VANCOUVER, BC / ACCESSWIRE / March 6, 2023 / Orchid Ventures, Inc. (the "Company" or "Orchid") (CSE:ORCD)(OTC:ORVRF), a vaporizer innovation company, announced today that it has scheduled a shareholder update call. Details of the call are listed below..
Orchid has scheduled an investor conference call for March 10, 2023 at 9:00am Pacific Standard Time dial in and login details are below. During the call Orchid CEO Corey Mangold will provide an update on the status of operations, the status of the 2022 Annual Audit as well as other sales and financial related updates.
The company has continued to operate with limited funds and operations. The company has maintained a strong partnership with Orchid Brands licensing partner, Nimble Distribution in Oregon, and the sales of Orchid products in Oregon have continued to grow and are now sold in over 200 retail locations throughout the state. Although there has been an increase in sales of products, with continued price compression, the profit margins are below 15% thus limiting the companies ability to add to the balance sheet in a substantial enough way to reduce debt. The company still holds approximately $130,000 in operating capital and is unable to service its debt in a manner sufficient to reduce its debt. The company with limited funds is still unable to complete its 2022 Annual Audit at this time, but is pursuing options, and has received a further AGM extension to June 30, 2023.
The company still does not have sufficient insurance coverage to give the comfort needed to add independent directors to its Board of Directors.
Time: Mar 10, 2023 9:00 AM Los Angeles Time
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Meeting ID: 893 5861 3914
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Meeting ID: 893 5861 3914
ABOUT ORCHID VENTURES
Orchid Ventures is a California-based cannabis innovation company that has developed a mass-market brand and loyal consumer following with its premium cannabis products and unique vape hardware delivery systems. Orchid also owns 100% of PurTec Delivery Systems, a company that produces, markets and sells clean vaporizer hardware that has been emissions tested against the most stringent standards in the world set forth by the EU, and has unrivaled product quality and value pricing. Orchid's management brings significant branding, product development and distribution experience with a proven track record of scaling businesses and building sustainable revenue growth through value-generating partnerships and innovation that creates enterprise value. Learn more at https://purtecdesigns.com/
ON BEHALF OF THE BOARD OF DIRECTORS - ORCHID VENTURES, INC.
Founder, CEO and Chairman
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Safe Harbor Statement
Except for historical information contained herein, statements in this release may be forward-looking and made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Orchid Ventures, Inc. and Orchid Essentials any of its affiliates or subsidiaries (collectively, the "Company") or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company's Canadian securities regulatory filings with sedar.com, Factors which could cause actual results to differ materially from these forward-looking statements include such factors as (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company's ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other information that may be detailed from time to time in the Company's Canadian securities regulatory filings with sedar.com. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Orchid Ventures, Inc.
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