Las Vegas, Nevada, Nov. 17, 2016 (GLOBE NEWSWIRE) -- Signal Bay, Inc. (OTCQB: SGBY) the market leader in cannabis quality control testing and laboratory services announced today that the company achieved record sales growth for the month of October, 2016.
CEO William Waldrop stated, "Operating within the new Oregon regulatory environment which commenced October 1, 2016, EVIO Labs has seen a tremendous increase in the number of accounts and variety of tests being processed across the board at all four of our Oregon cannabis testing laboratories. The growth has been incredible and I personally could not be more proud of our team for the way they’ve stepped up to meet demand. For the month of October, the company generated over $198,000 in revenue.” These revenue numbers are preliminary and have not yet been audited or reported in accordance with GAAP standards.
Signal Bay operates state-of-the-art testing facilities and offers accredited testing methodologies that ensure the safety and potency of the nation's cannabis supply through its’ EVIO Labs division. As the legalization of medical and recreational marijuana sweeps across the country, demand for reliable, independent cannabis quality control testing facilities is increasing dramatically.
Mr. Waldrop added, “We are confident that the revenue results for November will be much higher as more edible and extract processors are entering the market. The forward looking number based on October results is a very conservative number as it includes only 11 days of operations for our Portland location and our first California EVIO Labs facility did not begin registering sales as part of Signal Bay until November.”
Mr. Waldrop concluded, "The election results in California were a huge positive for our industry and we feel strongly that our continued expansion into this state will be favorable as a result. We are now up to 31 total team members working to build our business and our EVIO Labs brand and I’d like to thank them once again for their amazing efforts to date. We are fast approaching a cash flow positive status and it is due entirely to the teams hard work and dedication to clean cannabis products.”
About Signal Bay, Inc.: Signal Bay, Inc. is an Oregon-based Life Sciences company. Through its three subsidiaries: Signal Bay Research, Signal Bay Services and EVIO Labs; 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.
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 https://signalbay.com/investors.