BEACN Announces Results for the quarter ended March 31, 2022
Vancouver, BC, May 24, 2022 – BEACN Wizardry & Magic Inc. (“BEACN” or the “Company”) (TSX-V: BECN)
BEACN is pleased to report that it began sales of the BEACN Mic, Mix and Mix-Create on January 31, 2022 and generated the Company’s first product revenue during the last 60 days of the quarter.
For the quarter ended March 31, 2022, the Company achieved sales revenue of $1,649,189, gross profit of $651,160 and net income of $251,188. Further information is available from the Company’s interim financial statements for the period ended March 31, 2022 available under the Company’s profile on SEDAR at www.sedar.com.
The Company is encouraged by the initial reception of its launch and is looking forward to the coming quarters. BEACN expects it will be able to improve the gross profit percentage as it refines the logistics related to product manufacturing and sales in the coming months. Preceding the product launch and during the initial days of product sales BEACN experienced higher levels of shipping costs, including air freight, than are anticipated in the next few quarters.
BEACN looks forward to the excitement and challenges of continued sales during the rest of this fiscal year.
BEACN is a leading disruptor and audio innovator in the content creation and gaming industry. Our talented team creates from-the-ground-up technology and software solutions that help gamers, livestreamers, podcasters, and content creators produce studio-quality content to share with anyone, anywhere.
BEACN is creating an ecosystem of content creator peripherals with BEACN Mic, the world’s most advanced USB-C microphone, BEACN Mix, an intuitive audio controller, and BEACN Mix Create, an inventive mixer for content creators.
BEACN is listed on the TSX Venture Exchange under the symbol “BECN”.
For further information, contact:
Sandrine Lam, Shareholder Communications
Tel: (604) 687-3520
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future plans, objectives, timing, assumptions or expectations of future performance, including without limitation, BEACN’s belief sales will continue at a similar pace in the coming quarters, and BEACN’s expectation that it will be able to improve the gross profit percentage as it refines the logistics related to product manufacturing and sales in the coming months are forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”.
Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including the Company’s ability to maintain manufacturing volume for its products and its ability to sustain sales of products to customers, that general economic and market conditions will not change in an adverse manner, political and regulatory stability, stability in financial and capital markets and that the Company’s operations will not be adversely impacted by COVID-19.
These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation (a) supply chain disruption that may lead to a shortage of inventory for sale; (b) economic or other factors beyond the control of the Company that may influence the purchasing behavior of customers; (c) public health crises such as the COVID-19 pandemic may adversely impact the Company’s business and operations; (d) the volatility of global capital markets; (e) unanticipated costs; and (f) risks relating to the extent and duration of the conflict in eastern Europe and its impact on global markets. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statement or forward-looking information, except in accordance with applicable securities laws.