LGC Capital (TSXV:LG) provided shareholders with a financial update for Etea Sicurezza Group.
As quoted in the press release:
Etea Sicurezza Group Ltd (“Etea”) beat revenue expectations in 2017, closing the financial year with consolidated revenue of more than USD $10 million, a 26.5% increase over Etea’s 2016 consolidated revenue of USD $7.4 million. Etea has more than 430 clients that include Ferrari, Buhler, L’Oreal, Unilever, Siemens, Petrobras, Ferrero, Coca-Cola, Martini, Heinz, E.On, Luxottica Group, Shell, Michelin and Roche. As previously announced, LGC holds 3% of Etea’s issued and outstanding shares and has entered into a letter of intent with Etea for a potential acquisition by LGC of approximately 20% of Etea.
In partnership with LGC’s Merchant Banking division, Etea is developing a high efficiency mist irrigation system for the Medical Cannabis Industry with the Etea Low Pressure Water Mist (“LPWM”) system. LPWM is able to provide drops of 300 microns for uniform irrigation, avoiding soil damage and water waste, important for large greenhouses and plantations in controlling temperature and humidity through water misting. This is expected to be a major benefit to all global cannabis growing operations in maintaining the consistency of the growing environment. This environmentally safe alternative system has the potential to improve results, crop yields and potentially an improved bottom line for customers.