VANCOUVER, British Columbia, Feb. 07, 2018 (GLOBE NEWSWIRE) -- Namaste Technologies Inc. (“Namaste” or the “Company”) (CSE:N) (FRA:M5BQ) (OTCMKTS:NXTTF) announces today that it intends to re-file its unaudited condensed interim consolidated financial statements (the “Interim Financial Statements”) and related management discussion and analysis (“MD&A”) for the three month period ended November 30, 2017 in order to correct errors for the three month periods ended November 30, 2016 and November 30, 2017. The corrections do not affect the Company’s August 31, 2017 audited annual financial statements.
For the three-month period ended November 30, 2017, these errors will have no impact on revenue, gross margin or cash and will result in a reduction in net loss of Namaste for the three-month period ended November 30, 2017.
For the three-month period ended November 30, 2016, these errors will impact gross margin and will also result in a reduction in net loss for the three-month period ended November 30, 2016. There is no impact on revenue or cash.
The Company is working with its auditors who are completing a review engagement and will file its restated Interim Financial Statement and MD&A shortly. The re-filing is being made voluntarily by the Company.
About Namaste Technologies Inc.
Namaste is the largest online retailer for medical cannabis delivery systems globally. Namaste distributes vaporizers and smoking accessories through 24 e-commerce sites in 20 countries and with distribution hubs located around the world. Namaste has majority market share in Europe and Australia, with operations in the UK, Canada and Germany and has opened new supply channels into emerging markets including Brazil, Mexico and Chile. Namaste, through its acquisition of Cannmart Inc., a Canadian based late-stage applicant for a medical cannabis distribution license (under the ACMPR Program) is pursuing a new revenue vertical in online retail of medical cannabis in the Canadian market. Namaste intends to leverage its existing database of Canadian medical cannabis consumers, along with its expertise in e-commerce to create an online marketplace for medical cannabis patients, offering a larger variety of product and a better user experience.
Forward Looking Information
Certain statements made in this press release may constitute forward-looking information under applicable securities laws. These statements are based on Namaste’s current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
On behalf of the Board of Directors
“Sean Dollinger”
Chief Executive Officer
Direct: +1 (786) 389 9771
Email: info@namastetechnologies.com
Further information on Namaste and its products can be accessed through the links below:
Agreement.namastetechnologies.com
Agreement.namastevaporizers.co.uk
Agreement.everyonedoesit.co.uk
Agreement.australianvaporizers.com.au