Bend, OR, April 20, 2017 (GLOBE NEWSWIRE) — Signal Bay, Inc (OTCQB:SGBY), a provider of analytical laboratory, quality control testing, and management advisory services to the regulated cannabis industry, reported financial results for the quarter ended December 31, 2016.
First Quarter Fiscal 2017 Financial Summary
- Signal Bay’s first quarter revenue exceeded all of 2016 annual revenue.
- First quarter revenue was up 291% from first quarter last year;
- Revenue from EVIO Labs was up 1,334% compared to Q1 2016;
- First quarter gross profit increased 143% from first quarter last year.
- EVIO Labs added two new labs, increased staff to 35
“We reported another quarter of record revenues, up 298% from the previous quarter,” commented William Waldrop, co-founder and CEO of Signal Bay Inc. “These results were driven by the acquisition of the operating testing facility in Portland, Oregon combined with increased mandatory cannabis testing requirements implemented statewide on October 1.”
EVIO Labs analytical testing revenues increased 1,334% from the previous year. During the quarter, the company added two additional labs in Portland, OR, and Yuba City, California. Staff increased to 35 employees, with employees now spanning 6 cities.
Mr. Waldrop continued, “Even with modifications to some of the Oregon testing rules, we are forecasting strong second quarter revenue growth. We will continue to build out the Company’s infrastructure that will drive our regional and national growth strategy.”
About Signal Bay, Inc.: Signal Bay, Inc. is an Oregon-based Life Sciences company. Through its three subsidiaries: EVIO Labs, Signal Bay Research and Signal Bay Services; the Company provides research, consulting services, and analytical testing services to the legal cannabis industry. The Company’s EVIO Labs division operates state-of-the-art testing facilities and offers accredited testing methodologies performed by a qualified team of scientists to ensure the safety and quality of the nation’s cannabis supply. Learn more at http://SignalBay.com or the company can be reached directly @ 1-888-544-EVIO.
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This news release contains “forward-looking statements” as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at www.sec.gov or www.signalbay.com.