DALLAS, TX, June 7, 2017 /PRNewswire/ - Dr. Jamison Feramisco — CEO of Alternate Health Corp (CSE:AHG) (OTC:AHGIF), an international medical cannabis company that uses best-in-class technology, research, education, production and laboratories to increase the awareness, regulatory compliance, and appropriate usage of cannabinoids in modern medical practices — today congratulated staff, management and investors on reaching the positive cash flow milestone in the Company's first quarter of operation.
"The pace of growth in this company is very promising and I am truly impressed at how far we all have come in less than three months of operations," says Dr. Feramisco. "We are proud to be a profitable medical cannabis company, building shareholder value on real revenues and strategic investments – not just speculation. We are eager to demonstrate continued growth for the rest of 2017 and beyond."
Alternate Health is a fully integrated medical cannabis company, with operations divided among three key business pillars: laboratory services; medical software and regulatory compliance technology, cannabinoid therapy research education; production and delivery systems. In the first quarter, the majority of revenue came from Alternate Health's clinical laboratory testing, through its subsidiary Alternate Health Labs.
The Company generated $3.87 million in revenue in Q1, with operating expenses totalling $5.04 million. A considerable portion of these expenses were non-recurring, share-based sales incentives targeted at its rapidly growing laboratory business. To better reflect the financial results of the Company in its Q1 earnings release, Alternate Health reported Non IFRS measures including Adjusted (normalized) Net Income of $1.1 million or $0.03 per share and Non IFRS Adjusted EBITDA of $1.4 million as defined in its May 30th press release.
"Our success this quarter proves there's a high demand for our services and that we have the commitment and capability to meet that demand," says Dr. Feramisco. "We expect our software and education businesses to begin generating revenues next quarter, with our cannabinoid research and delivery system business following up in the third and fourth quarters."
About Alternate Health Corp.
Alternate Health Corp. (CSE:AHG, OTCQB:AHGIF) is an international medical cannabis company that uses best in class technology, research, education, production and laboratories to increase the awareness, regulatory compliance, and appropriate usage of cannabinoids in modern medical practices. The company is strategically positioned in all facets of the medical cannabis value chain through the innovative integration of proprietary technology and know-how, acquisitions and partnerships, deep direct knowledge of and experience with improving patient outcomes, and management expertise.
Alternate Health is well positioned to reinvest internal operating cash flow in its platform over the long term, creating an attractive investment profile for its shareholders. The company is headquartered in the Dallas-Fort Worth Metroplex with operations in Los Angeles, San Antonio and Toronto.
For more information about Alternate Health Corp., visit www.alternatehealth.ca
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations, business prospects and financing plans, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements
SOURCE Alternate Health Corp.