Business
Green Rise Capital Corporation Announces Third Quarter 2019 Financial and Operating Results
Toronto, Ontario--(Newsfile Corp. - November 26, 2019) - Green Rise Capital Corporation (TS...
About this update from Green Rise Foods Inc
[{"type":"text","content":"Green Rise Capital Corporation Announces Third Quarter 2019 Financial and Operating ResultsToronto, Ontario--(Newsfile Corp. - November 26, 2019) - Green Rise Capital Corporation (TSXV: GRCC.P) (\"Green Rise\" or the \"Company\") today released its financial and operating results for the three and nine months ended September 30, 2019. Green Rise's unaudited condensed consolidated financial statements (the \"Financial Statements\") and related management's discussion and analysis (the \"MD&A\") for the three and nine months ended September 30, 2019 are available on SEDAR. On September 30, 2019, the previously announced reverse takeover of Green Rise by Bull Market Farms Inc. (\"Bull Market\") was completed (the \"RTO Transaction\"), which represented the Company's qualifying transaction as defined by the policies of the TSX Venture Exchange (\"TSXV\"). Accordingly, the current period and comparative figures in the MD&A and Financial Statements are reflective of Bull Market's operating activities, and should be read in conjunction with the unaudited condensed interim financial statements as of September 30, 2019 of Green Rise and the annual audited consolidated financial statements of Bull Market Farms Inc. and the notes to those statements as at December 31, 2018 which are available on SEDAR. All figures referred to in this news release are denominated in Canadian dollars, unless otherwise noted.KEY BACKGROUND INFORMATION Part way through the 2018 growing season, Bull Market acquired an 81-acre farm with an existing 51-acre producing greenhouse in Leamington, Ontario, and as such, Bull Market's 2018 production represents approximately 60% of 2019 levels on a comparable basis. On September 30, 2019, the Company completed the acquisition of all of the issued and outstanding shares of Bull Market through the RTO Transaction. The Company is considered to be a continuation of Bull Market with the net assets of the Company at the date of the RTO Transaction deemed to have been acquired by Bull Market. The RTO Transaction was approved by the TSXV.THIRD QUARTER AND YEAR-TO-DATE 2019 HIGHLIGHTSFor the first nine months of 2019, EBITDA[1] of $4.0 million was twice the amount generated during the same period in 2018, due to the impact of the Company's operations running for the full period in 2019 compared to 2018, combined with dec...