Mettrum Health Corp.

Mettrum Health Corp.

February 12, 2015 08:00 ET

Mettrum Announces Third Quarter 2014 Financial Results

TORONTO, ONTARIO--(Marketwired - Feb. 12, 2015) - Mettrum Health Corp. ("Mettrum" or the "Company") (TSX VENTURE:MT)(TSX VENTURE:MT.WT), a vertically integrated agri-pharmaceutical company focused on research, development, production and distribution of medical cannabis products, announced today its third quarter financial results for the three-month period ended December 31, 2014. Given the Company did not generate revenues in 2013, no comparable data for that period is presented in this news release.

For the three-month period ended December 31, 2014, Mettrum generated $689,478 of revenues on 94,695 grams of medical cannabis sold at an average price of $7.28 per gram. During the third quarter, gross profit amounted to $237,588 or 34.5 percent of revenues as the Company continued its efforts on further improving operational efficiencies and increasing its licensed production and sales capacity.

For the three-month period ended December 31, 2014, loss from operations, net loss and loss per share amounted to $1,375,839, $1,233,565 and $0.04 per share, respectively, which are attributed to the continued ramp up of operations to build the business.

"The third quarter results are indicative of the sound and stable platform we built enabling us to deliver on further growth in the coming months. We continue to ramp up our customer numbers as a result of our recent increase in production and sales capacity and as of February 11, 2015 we have over 2,200 registered clients," commented Michael Haines, CEO of the Company. "We have a very busy and exciting year ahead of us and look forward to sharing our successes across the various parts of the business with our stakeholders in the coming months."

About Mettrum Health Corp.

Mettrum Health Corp. is Tier 1 Industry Issuer listed on TSX Venture Exchange. Mettrum Ltd., a wholly owned subsidiary of the Company, is a Toronto-based company and a licensed producer of medical cannabis under the Marihuana for Medical Purposes Regulations (Canada) issued pursuant to the Controlled Drugs and Substances Act (Canada) (the "MMPR"), which came into effect on October 1, 2013. Mettrum received its first license from Health Canada under the MMPR on November 1, 2013 and began production of medical cannabis at its first production facility in Bowmanville, Ontario. Mettrum received its second license from Health Canada under the MMPR on December 11, 2014 for its other wholly-owned subsidiary, Agripharm Corp., at Agripharm's facility in Clearview, Ontario. With the Company's two licenses, Mettrum is a leading producer and vendor of medical cannibis under the MMPR system.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the results of operations. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company and Mettrum disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.

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