JIVA TECHNOLOGIES INC - PLTXF STOCK NEWS

PlantX Life Inc. (OTCQB: PLTXF) has received a positive independent research report from Capital Y Management, a hedge fund based in New York. The report labels PlantX as a 'market leader' in a growing sector and sets a 12-month price target of C$0.67 per share, valuing the company at approximately C$68 million. CEO Lorne Rapkin expressed optimism regarding the company's position in the plant-based market. The full report is available on PlantX's website.

PlantX Life Inc. (OTCQB: PLTXF) has secured a debt financing of up to $10 million from an arm's length creditor, replacing its previously announced private placement. The financing, structured as a secured convertible promissory note, offers an interest rate of 5.0% per annum and matures on May 1, 2024. The proceeds will be used for working capital and general corporate purposes. This financing is expected to better align with shareholders' feedback, aiding the company's growth strategies in the plant-based product space.

PlantX Life Inc. reported a gross revenue of $1,489,988 for June 2022, up 97% from $754,000 in June 2021. The cost of goods sold for the month was $968,492. The company is delayed in filing its annual financial statements for the fiscal year ending March 31, 2022, due to restatement needs and is seeking a management cease trade order (MCTO) to allow continued trading amid this delay. The anticipated filing date is set for September 27, 2022. PlantX continues to expand its plant-based product offerings and build community through its digital platform.

PlantX Life Inc. has partnered with Dream Pops, a plant-based frozen novelty company, as the latest tenant in its Vegan Popup by XMarket in Venice Beach, CA. This initiative serves as a platform for both emerging and established plant-based brands to promote their products, enhancing visibility and community engagement through interactive events. Dream Pops will enjoy prime placement and product sampling at PlantX locations from July 1 to August 31. This partnership aims to create mutually beneficial exposure and revenue for both companies.

PlantX Life Inc. announced a restatement of its audited financial statements for the fiscal year ended March 31, 2021, following a review of its revenue recognition policy. This decision, approved by the board, indicates that approximately US$2.76 million in revenue and US$2.48 million in cost of sales should not have been recorded on a gross basis. The wholesale division ceased operations in Q1 2022. The restatement is still under review, and the financial impact remains preliminary and subject to change.

PlantX Life Inc. has expanded its XMeals online platform to the United States, launching a new website at xmeals.com. The site aims to enhance customer loyalty and engagement by providing a user-friendly interface for ordering plant-based meals. XMeals offers subscription and one-time purchase options with nutritionally curated meals prepared by chefs and nutritionists. CEO Lorne Rapkin emphasized the site's potential to foster customer relationships and promote health in the U.S. market, contributing to future business growth.

PlantX Life Inc. reported $1,541,788 in monthly gross revenue for May 2022, a significant increase of 115% from $717,944 in May 2021. The Cost of Goods Sold for May was $1,002,162, indicating a continual growth trajectory in the plant-based e-commerce sector. CEO Lorne Rapkin praised the team’s commitment and outlined efforts towards achieving profitability. However, the company has withdrawn its application to list on the Toronto Stock Exchange due to adverse market conditions, continuing to trade on the CSE under the symbol VEGA, and OTCQX as PLTXF.

PlantX Life Inc. has received authorization to sell and distribute alcohol in its retail stores in Chicago, Illinois, and Venice Beach, California. This milestone allows the company to offer a variety of alcoholic beverages, enhancing its e-commerce platform by enabling national delivery and same-day services through partnerships with UberEats and Instacart. The U.S. alcoholic beverages market is valued at $222.6 billion, expected to grow at an annual rate of 7.45% from 2021 to 2025. This move positions PlantX to tap into a lucrative market while catering to consumer preferences for sustainable products.