Vancouver, British Columbia and Rehovot, Israel – May 1, 2024 – BioHarvest Sciences Inc. (“BioHarvest” or the “Company”) (CSE: BHSC) (OTCQB: CNVCF), a biotechnology company pioneering its patented Botanical Synthesis technology platform, today announced that it will host a corporate update call on Thursday, May 2nd to discuss recently announced milestone achievements, including full year 2023 financial results, and the recent acquisition of an expanded corporate campus.
CEO Ilan Sobel and Chairman Zaki Rakib will host the call at 2:30 p.m. Eastern time on Thursday, May 2nd, 2024, with a formal presentation providing their comments on the 2023 Financial results, on the recent acquisition of a new corporate campus, and on the proposed path for the Company to meet Nasdaq listing requirements. The shareholder update call will feature a live Q+A session. To participate, please use the following information:
Fourth Quarter 2023 Shareholder Update Webinar
Date: Thursday, May 2, 2024
Time: 2:30 p.m. Eastern time
Zoom link: https://us02web.zoom.us/webinar/register/WN_g3chaeEcTQyjWQH_zxlezA
Please join at least five minutes before the start of the call to ensure timely participation.
Chairman Zaki Rakib said: “We have achieved multiple milestones over the last several months, building on our strong pace of operational execution. In preparation for future growth, we recently announced that we secured an 80,000 square ft. facility in Israel with a 50 Ton manufacturing capacity and additional space to consolidate our laboratory and office facilities under a single roof. This included 12 state-of-the-art clean rooms, which will prove instrumental as we scale our CDMO services business in the quarters to come.”
CEO Ilan Sobel added: “We announced yesterday our fourth quarter financial results, highlighted by an 85% increase in revenue to a record $4.5 million. We continued to strengthen our margins as well, growing them to 51% in the fourth quarter, as compared to 27% in the prior year. This financial performance, when paired with the pipeline of incremental growth drivers in our D2C Products and CDMO Services business units, positions us well in 2024 to drive continued financial momentum across our business.”
About BioHarvest Sciences Inc.
BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) (FSE: 8MV) is a leader in Botanical Synthesis, leveraging its patented technology platform to grow plant-based molecules, without the need to grow the underlying plant. BioHarvest is leveraging its botanical synthesis technology to develop the next generation of science-based and clinically proven therapeutic solutions within two major business verticals; as a contract development and production organization (CDMO) on behalf of customers seeking complex molecules, and as a creator of proprietary nutraceutical health and wellness products, which includes dietary supplements. To learn more, please visit www.bioharvest.com.
Forward-Looking Statements
Information set forth in this news release might include forward-looking statements that are based on management’s current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Launching new products is subject to risks and uncertainties including the risk that the market will not accept the product or that government approvals required for sale or import of the products will not be obtained. There is no assurance that the Company will maintain or improve current financial performance, as revenues and margins are dependent on a combination of factors such as supply chain efficiencies, input cost stability, marketing efficiencies and uncertain consumer preferences. Revenue projections are estimates and there is no assurance will occur when estimated as the timing is dependent on consumer acceptance and cost stability and other factors beyond company control. For the CDMO Services Business Unit, there is no assurance of additional future contracts, and readers are cautioned that increased revenue is not necessarily an increase in net income or profitability as costs will likely increase as well.
Although the Company believes that it will be able to meet the requirements for Nasdaq listing, there is no assurance that a listing will occur as listing will be subject to the company being able to meet listing criteria, including being registered under US Securities Laws, a history of trading at certain price levels, and financial and share distribution requirements. Some of these requirements may be affected by matters beyond the control of the company such as conditions impacting markets generally or changes in requirements.
All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
This release has been reviewed and approved by Dave Ryan, VP Investor Relations, who accepts responsibility for its contents.
BioHarvest Corporate Contact:
Dave Ryan, VP Investor Relations & Director
+1 (604) 622-1186
info@bioharvest.com
