Hill Incorporated Releases FY2023 Financial Results

Note 1: The Company has reduced its year-over-year trade payables by 66% while maintaining consistent cash reserves.
 
Note 2: As of Oct 23, 2023, the Company has collected over 80% of its receivables that were outstanding as at June 30, 2023. The remaining 20% is expected to be collected by Nov 30, 2023.
 
Note 3: As part of the Company’s focused efforts on DehydraTECH expansion in the United States, Hill exited its lease of the Canadian Lucknow cannabis R&D facility in February 2023. This allowed the Company to eliminate under-utilized assets while allocating additional resources to drive additional growth in the US.
 
Matthew Jewell, CFO, comments: “FY 2023 was a transformational year, both in terms of showing, by way of tremendous operating and financial growth, the potential of our DehydraTECH licensing business and moving on from legacy initiatives and unprofitable business units. The Company’s objectives are now clear, with an executive team that is laser-focused on the key actions to drive the Company towards long term success.”
 
Shareholder Approval of Hill’s Amended Rolling Stock Option Plan and Amendments to its Restricted Share Unit Plan
Further to the Company’s press release on May 4, 2023, the Company wishes to confirm that at its Annual General and Special Meeting of Shareholders held on May 2, 2023, shareholders of the Company approved (i) the Company’s amended rolling 10% stock option plan; and (ii) certain amendments to the restricted share unit (“RSU”) plan of the Company, which included an increase of the fixed maximum number of RSUs that may be issued by the Company from 175,616 to 323,520 common shares (on a post-share consolidation basis).
In accordance with the TSX’s new policy 4.4 governing security-based compensation plans, certain amendments were made to both the stock option plan and the RSU plan to ensure that the plans met all regulatory requirements. The full text of both plans can be found in the Company’s most recent management information circular, a copy of which can be found on the Corporation’s SEDAR profile at www.sedarplus.ca.
About Hill Incorporated (TSXV: HILL) / (OTCQB: HSEEF)
Hill Incorporated is a progressive bioscience implementation company that is dedicated to building pathways to better and healthier living by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior cannabis solutions and non-alcoholic beverage products globally. Our Hill Avenue Cannabis business unit is pioneering the space where craft consumer products meet bioscience by combining our deep CPG commercialization expertise with our rights to use Lexaria Bioscience Corp’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B and B2C sales of cannabis ingredients or products on a global scale. Our Hill Street Beverages business unit represents the Company’s legacy alcohol-free consumer beverage marketing and distribution business.
For more information on our business activities visit www.hillincorporated.com, to learn more about our DehydraTECH cannabis biodelivery technology, go to www.dehydratech-thc.com, or to check out Hill Street Beverage’s award-winning alcohol-free wine line-up and order product to be delivered straight to your home, go to www.hillstreetbeverages.com.
If you wish to sign up for the Hill Incorporated mailing list, click HERE.
 
For more information:
 
Matthew Jewell, Chief Financial Officermatthew@hillincorporated.com
604-609-6154
 
FORWARD-LOOKING STATEMENTS
Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “would”, “anticipate”, “expects”, and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
 
 
[1] US Census Bureau, https://www.census.gov/quickfacts/fact/table/US/PST045221
[2] MJBiz Factbook 2023
[3] MJBiz Factbook 2023

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