Orchid Ventures Announces Shareholder Update Conference Call

Rhea-AI Summary

Orchid Ventures, Inc. (CSE:ORCD)(OTC:ORVRF) announced a shareholder update call scheduled for March 10, 2023, at 9:00 AM PST. CEO Corey Mangold will discuss operational updates, the status of the 2022 Annual Audit, and financial performance. While sales of Orchid products in Oregon have increased, profit margins are currently below 15%, hampering debt reduction efforts. The company has approximately $130,000 in operating capital but cannot service its debt adequately. Additionally, insufficient insurance coverage has delayed the addition of independent directors to the Board.

Positive

• Sales of Orchid products in Oregon have grown and are now sold in over 200 retail locations.

Negative

• Profit margins are below 15%, limiting financial stability and debt reduction.
• The company has only $130,000 in operating capital and is unable to service its debt adequately.
• The 2022 Annual Audit remains incomplete due to limited funds.
• Insufficient insurance coverage has delayed the addition of independent directors.

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
Join Zoom Meeting
https://us02web.zoom.us/j/89358613914?pwd=WS9GMmprdHMzVkNtWjJPb0ZkWGJFdz09
Meeting ID: 893 5861 3914
Passcode: 641034
Dial by your location: +1 669 444 9171 US
Meeting ID: 893 5861 3914
Passcode: 641034

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.

Corey Mangold
Founder, CEO and Chairman
investors@orchidventures.com

Investor Relations
Corey Mangold
1-949-357-5818
corey@orchidventures.com

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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FAQ

What is the date and time of Orchid Ventures' shareholder update call?

The shareholder update call is scheduled for March 10, 2023, at 9:00 AM PST.

Who will provide updates during the Orchid Ventures investor call?

CEO Corey Mangold will provide updates on operations and financial performance.

What financial issues is Orchid Ventures currently facing?

Orchid Ventures has profit margins below 15%, limited operating capital of $130,000, and is unable to service its debt.

How many retail locations in Oregon sell Orchid products?

Orchid products are sold in over 200 retail locations throughout Oregon.

What has delayed the completion of Orchid Ventures' 2022 Annual Audit?

Limited funds have prevented Orchid Ventures from completing its 2022 Annual Audit.