MedXtractor Corp. Reports Net Profit for the Quarter Ended August 31, 2020
Calgary, Alberta - TheNewswire – September 29, 2020. MedXtractor Corp. (CSE: MXT) (CNSX:MXT.CN) (“MXT” or the “Corporation”) announces its financial results for the quarter ended August 31, 2020 (fiscal Q2, 2021).
MXT had gross revenues of $167,270 and net income of $16,556 for the quarter ended August 31, 2020 (fiscal Q2, 2021). Year-to-date gross revenues of $262,763 and income of $31,856 for the six months ended August 31, 2020. On August 31, 2020, MXT had working capital of $661,180 including cash of $598,628. The Corporation has no debt.
Mr. Jim Durward, CEO, states "Despite the ongoing effect of Covid-19, we managed to generate a net profit for each quarter this fiscal year while maintaining our cash reserves. During the quarter we also developed and released our new “Essential” alcohol-based essential oil extractor. As we enter the Fall harvest season, we have seen a resurgence in inquiries and expect increased sales going forward."
ABOUT MEDXTRACTOR CORP:
The Corporation is a Calgary-based company that manufactures patented, proprietary craft-scale carbon dioxide-based and alcohol-based extractors that are used to extract essential oils and compounds from a variety of botanical materials. Growing demand is from the premium craft medical cannabis market as these growers respond to the shift toward high-purity oils and concentrates as the base for a multitude of products such as vapes, dabs, edibles, tinctures, sprays, and suppositories. The ongoing worldwide cannabis legalization movement is expected to further increase demand for extracts and the Corporation has installations in multiple countries worldwide. The Corporation owns the US patent, and Canadian Patent on its CO2-based extraction process.
FOR FURTHER INFORMATION, PLEASE CONTACT:
James M. Durward, President and CEO
Telephone: (403) 689-3901
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Corporation believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.