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BioHarvest Sciences Inc. (CSE: BHSC) (FSE: 8MV) ("BioHarvest" or the "Company") today announces an update to its forecast of 2021 annual sales orders for VINIA® in Israel. The Company has increased its 2021 sales orders forecast for Israel to US$ 1.6M - US$ 1.7M from the previous forecast of US$ 1.3M - US$ 1.5M announced in March 2021.
The continued adoption of VINIA® in Israel demonstrates the health benefits and efficacy of the product. The high percentage of revenue from returning customers validate their loyalty to the product. The combination of increased transactions and the increased value of each order is fueling revenue growth. Next January, the company will provide a sales orders forecast calendar for the year 2022.
Ilan Sobel, the CEO, said: "The 15% increase in the Company's forecast is a testimonial to the quality and efficacy of VINIA® and to its ability to reach customers. We are constantly improving our methods to reach out to customers and build a strong base of loyal consumers. I look forward to the continued growth in sales orders and to bringing new products to the market in 2022."
Q3 Shareholder Update
We invite all interested investors and media to our next Shareholder Update, to be held at 11am PST, October 14, 2021. The online meeting will be hosted by the CEO, Ilan Sobel, and will feature a live Question and Answer session. If you are not available to attend live, please register and we can send you the session recording after the event. Register at: https://app.livestorm.co/st-financial/october-2021-bhsc-shareholder-update?type=detailed
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About BioHarvest Sciences Inc.
BioHarvest Sciences Inc. (CSE: BHSC) is a fast-growing Biotech firm listed on the Canadian Securities Exchange. BioHarvest has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at industrial scale, without the need to grow the plant itself. This technology is economical, ensures consistency, and avoids the negative environmental impacts associated with traditional agriculture. BioHarvest is currently focused on nutraceuticals and the medicinal cannabis markets. Visit: www.bioharvest.com.
BioHarvest Sciences Inc.
Ilan Sobel, Chief Executive Officer
For further information, please contact:
Dave Ryan, VP Investor Relations & Director
Phone: 1 (604) 622-1186
Email: dave@bioharvest.com
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Forward-Looking Statements
Information set forth in this news release includes forward-looking statements that are based on management's current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. There is no assurance that the Israeli market results will translate directly into the U.S. markets which may depend on different consumer preferences and more substantial marketing expenditures and resources. There is no assurance that strong sales metrics experienced to date will result in future demand or that the 15% increase for VINIA® sales orders forecast in Israel will be achieved by end of 2021. Markets for nutraceuticals are unpredictable and subject to changes in consumer tastes and trends as well as economic factors beyond our control. Delays and cost overruns may result in delays achieving our objectives obtaining market acceptance, and regulatory approvals for geographic expansion is subject to risk and cannot be guaranteed. Projected sales of Cannabis will require the Company to obtain production and/or export licensing which cannot be assured.
All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
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