Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

Corporate Update: Sensible Meats' Cash Position and Future Plans for Change of Business

Published 2024/05/13, 13:42
HOTd
-

CALGARY, Alberta--(BUSINESS WIRE)--Sensible Meats Inc. (CBOE: HOTD), a pioneer in plant-based meat alternatives, provides a corporate update on its cash position and plans for securing a suitable target to facilitate a change of business within the 90-day CBOE requirement to secure a binding letter of intent.

Cash and Asset Position:

Sensible Meats is pleased to announce that it currently maintains a strong cash position, positioning the company well to pursue strategic opportunities for growth and expansion. As of May 9, 2024, the company has over $5,976,000 in cash reserves.

Additionally, the company has a real estate asset for sale, consisting of an investment property with an amortized cost of $691,000. During the year ended November 30, 2023, the company recorded rental income from this investment property of $26,842.

The company additionally earned $307,852 of interest income related to its cashable GICs during the year ended November 30, 2023. Moreover, the company's cashable GIC was fully redeemed on May 1, 2024, resulting in an additional $131,975 of net interest income. The net interest income consists of $299,970 that was deposited during the period of December 1, 2023, to May 1, 2024, less $167,996 which represents accrued interest income at the year ended November 30, 2023.

Based on the above-mentioned, Sensible's board is confident that Sensible Meats is well-capitalized to pursue rapid change and explore new avenues for development, enhancing shareholder returns.

Future Plans:

Sensible Meats is actively seeking a suitable target for a change of business within the 90-day timeframe required by the CBOE. The company is committed to finding a partner or acquisition target that aligns with its mission and vision for the future. Sensible Meats' management has diverse backgrounds crossing multiple industries, aiming to leverage that experience, expertise, and relationships to explore and commit to emerging trends in sectors that will bring the most value for its shareholders.

"We are thrilled about the opportunities ahead for Sensible Meats as we enter this new chapter, and we commend the hard work of the Sensible team in managing costs and expenses to preserve our cash assets," says Chris Jackson, CEO of Sensible Meats. "Our robust cash position allows us the flexibility to pursue strategic initiatives that will deliver long-term value for our shareholders while adhering to the CBOE's timeline."

While the strategic review process is ongoing, the Company intends to continue to pursue its core strategic objectives so as to maintain and enhance the value of its current business and operations. Other than as described in this press release, the Company has not made any decisions related to strategic alternatives at this time and there can be no assurance that the evaluation of strategic alternatives will result in any transaction proceeding or change in strategy. The Company does not intend to comment further unless and until further disclosure is appropriate or necessary.

About Sensible Hot Dogs (CBOE CA: HOTD) (FSE: OX4)

Sensible Meats Inc., dba Sensible Hot Dogs, is an innovative hot dog company focused on changing the playing field around America's street food. The company's goal is to transform the consumer experience of plant-based eating and to prove that tasty foods can also come from less processed, natural ingredients. Sensible is going above and beyond the impossible to deliver the world's tastiest, healthiest, and smartest hot dog.

On Behalf of Board,

Chris Jackson
Interim Chief Executive Officer

Forward Looking Statements

This press release contains statements which constitute "forward“looking information" within the meaning of applicable securities laws. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions. Readers are cautioned that forward“looking information is not based on historical facts but instead reflects the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward“looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward“looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; decreases in the prevailing prices for products in the markets that the Company operates in; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; regulations and enforcement priorities of governmental authorities; compliance with government regulation and related costs; and other risks described in the Company's prospectus. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward“looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated, or intended. The Company does not intend, and does not assume any obligation, to update this forward“looking information except as otherwise required by applicable law.

The Company's securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither the NEO Exchange nor any securities regulatory authority has approved or disapproved the contents of this press release.

For further information:

Email: hello@sensiblehotdogs.com
Web: sensiblehotdogs.com

Source: Sensible Meats Inc.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.