JIVA TECHNOLOGIES INC - PLTXF STOCK NEWS

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 However, the company has withdrawn its application to list on the Toronto Stock Exchange due to adverse market conditions, continuing to trade on the CSE under the symbol VEGA, and OTCQX as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.

PlantX Life Inc. (OTCQB: PLTXF) announced significant developments in its operations in a corporate update. The Company has expanded its e-commerce offerings in the US and UK, launching 10,000 and 8,000 new products, respectively. Notably, wholesale revenues for Little West surged from US$138,000 in April 2021 to US$317,000 in April 2022. The retail sector also showed positive signs with XMarket locations experiencing revenue growth. However, PlantX permanently closed its Hillcrest location and has initiated legal action against the landlord.

PlantX Life Inc. (OTCQB: PLTXF) has partnered with Instacart to offer same-day delivery of plant-based products in cities including Toronto, Ottawa, Chicago, and Squamish. The partnership aims to enhance customer satisfaction, lower shipping costs, and improve supply chain efficiency. PlantX plans to expand same-day delivery access across Canada and the U.S. CEO Lorne Rapkin highlighted the rising demand for fast delivery, while Founder Sean Dollinger emphasized the initiative's role in serving the growing plant-based community more effectively.

PlantX Life Inc. reported a robust monthly gross revenue of $1,744,248 for April 2022, marking a significant 164% year-over-year increase compared to April 2021. The cost of goods sold for the same month was $1,133,761. CEO Lorne Rapkin emphasized that this revenue reflects the company's ongoing investment in innovation, which positions it well for future growth. The financial figures are management-prepared and have not undergone an audit. All amounts are in Canadian dollars.

PlantX Life Inc. has announced the expansion of its Pop-up Initiative at its Venice Beach location, enhancing support for plant-based brands. This initiative follows successful pilot programs featuring Matthew Kenney Cuisine and BESTIES Vegan Paradise. The company aims to promote equity and diversity by rotating brands every three months, and encouraging long-term partnerships. Additionally, PlantX secured a $2 million convertible loan to boost distribution and delivery services while announcing the permanent closure of its San Diego store due to plumbing issues.