LiveWire Ergogenics Reports Q1 2021 Financial Performance – Provides Update on Permit Application Process
Anaheim, CA – May 18, 2021 – LiveWire Ergogenics Inc. (OTC: LVVV), a health and wellness company focused on special purpose real estate acquisitions, licensing and property management of facilities conducive to produce high-end, organic cannabis products and services in California, announced today its Financial Report for the first quarter of 2021 and provides update on permit application process for its affiliate company Estrella River Farms (“ERF”).
Bill Hodson, CEO of LiveWire Ergogenic states, “The national cannabis market is clearly moving towards legalization for medical and recreational use, but at the same time the application process to become a legally operating cannabis cultivation facility has become considerably more complex, expensive and lengthy. California has taken the lead and requires an excruciating amount of information from the companies that apply, carefully scrutinizing every possible environmental and legal rule and regulation from the State level all the way down to local communities, to establish a well-regulated and controlled cannabis industry with products consumers can trust.”
This very involved process has been complicated by the fact that there are quite a few different agencies involved on several different state and local levels and that there is not one standard platform yet for coordination or standardization of the process between these agencies to expedite the process. Recognizing this complexity, Governor Newsom is now proposing to centralize three of the leading agencies into one, the California Department of Cannabis Control. This change is expected to result in an expedited process for all compliant applications.
Hodson continues, “Fortunately for Estrella River Farms, we feel the company is at the tail end of this process that was started roughly twenty months ago. Having said all that and considering that Estrella River Farms has not begun the cultivation process yet, we were still able to report reasonable financial results for the first quarter of 2021. We have managed to finance and enable the build-out process of Estrella River Farms to near completion and are ready for ERF to get “plants in the ground” the moment they have final approval from the State and County. Accordingly, first harvest and generation of revenue will follow quickly thereafter.”
“We are also proud to report that we have achieved all this without having to secure large amounts of additional outside investment and accordingly have been able to avoid unreasonable share dilution. We expect all of this to be reflected in our future share price once this initial property is fully up and running. We would also like to express our appreciation for the support and understanding from most of our shareholders and our new investment partners that are continuing to support us every day.”
Results of Operation
We focused the majority of our efforts during the three months ended March 30, 2021 on the application process to assist in the required conditions of approval for the Estrella River Farms operation. For the first quarter, we had revenue of $83,000 as compared to $141,815 in the same period in 2020. All revenues in the first quarter 2021 were generated through rental, licensing and the management of intellectual and real estate properties. As a consequence of this absolute focus on streamlining operations, we have been able to reduce our loss for the first quarter of 2021 to $338,794 compared to a loss of $2,063,480 for the same period in 2020, an improvement of $1,724,686. Funds required to this stage were raised via our SEC approved Reg A Offering Circular, the details of which are filed with our Q1 2021 Fiancial Report on OTC Markets.
About LiveWire Ergogenics Inc.
The Company is focused on acquiring, managing, and licensing specialized “closed loop” turnkey cannabis real estate locations of fully compliant and permitted turnkey facilities to produce cannabis-based products and services in California and the state-wide distribution of these products. This includes verification of zero pesticide products for quality brands via its soon to be implemented “7X Pure” Cannabis Verification System, the development and licensing of legal and high-quality cannabinoid-based products and services and the creation of the high-quality “Estrella Weedery” brand. LiveWire Ergogenics does not produce, sell, or distribute products that are in violation of the United States Controlled Substance Act. For more information, please visit: LiveWireErgogenics.com
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, the Company’s Social Media postings and matters set in the company’s SEC filings. These risks and uncertainties could cause the company’s actual results to differ materially from those indicated in the forward-looking statements.
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