Orchid Ventures CEO Provides Shareholder Update
*VANCOUVER, WA / ACCESSWIRE / December 9, 2020 /* *ORCHID VENTURES, INC. (CSE:ORCD)(OTC PINK:ORVRF) *(the "*Company*" or "*Orchid*"), a multi-state cannabis innovation company, today released a letter from the Company's Chief Executive Officer, Corey Mangold
Dear ORCD Shareholders:
As a company that prides itself on transparency, it's been difficult over the last few months not being able to communicate more, but this is because of the standard constraints of being a public company, not a lack of progress or transparency. Our audit for Fiscal 2020 has taken exceedingly longer than anticipated and we believe it will be completed in the next two weeks. We intend to release Q1 2021 earnings either the same day as the 2020 financials are filed or the day following. We are continuing to provide efficient responses to our auditors at DMCL and are pushing hard to get the audit completed.
In regards to our business operations, we have developed several key initiatives within the company that reflect our shift toward the creation of a business ecosystem that is reflected in what we call the Orchid Collective, consisting of our 3 operating companies Orchid Essentials, PurTec Delivery Systems and CELLg8 Sciences. These companies form a dynamic network, interacting with each other to create and exchange sustainable value for consumers and ultimately our shareholders.
I can share with confidence that I believe the progress we have made with our Orchid Brand licensing efforts coupled with the value of our product offerings and technology being developed by PurTec Delivery Systems will accelerate growth. Importantly, the employees of Orchid are more focused and dedicated than ever to ensure we continue our progress to drive the success of our company with the ultimate goal of driving great value to our shareholders.
In 2020 we were faced with significant challenges from working our way back from the vape scandal of late 2019, dealing with the aftermath of an intended acquisition fallout, to the Covid-19 Pandemic. In over 20 years of business ownership and management, I've never experienced what I have in the last 18 months and I think this likely true for most of the leadership teams across the cannabis industry. We have learned from these challenges and have pivoted to shift our business model in breakneck speed in order to avoid further pitfalls. The company now has a strategic business model for global expansion and the complete removal of any "plant touching" businesses. Our new strategy focuses on servicing the Cannabis industry with quality, highly differentiated and innovative products, technology and services. This shift in our model and moving away from touching cannabis allows more access to capital and traditional banking solutions, as well as removing the tax burden of 280e.
2021 will be a year of several key initiatives to drive the company's revenue, profitability and shareholder value. Our executive team is very displeased with where our stock is trading and is dedicated to the development and deployment of a more engaged investor relations strategy and a commitment to be in contact with shareholders on a much more frequent basis. As soon as the audit and filings are completed, we will be announcing an earnings call within one week of the filings.
I look forward to our Fiscal 2020 Earnings Call. We strongly believe that ORCD is unique in its position in the industry and our business strategy and focus on technological advancements in the vaporizer business will drive much improved value.
Sincerely,
Corey Mangold
Chief Executive Officer
*Audit and Other Updates:*
The Annual Financial Filings were not filed on or before the Filing Deadline due to the nature of business and the COVID-19 pandemic. The Company has been advised by its auditors, Dale Matheson Carr-Hilton Labonte CPAs, that they need more time to complete the audit.
The Company is confident that it can get the audit completed and filed by December 28, 2020. Q1 unaudited financials were due to be filed on December 1 but have not been filed due to the requirement that the annual audit must be filed first. The company intends to announce Q1 earnings the day following the release of the audited annual financials.
Default Status Report in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed. The company confirms that Dale Matheson Carr-Hilton Labonte CPAs are working with the company to finalize the annual audits. The company expects to have the filings completed prior to December 28, 2020.
*Consultant Update:*
Pursuant to a consulting service agreement with Sea2Sky, LLC, the Company has agreed to issue Sea2Sky, LLC a further 500,000 common shares (for a total of 800,000 common shares) upon successful completion of the services contract. The 800,000 common shares are being issued at a deemed price of $0.05 per share and will be subject to a 4 month hold period.
*ABOUT ORCHID ESSENTIALS*
Orchid Essentials is an Irvine, CA-based cannabis innovation company, that launched in Oregon and California in August 2017 and has since developed a mass-market brand and loyal consumer following with its premium cannabis products and unique vape hardware delivery system. Since July 2019, Orchid has diversified its efforts and has brought to market innovative services and product offerings to support brands throughout the global cannabis industry. Orchid has diversified its portfolio to include 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, through its wholly owned subsidiary, has launched a patented and clinically proven bioavailability solution to increase the absorption of THC and other cannabinoids making products much more effective and an activation time of less than ten minutes. With a continued focus on brand and intellectual property development, Orchid will continue to create new and innovative products and technologies, then bring them to the global cannabis marketplace and set the gold standard for delivery systems whether it's vape or formulation sciences. 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://orchidessentials.com/
*ON BEHALF OF THE BOARD OF DIRECTORS - ORCHID VENTURES, INC.*
Corey Mangold
CEO and Director
investors@orchidessentials.com
*Investor Relations*
Corey Mangold
949-357-5818
corey@orchidessentials.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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