MEDXTRACTOR CORP. REPORTS FINANCIAL RESULTS FOR YEAR ENDED FEBRUARY 28, 2021
Calgary, Alberta – May 11, 2021. MedXtractor Corp. (CSE: MXT) (“MedX” or the “Corporation”) updates its data record collection centre progress and its financial results for the year ended February 28, 2021.
MedX reports that its data record collection centre has reached its practical capacity limit and the Corporation is now planning to expand to accommodate the current backlog of participants who have completed the first phase of the process. The expanded operation is expected to accelerate the overall SHAMAN mental health platform development.
On the financial front, MedX had cash flows from operations of $20,745 for the year ended February 28, 2021. On February 28, 2021, MedX had working capital of $793,208 including cash of $781,393. As of today’s date MedX has in excess of $2.2 million in cash and no debt. Full financials are available at www.sedar.com.
Mr. Jim Durward, CEO, states ” We experienced revenue growth year over year of 25% in spite of COVID 19 pandemic impacts on our business. During this fiscal year we look forward to a return to pre-COVID 19 pandemic levels of growth. The net loss of $698,527 includes $694,685 of stock-based compensation due to the granting of stock options. This non-cash, non-recurring accounting item does not affect the MedX cash flow. “
ABOUT MEDXTRACTOR CORP.:
The Corporation is a Calgary-based company that generates technologically-based solutions. With installations all over the world, its patented craft-scale bioextractors are used to extract compounds from a variety of botanical materials. The SHAMAN division is focusing on applying machine learning to predict potential benefits associated with the use of psychedelic drugs within the mental health misdiagnosis problem.
FOR FURTHER INFORMATION, PLEASE CONTACT:
James M. Durward, President and CEO
Telephone: (403) 689-3901
Email: [email protected]
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Corporation believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
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