NeutriSci Provides Corporate Update on Contract Partner, New Markets and Product Line
NeutriSci International Inc. (OTCQB: NRXCF) announced new product launches, including the cannabis-infused Kali Juice, targeting the California market in October 2020. The company is extending its product line beyond existing offerings with plans to enter 600 dispensaries. NeutriSci confirmed revenue from initial orders in Japan will appear in Q3 reports but also indicated delays in packaging approvals due to COVID-19. CEO Glen Rehman remains optimistic about market expansions, emphasizing the company's commitment to overcoming operational challenges.
- Launch of new cannabis-infused drink mix Kali Juice in California.
- Access to 600 dispensaries in California for new product lines.
- Anticipation of revenue recognition from Japan project in Q3.
- Delays in receiving final working samples for Japan project by 10-15 days.
- Production slowdowns and shipping delays attributed to COVID-19 impacting timelines.
VANCOUVER, BC / ACCESSWIRE / August 31, 2020 / NeutriSci International Inc. ("NeutriSci" or the "Company") (TSX-V: NU, OTCQB: NRXCF, FRANKFURT: 1N9), an innovative technology company developing products for the nutraceutical industry, in conjunction with its manufacturing partner, Cryopharm, is pleased to announce new market entrance and the details of the release of new product lines in October 2020.
The existing Cryopharm product line consisting of Marbl melts will now be complemented by Kali Juice. Kali Juice is a delicious cannabis-infused drink mix with zero sugar and zero calories. It comes in three different flavors - Pink Lemonade, Raspberry Punch and Sweet Iced Tea.
All brands use the NeutriSci IP and technology as well as its proprietary ingredients to produce the products. The product lines, including Kushtabs and Zenstix, are planned for immediate launch in California with another Western state to be released next month and will have access to 600 dispensaries in the state.
The Company would also like to clarify that pursuant to its revenue recognition policy, the revenue received from the initial sample order for Japan will be recognized in the Q3 quarterly report. Revenues are recognized when the Company satisfies its performance obligation by transferring control of its product to a customer. Control is considered to be transferred at the time the customer receives the product.
After the previously announced news related to the project in Japan, receipt of the 7-tablet final working samples for the Japan project are approximately 10-15 days off schedule. This is due in large part to reduced production hours in Asia, as well as slower than anticipated shipping times because of current COVID conditions in the region. Approvals of the final packaging by Tabletz LLC. are expected to be completed during the next two weeks.
Glen Rehman, CEO of NeutriSci, stated: "We have encountered a delay in receiving the final version of working samples for the 7-tablet packaging for the Japan project. Production of the final version has been completed and has been shipped for final approval. We anticipate the final step to be completed in the next two weeks followed by the first initial order. We are looking forward to the launch of the Tabletz website as well as providing more details regarding the distribution network in Japan. Additionally, the progress that Cryopharm is making entering new markets presents a positive outlook for us."
"I also want our investors to know and understand that we are doing our very best to complete the tasks related to Japan, California and beyond in a timely fashion because we are fully aware that during these times, we are going to be subject to lost time due to things beyond our control. Everyone is aware that these are difficult times and while we will experience challenges along the way, we will be successful in our endeavours", he added.
About NeutriSci International Inc.
NeutriSci specializes in the innovation, production, and formulation of nutraceutical products. Established in 2009, NeutriSci's is building sustainable sales models with Convenience, Chain Drug, and Mass Market and Supermarket retailers for neuenergy®, the Company's natural energy and focus supplement that has at its core, the beneficial effects of blueberries. For more information, please visit: www.neutrisci.com.
On Behalf of the Board of Directors of
NEUTRISCI INTERNATIONAL INC.
Glen Rehman
President and CEO
Tel: (403) 264-6320
For investor inquiries, please contact investors@neutrisci.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
Statements in this press release have not been evaluated by the Food and Drug Administration. Products or ingredients are not intended to diagnose, treat, cure, or prevent any disease.
SOURCE: NeutriSci International Inc.
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FAQ
What new products is NeutriSci launching in October 2020?
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What flavors does the new Kali Juice product offer?
