Business
Lift & Co. Reports First Quarter Fiscal 2020 Results
Lift & Co. Reports First Quarter Fiscal 2020 Results.
About this update from Lift & Co Corp
[{"type":"text","content":"\n TORONTO, Aug. 21, 2019 (GLOBE NEWSWIRE) -- Lift & Co. Corp. (“Lift & Co.” or the “Company”) (TSXV:LIFT) (OTCQB:LFCOF) is pleased to announce results for the first quarter of fiscal 2020 ended June 30, 2019. All amounts are in Canadian dollars unless otherwise specified. Additional details may be found in the Company’s financial statements and MD&A filed on SEDAR. MANAGEMENT COMMENTARY The Company is pleased to report strong financial results during the first quarter of fiscal 2020. Total revenue increased by 53% to $3,369,799, compared to the same period in the prior year. The increase for the three-month period is the result of growth across all three of the Company’s segments: Trade Marketing, Data Insights and Event Marketing. “We are pleased with the growth we continue to achieve across all revenue segments,” says Matei Olaru, CEO. “Specifically, the success of the CannSell platform and developments in Data Insights have positioned Lift & Co. to capture the ever-increasing spend on brand building across the industry.” During this quarter, Lift & Co. launched an innovative brand building product – brand training modules – distributed to CannSellTM certified budtenders through the Company’s Trade Marketing platform. The brand training modules connect brands directly to budtenders through interactive content, allowing for direct brand-to-budtender communication while tracking budtender engagement with the content. Organigram Holdings Inc. was the first licensed producer to launch a module this quarter and the Company in the process of developing five additional modules already sold to various brands. The Company monetizes both the creation and the distribution of the brand training modules. FIRST QUARTER 2020 FINANCIAL HIGHLIGHTS Revenues for the three-month period ended June 30, 2019 increased by $1,164,235, an increase of 53% compared to the same period in the prior yearTrade Marketing revenues increased by $105,492, this revenue stream did not exist in the same period in the prior yearData Insights revenues increased by $108,598, an increase of 162.6% compared to the same period in the prior yearEvent Marketing revenues increased by $950,145, an increase of 44.4% compared to the same period in the prior year FIRST QUARTER 202...