for processing hemp and CBD.
“Our auditing firm and accounting firm are preparing the required Super-8K filing consisting of our financials. The audited 10K for the period ending 12/31/2019 will be filed on or before 3/15/2019. The company plans to change its name to ‘BrewBilt Manufacturing’ and receive new trading symbols. The Pet Product business will be spun-off before the end of 2020.
“The future outlook over the next 5 years for our company, based upon our growth rate since 2014, is promising since the hemp seeds segment is likely to expand at a CAGR of 17.1% during the forecast period, in terms of revenue. This growth is attributed to the rising demand for oil, seedcakes, and various food and nutraceutical items. Nutraceutical products are known for their high fatty acid content and nutritional value. Seeds comprise about 35.0% oil, which contains roughly 80.0% essential fatty acids and 20.0% crude protein. BrewBilt manufactures the highest quality products for this industry.”
BrewBilt Video Link: https://www.brewbilt.com/about-1
ABOUT BREWBILT: (www.brewbilt.com)
Located in the Sierra Foothills of Northern California, BrewBilt is one of the only California companies that custom designs, hand crafts, and integrates processing, fermentation and distillation processing systems for the craft beer, cannabis and hemp industries using “Best in Class” American made components integrated with stainless steel processing vessels using only American made steel. Founded in 2014, the company began in a backyard shop by Jef Lewis with a vision of creating a profitable company in “Rural America”. BrewBilt has built a solid foundation by having strong relationships with local suppliers of raw materials, equipment and services in California, an aggressive referral network of satisfied customers nationwide, and an Advisory Board consisting of successful business leaders that provide valuable product feedback and business expertise to management. The craft brewing & spirits industries continue to grow worldwide. California is where craft brewing began and now has over 900 operating breweries – being centrally located in this booming market was a large draw for BrewBilt to locate its manufacturing facility in the Sierra foothills. All BrewBilt products are designed and fabricated as “food grade” quality which enables the company to build vessels for food & beverage processing. More important, the company has been building systems that are pharmaceutical grade for clients involved in distillation for the cannabis and hemp industries over the past 36 months, thus making the revenue potential much greater.
Safe Harbor for Forward-Looking Statements: This news release includes forward-looking statements. While these statements are made to convey to the public the company’s progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management’s opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The Company’s operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are and will be set forth in the company’s periodic filings with the U.S. Securities and Exchange Commission.
Contact: Meridian Consulting 415-756-4057
Ziyen Energy Announces the Acquisition of Non-Producing Minerals in Saxet Field, Nueces County, Texas in Exchange for 930,000 ZiyenCoins
SAN DIEGO, Dec. 13, 2019 (GLOBE NEWSWIRE) — Ziyen Energy has announced they have acquired the minerals at the Douglas Prospect, Saxet Field in Nueces County, Texas in exchange for 930,000 ZiyenCoins.
The Douglas Prospect, covers 83.19 gross acres, 15.6 mineral acres, and includes a recently drilled shut in oil well. The Douglas Prospect is in the Saxet Oil Field which has produced over 100,000,000 barrels of oil from approximately 40 separate reservoirs. The field was developed in the late 1930’s producing an approximate 17,000 barrels of oil per day.
Alastair Caithness, CEO, stated
“This is our third transaction in ZiyenCoin, and the first acquisition in owning the mineral rights. This will provide Ziyen Energy with a long-term asset for the company, as unlike leasing the property the company now owns the minerals indefinitely in a Texas oil field which has produced over 100 million barrels of oil. As we make every new transaction in ZiyenCoin we are starting to set a precedence on the pricing of each oil asset with our digital energy token.”
Learn more about Ziyen Inc. and ZiyenCoin by reading our 2019 Ziyen Inc. Corporate Overview.
If you would like a copy of ZiyenCoin’s Security Token Offering (STO), then please email firstname.lastname@example.org or visit www.ziyen.com for more information.
About Ziyen Energy:
Ziyen Energy. is a technology-driven energy company incorporated in the State of Wyoming, U.S.A. in April 2016. Originally formed as a software company providing information on the oil, gas, power and energy sectors, Ziyen specializes on business information, contracts, news and information by developing cutting edge procurement and supply chain software to provide clients with intelligence on industry specific government and private contracts. In addition, Ziyen Energy currently owns interests in oil assets based in Texas and the Illinois Basin, which covers Illinois, Indiana and Kentucky. The equity of Ziyen Energy has been tokenized and issued as ZiyenCoin which is offered for sale as a Security Token pursuant to SEC Rule 506(c) of Regulation D.
For more information visit www.ziyen.com
Forward Looking Statements:
Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing, performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in reports filed with the SEC. Forward-looking statements are made and based on information available to the company on the date of this press release. Ziyen Inc. assumes no obligation to update the information in this press release.
Subscribe to PICANTE via Email
Follow us on Facebook
ShiftPixy, Inc. Reports Fiscal 2019 Results
CORRECTING and REPLACING AM Best Affirms Credit Ratings of Grupo Nacional Provincial S.A.B.
EQUITY ALERT: Rosen Law Firm Announces Investigation of Securities Claims Against Live Nation Entertainment, Inc. – LYV
Ellington Residential Mortgage REIT Announces Dividend for the Fourth Quarter of 2019
Fairholme Funds, Inc. December 2019 Dividend Distributions
MV Index Solutions Announces Quarterly Index Review Results Q4/2019
Centre for Quantum Technologies (CQT) Hands Over Satellite Operations of SpooQy-1 CubeSat to SpeQtral
Bio-Rad Makes Progress Recovering from Recent Ransomware Attack
General American Investors Announces Issue Price for the 2019 Year-End Dividend and Distribution Payable on December 30, 2019
Link Media Holdings CEO Announcement: James A. (Jim) McLaughlin to Retire; Scott LaFoy Appointed as Interim CEO
How to Get Rid of Your Back Taxes
Craft coffee roasters from Poland KawePale reinforce their position in UAE at SIAL Middle East expo
Dynatrace Announces Pricing of Follow-On Offering By Selling Stockholders
Best’s Market Segment Report: AM Best Maintains Global Reinsurance Market Outlook at Stable
Mark Your Calendars! Best Buy Unveils 12 Days of Deals
How Social Networks Have Displaced Books From Our Lives
Japan’s Friendship Ties Programs JENESYS 2019 ASEAN Inbound Program 15th Batch
Shortages of Low-Skill, Middle-Skill, and High-Skill Workers Causing Revenue Declines and Other Headaches for Employers, TrueBlue’s Latest Study Finds
Alfresco Wins 2019 Aragon Research Innovation Award for Content Management
European investors will spend from €100 to €500 on Christmas gifts this year
Follow our Tweets
Conferences6 days ago
Craft coffee roasters from Poland KawePale reinforce their position in UAE at SIAL Middle East expo
Conferences3 days ago
Save The Date For The Coolest Tech Gathering In The Baltics, TCE Spring Edition, Baltic and Nordic Tech Awards, 5 May 2020, Tallinn
Cannabis4 days ago
What Trends Are Shaping The Cannabis Industry In 2019?
Guest Articles3 days ago
Top 5 Roof Rack Safety Tips
Guest Articles5 days ago
Photogrammetry And its Various Types
Blockchain3 days ago
Can Blockchain Technology Really Solve The Problems Faced By The Cannabis Industry?
Amusement Parks and Tourist Attractions 2 days ago
8 Best Family Vacations in the UK
Guest Articles2 days ago
The Ultimate Holiday Gift Guide for People Who Love to Travel