Applied BioSciences Announces Two Consecutive Quarters Posting Record Revenues for FY Ended March 2019
Los Angeles, California--(Newsfile Corp. - July 24, 2019) - Applied BioSciences Corp. (OTCQB: APPB), a vertically integrated company focused on the development of science-driven cannabinoid biopharmaceuticals and the production of high-quality CBD products, as well as testing and analytics, and pet health industries, today announced that it has achieved a record revenue quarter with multiple milestones for the fiscal year ended March 31, 2019. The Company has continued to make strategic investments in select brands and companies believed to be innovators in the consumer space. The investment remains on the balance sheet under "Equity Investments," however the Company has begun a strategic review of options for the remaining equity stake.
Q4 FY 2019 Financial and Operational Highlights
- FY 2019 revenue of $707,062; a 258% increase from the previous fiscal year with Q4 revenue for the Company of $234,553, representing a 1202% increase from Q4 FY 2018;
- Launched multiple new products and expanded into the Beverage and Health / Wellness category with Remedi Spa and Remedi Beverage and Shot;
- Started initial pharmacokinetic safety study with a leading firm in the veterinary space;
- Commenced discussions regarding proposed scientific trials with two leading Universities specializing in Veterinary Medicine; and
- Announced the acquisition of Trace Analytics with over 65 years of combined experience in the global testing market for Cannabis and Hemp.
"Applied BioSciences' results in the fourth quarter mark another record revenue quarter and solid revenue acceleration in our core products businesses. This has led to a historic year in a dynamic and rapidly evolving and growing space. We look forward to providing a corporate update and 2019 business outlook to the investor community on our strategy, milestones and continued progress in the near term," stated Dr. Raymond W. Urbanski, CEO of Applied BioSciences.
Subsequent to Q4 2019
- Appointed Raymond W. Urbanski MD, PhD as Director and CEO;
- Added 3 PhDs and 5 scientists to its operational team;
- Launched the first Organic Human Quality Pet Treats under the HerbalPet brand; and
- Appointed Martin Schroeder to the Scientific Advisory Board and as President of Applied BioPharma. Mr. Schroeder has over 30 years of experience in the pharmaceutical and biotech industries and has helped many biotech and pharmaceutical companies conduct search and evaluation of compounds and molecules.
"Applied BioSciences continues to be at the forefront of the evolving consumer and testing market, using organically grown plants, without pesticides or herbicides as our main ingredient. As the Company, continues to expand our product lines it is important to know that our products have been thoroughly tested by trusted labs in the industry for chemicals, pesticides and any harmful materials. All our products are tested to ensure high-caliber and quality as well as overall safety. We will now be able to test our products in an expedited fashion as well as from third-party labs and continue to provide the highest standard of testing results and safety protocols on all our products," commented JJ Southard, Vice President of Applied BioSciences Corp.
About Applied BioSciences Corp.
Applied BioSciences Corp. (www.appliedbiocorp.com), is a diversified company focused on multiple areas of the medical, bioceutical and pet health industry. As a leading company in the CBD and Pet health space, the company is currently shipping to the majority of US states as well as to 5 International countries. The company is focused on select investment, consumer brands, and partnership opportunities in the medical, health and wellness, nutraceutical, and media industries.
About Trace Analytics Inc.
Trace Analytics Inc. is a leading cannabis and hemp science and technology company with significant footprints in lab testing, research and development and licensing. Trace Analytics was started by a group of scientists who specialized in analytical chemistry, genetics and molecular biology. The focus of the team is to ensure compliance with public safety standards and end user safety. Trace Analytics is in the process of expanding throughout the United States, and globally. With the goal of helping the rest of the world adopt "best practices" in cannabis and hemp testing, the company also provides expert consulting services to legislators and regulators in many countries, states and municipalities around the world. For more information, please visit: http://traceanalytics.com
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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 Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Applied Biosciences Corp. (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 filings with the Securities and Exchange Commission. 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 filings with the United States Securities and Exchange Commission. 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 Applied BioSciences Corp.
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Released July 24, 2019