extractX Ltd. Announces 2021 Year End Financial Results

NIAGARA, Ontario, January 17, 2022–(BUSINESS WIRE)–extractX Ltd. (“extractX” or the “Company”), today announced financial results for the Company and its subsidiary extractX Incorporated (“EXI“) as at and for the nine months ended September 30, 2021. Previously, the Company’s year-end was December 31^st but with the October 1, 2021 reverse takeover with EXI both companies changed year-ends to September 30^th. Therefore EXI which previously had a June 30 year-end is presented as at and for the three months ended September 30, 2021. EXI retroactively adopted the International Financial Reporting Standard effective July 1, 2019 and so the financial statements restated for IFRS for the years ended June 30, 2021 and June 30, 2020 and as at July 1, 2019 have also been posted. All figures are in Canadian dollars unless otherwise noted.

2021 Operational Highlights

During the year and following the successful operation and proof-of-concept of the prototype mobile lab, the Company accelerated its sales and marketing efforts on a global scale. As a result of these focused sales and marketing activities, during the year ended September 30, 2021, the Company entered into two commercial contracts for the provision of mobile extraction labs.

The first contract is for the provision and operation of a mobile extraction lab to a client partner in Franklin, Kentucky. The lab was successfully shipped in March 2021, and the extractX installation team completed the installation and…