Vancouver, British Columbia - TheNewswire – January 06, 2021 – Blackhawk Growth Corp. (CSE:BLR) (CNSX:BLR.CN) (Frankfurt:0JJ) US (OTC:BLRZF) (the “Company”), is pleased to announce gross revenue for the three-months ended December 31, 2020 of approximately CDN$848,000. This record revenue level is a culmination of the focus on execution by a number of the Blackhawk portfolio companies.
For the three-months ended December 31, 2020, Noble Line reported unaudited gross revenue of CDN$380,830, including a record December monthly revenue of over CDN$190,000. Gross margin of CDN$204,500 for the three-month period continues to be very strong at approximately 70%.
Sac Pharma also continues to show significant results with unaudited gross revenue for the three-months ended December 31, 2020 of CDN$402,000. Gross margin of CDN$309,000 during the same period continues to be very strong at approximately 76%.
The remainder of the revenue in the quarter was attributed to the sale of Covid-19 test kits.
Management is very excited for the future of the Company and for what’s to come in 2021. With the above noted results for the final quarter of 2020, the continued growth of Noble Line, Sac Pharma, and the test kit sales, the Company is optimistic about revenue growth in 2021.
During the first quarter of 2021, the Company intends to add to the operational results of Noble Line and Sac Pharma, with both the inclusion of operations for Spaced Food, which is expected to receive product approval and begin commercial production in the first quarter of 2021. Furthermore, the opening of the LeichtMind clinic in Alberta, as part of Trip Pharma’s operations, will be a very exciting addition to the Company’s portfolio and management expects to continue to build-off of it as they look to become a leader in the psychedelic wellness space in Canada.
The Company cautions that figures for revenue and margin generated by the Company have not been audited and are based on calculations prepared by management. Actual results may differ from those reported in this release once these figures have been audited.
Debt Settlement
The Company also announce that it has completed a series shares for debt transactions (the "Shares-for-Debt Transaction") with certain consultants and strategic advisors of the Company. Pursuant to the Shares-for-Debt Transaction, the Company has issued 2,800,000 common shares of the Company (the "Shares") at a deemed price of CDN$0.35 per Share to settle debt in the amount of CDN$980,000 related to the repayment of consulting fees, out of pocket expenses and advisory fees. The Company has also issued 14,285 Shares at a deemed price of CDN$0.28, and 11,765 Shares at a deemed price of CDN$0.34, to settle additional debt in the amount of CDN$8,000.
The Shares are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
For more information on Blackhawk, please visit our website at:
https://www.blackhawkgrowth.com/
Frederick Pels, Chief Executive Officer
(403)-991-7737
fred@blackhawkgrowth.com
Cautionary Note Regarding Forward-Looking Statement
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including with respect to the future prospects of the business of the Company and its portfolio companies. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
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