Britannia Reports Third Quarter Financial Results and Provides Update on Operations
Toronto, Ontario–(Newsfile Corp. – March 1, 2022) – Britannia Life Sciences Inc. (CSE: BLAB) (“Britannia” or the “Company”) is pleased to provide its unaudited financial results for the three and nine months ended December 31, 2021. These filings and additional information regarding Britannia are available for review on SEDAR at www.sedar.com. All amounts are Canadian dollars unless otherwise stated.
Q3 2022 Highlights:
- The Company reports Adjusted EBITDA of$2.9m for the nine-month period ended December 31, 2021.
- On November 12, 2021, Britannia completed its transaction with Rise Life Science Corp (“RISE”). RISE has changed its name to Britannia Life Sciences Inc. and continues as the reporting issuer (BLAB: CSE).
- The transaction with RISE has been accounted for as a reverse takeover (“RTO”) by Britannia, such that these condensed interim consolidated financial statements reflect the accounts of Britannia acquiring RISE. As a result, the comparative information for prior periods provided in the financial statements represents the results of Britannia Bud Holdings Co. (“BBCH”), a wholly owned subsidiary of Britannia, and is therefore not directly comparable to current periods.
- In the nine-month period ended December 31, 2021, Britannia made principal and interest payments of $3.4m on the note representing amounts due to the vendors (the “Sellers’ Loan”) of Advanced Development & Safety Laboratory Limited (“ADSL”), Britannia’s largest operating subsidiary.
“Britannia is pleased to present its first set of financial results as a public company, after the successful completion of the reverse takeover transaction with RISE. We are grateful for the ongoing support from our shareholders as well as the vendors and our advisors, as we finalize our debt refinancing.”
On behalf of the Board
Sarah Zilik, CFO