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SugarBud Announces Q3 2018 Financial and Operating Results

TSX-Venture Exchange: SUGR, SUGR.WT

CALGARY, Alberta, Nov. 29, 2018 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud”) is pleased to announce its Q3 2018 financial and operating results. SugarBud’s unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2018 and related management’s discussion and analysis are available on SEDAR at www.sedar.com and on SugarBud’s website at www.sugarbud.ca. A summary of SugarBud’s Q3 2018 financial and operating results is as follows:

         
Three months ended September 30        
     2018  2017 % Change
Oil and gas revenue   $521,250 $600,368 (13)
Cash provided by operating activities    116,569  146,901 (21)
Per share - basic and diluted    0.00  0.00 -
Comprehensive income    648,030  2,399 26,913
Per share - basic and diluted    0.00  0.00 -
Capital expenditures, net   $1,380,923 $123,752 1,016
         
Nine months ended September 30        
     2018  2017 % Change
Oil and gas revenue   $ 1,712,295  $2,293,202 (25)
Cash used in operating activities    (527,279 ) (229,944)129
Per share - basic and diluted    0.00   0.00 -
Comprehensive (loss) income     (3,480,001) 4,971 (70,106)
Per share - basic and diluted     (0.02) 0.00 -
Capital expenditures, net   $1,829,165 $620,160 195
         
As at September 30        
         
Total assets   $18,005,648 $11,125,120 62
Working capital (working capital deficiency) (1)    2,354,868  (2,938,735)180
Investment in Inner Spirit   $2,668,678 $- 100
Shares outstanding - end of period     220,522,706   88,950,484 148

(1) Non-IFRS measure

About SugarBud

SugarBud is a Calgary based emerging cannabis company engaged in the development, acquisition, production and distribution of cannabis in Alberta.

For further information regarding this news release, please contact:

Craig Kolochuk
President & Chief Executive Officer
SugarBud Craft Growers Corp.
Phone: (403) 875-5665 
E-mail: craigk@sugarbud.ca
Jeff Swainson
Chief Financial Officer
SugarBud Craft Growers Corp.
Phone: (403) 796-3640 
E-mail: jeffs@sugarbud.ca

Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
E-mail: garyperkins@rogers.com

Website: http://www.sugarbud.ca/

Address: Suite 620, 634 ‐ 6TH Avenue S.W., Calgary, Alberta T2P 0S4

Telephone: 403‐532‐4466
Fax: 587‐955‐9668

NON-IFRS MEASURES - This news release provides certain financial measures that do not have a standardized meaning prescribed by IFRS. These non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Working capital is not a recognized measure under IFRS. Management believes that in addition to net income (loss), working capital (working capital deficiency) is a useful supplemental measure that demonstrates the Company’s overall debt position and assesses the Company’s overall leverage position necessary to repay debt or fund future capital investment. Investors are cautioned, however, that this measure should not be construed as an alternative to net income (loss) determined in accordance with IFRS as an indication of SugarBud’s performance. SugarBud’s method of calculating this measure may differ from other companies and accordingly, may not be comparable to measures used by other companies. Working capital (working capital deficiency) is the total of cash plus accounts receivable and prepaids and deposits, less accounts payable and bank debt.

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

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