Me Today audited result to 31 March 2020 and Annual Report

Me Today Group result for the year ended 31 March 2020 and Annual Report. The Me Today group releases its audited results for the year ended 31 March 2020. Key Highlights: o Completion of successful reverse listing transaction and listing on the NZX on 31 March 2020. o Cash reserves of $4.2m to support the planned growth strategy of the group. o Listing in 200 Unichem and Life Pharmacies through the Green Cross pharmacy network nationwide. o Representation of agency brands, LifeSpace, Artemis and SleepDrops o New Product Development Program o Hand Sanitiser launched in May 2020 o Nine new supplements including Vitamin C, Magnesium,Vitamin B12 & D3 between June and September 2020. The group was listed on the NZX on 31 March 2020 as a result of a successful vote from the shareholders of the previously listed CSM Group Limited on 23 March 2020. After completion of the reverse listing transaction and the capital raise from the wholesale placement the group had cash of $4.2m at 31 March to support the planned growth strategy of the group. The result includes the trading for the twelve months ended 31 March 2020. The group consists of two start -up business the Me Today brand and the Good Brand Company. The Good Brand Company commenced trading in November 2018 and during this financial year added two new agencies as well as the sales and distribution for the Me Today brand. The Good Brand Company continues to invest in the distribution network and the extension of its sales team. As a result of this investment this division was loss making for the year ended 31 March 2020. The Me Today brand was created over the 10-month period to 31 October 2019. During this time the founders worked with creative design agencies, associates in the health and wellness sector, consumers and conducted research in the marketplace to develop the brand. The brand launched through the Green Cross network of Life and Unichem pharmacies on 1 November 2019. At 26 May Me Today branded product is listed in 200 Green Cross Pharmacies nationwide. The Group had revenue of $639k for the year before deducting the cost of marketing services provided by a customer resulting in reported revenue of $566k. The operating loss for the year from the trading of both the Good Brand company and Me Today divisions was $815k. In addition to the operating costs the group incurred reverse listing expenses of $190k and a reverse listing share based payment expense of $3.98m which results in an overall loss for the year of $4.98m As a reverse listing into a non-trading shell company, the accounting rules under NZ IFRS requires the difference between the net assets of the listed shell and the value of the acquired entity to be taken to the P&L as a share-based payment. New Product Development and Plans for the year ahead The strategy for the year ahead will be continued investment into growing the Me Today brand in New Zealand and in international markets. The group will also continue to invest in the Good Brand company sales network. As a result, the group will be loss making in FY21. The financial year ending 31 March 2021 sees a strong pipeline of new product development for the Me Today brand with the launch of the Me Today Protect+ Mist Hand Sanitiser 100ml in May 2020 and nine new products to be launched within the supplement range during the period from June to September. The new supplements will expand the Me Today range to include key single ingredient high dose offerings, such as: Vitamin C, Magnesium, Vitamin B12, & D3. Given the backdrop of the Covid-19 pandemic New Zealand will remain the focus for Me Today for the financial year ahead. The brand has great opportunity for growth in the New Zealand market. Accessing the Chinese market remains top of mind as this can be accessed through the local NZ community of daigou traders. The group also has contacts on the ground in China who are assisting with listing product on the T-mall platform as well as engaging with Chinese based marketing specialists. There has also been inbound enquiry from other markets around the world and the group is looking to continue discussions with the pharmacy channel in Australia. Discussions will be ongoing and when global restrictions start to lift, and the timing is right the group will look to formalise arrangements in overseas markets. For further information, please contact: Michael Kerr, Chief Executive Officer, Me Today Limited, mobile: 021 836 451 End CA:00353710 For:MEE Type:ANNREP Time:2020-05-26 15:54:58