Vancouver, British Columbia / TheNewswire / March 29, 2017 - Radiant Health Care Inc. (the "Company" or "Radiant") today released its financial results for the third quarter ended January 31, 2017.

 

RESULTS OF OPERATIONS

 

For the three months ended January 31, 2017

 

Net income before income tax for the three-month period ended January 31, 2017, was a loss of $103,272 as compared to a loss for the same quarter ending in 2016 of $18,390.  

 

Administrative expenses increased $83,496 to $103,272 for the quarter ended January 31, 2017 compared to the same period ended January 31, 2016 of $19,776.  The increase in administrative expenses is related to an increase in legal fees of $86,000.  These legal fees are related to the following: common share consolidation, public securities matters including the possible listing on a public exchange, and legal advice related to the acquisition of businesses.

 

For the nine months ended January 31, 2017

 

Net income before income tax for the nine-month period ended January 31, 2017, was a loss of $164,774 as compared to a loss for the same quarter ending in 2016 of $62,834.

 

Administrative expenses increased $99,764 to $165,813 for the nine months ended January 31, 2017 compared to the same period ended January 31, 2016 of $66,049.  The increase in administrative expenses is related to an increase in legal fees of $97,000 in relation to the redemption of the preference shares, services related to the purchase of shares in the Company by an outside investor, common share consolidation (discussed below), public securities matters including the possible listing on a public exchange, and legal advice related to the acquisition of businesses.  In addition, directors' fees of $10,000 were paid to the directors for their services (2016– nil) and travel was reduced by $8,700 as compared to the same period ended in 2016.

 

Summary of the three months ended	Jan 31, 2017 ($)	Jan 31, 2016 ($)
Total Revenue(1)	-	1,386
Net Income (loss)	(103,272)	(18,390)
Income (loss) per Share, Basic and Diluted	(0.10)/(0.10)	(0.01)/(0.01)

 

Summary of the nine months ended	Jan 31, 2017 ($)	Jan 31, 2016 ($)
Total Revenue(1)	1,039	6,379
Net Income (loss)	(164,774)	(62,834)
Income (loss) per Share, Basic and Diluted	(0.011)/(0.011)	(0.01)/(0.01)

(1) Total revenue includes interest and other income.

 

This financial information has been taken from financial reports prepared in accordance with International Financial Reporting Standards.  These reports are available on SEDAR at www.sedar.com under the Company's profile.

 

As in previous periods, the Company did not have an active business and its source of revenue was limited to the interest earned on the investment of excess cash.  Currently, the Company is focused on the identification, evaluation, and acquisition of interests in healthcare assets and businesses, with a focus on the Canadian medical cannabis sector.

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

Brett Walker

President and Chief Executive Officer

 

For further information, please contact:

 

Brett Walker

President and Chief Executive Officer

(604) 366-7460

 

Forward-Looking Statements

 

This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable Canadian securities laws.  Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.  Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future.  Often, but not always, forward looking statements can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.  Such forward-looking statements include, among others, statements as to the anticipated business plans of the Company.  Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements due to numerous factors.  Such factors include, among others, the change of business focus of the management of the Company, the inability of the Company to pursue its current business objectives due to lack of financing, the ability to retain key personal, government and regulatory developments, including the availability of the requisite licenses, the adequacy of the Company's intellectual property protection, the Company's future patent approvals, potential infringement of the Company's intellectual property, or otherwise.  These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in these forward-looking statements.  Readers should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with Canadian securities regulators.  These reports and the Company's public filings are available at www.sedar.com.