CAVE CREEK, AZ--(Marketwired - Oct 12, 2016) - Endexx Corporation (OTC PINK: EDXC), a provider of innovative phyto-nutrient based food and nutritional products, is excited to announce record sales and an accelerated growth projection. Multiple developments in fiscal 2016 year ending September 30th have generated significant growth and exceptional prospects for the company going forward.
Financial and Operational Highlights:
- Company reported over 70% revenue growth with sales over $216K for the fiscal year ended 2016 as compared to $126K for the fiscal year ended 2015.
- Sales have tripled since the Company's introduction of its proprietary CBD capsule in alleviating symptoms for patients suffering from neuropathic pain.
- Doctor lead clinical results from CBD capsules reported average reduction of pain at 64% for males and 62% for females in the first month of daily dosing of 10mg of CBD per day.
- Company launched its new Proprietary Capsule formula in July 2016. Gross quarterly sales tripled as a result.
- Phyto-Bites have generated significant interest nationwide with pet owners and veterinarians. The product sold out in one week following initial market introduction. The company has increased its second production run 20-fold due to demand.
Todd Davis, CEO of Endexx, stated, "We are rapidly becoming a leading innovator of CBD infused products and delivery systems to the retail nutrition and medical communities.
We ended the year with an outstanding quarter and are targeting to increase awareness and shareholder base growth by a factor of 4-5 over the next 12-24 months. This has been our best quarter ever given the acceleration of our distribution and sales networks."
Mr. Davis continued,"We have observed, doctors and clinics adopting our products as an alternative healthy treatment option vs. addictive and potentially damaging long-term pharmaceuticals.
Currently, we are in negotiations with nationwide specialty food and nutritional products distributors to increase our distribution into 3,000 stores over the next 12-24 months and rapidly expand to 10,000 plus points of distribution. We now have deliverables and the necessary human capital to execute our business plan and expect next year to generate sustainable recurring revenue growth."
Endexx provides innovative inventory management and technology solutions. Endexx, with its collaborative partners and consultants, develops and distributes two consumable product lines derived from industrial hemp, which is organic and naturally rich in phytocannabinoids. The company has two technology products and services that launched in 2014 -- the M3hub and the Autospense™. Both products provide essential solutions to promote regulatory compliance and full accountability through "seed to sale" inventory management and an "End of Sale" technology integration. Based on principles developed by the pharmacological industry, the m3hub platform is the first standardized software solution for tracking pharmaceutical grade marijuana that maintains compliance with federal, state and local regulations. It is intended to provide a smooth transition to eventual federal mandates. The Autospense™ is a commercial grade inventory control and dispensing device that provides up-to-the-minute accounting details and ensures both product and patient security. By automating the dispensing process, Autospense™ increases productivity and reduces costs for marijuana retailers, while enhancing their service quality by reducing transaction time for customers. Websites include: www.cbdunlimited.com, www.endexx.com, www.m3hub.com.
Safe Harbor Notice
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.