WHEAT RIDGE, CO / ACCESSWIRE / August 16, 2021 / Torque Lifestyle Brands Inc. (OTC PINK:TQLB) ('Torque' or the 'Company'), an emerging leader in the $150B+ sports nutrition and supplements market, has reported its financial and operational results for the fourth quarter and fiscal year ended June 30, 2021.
Key Fourth Quarter and Subsequent Operational Highlights
- Initiated new product shipments into national locations of tier-1 health and nutrition retailers including GNC, Max Muscle Sports Nutrition and Vegas Discount Nutrition.
- Announced joint venture with leading contract manufacturer Zero Day Nutrition, contributing capital to the JV to support machinery and other capital expenditures, while Zero Day will contribute manufacturing expertise and sales from its portfolio of current and prospective client brands - including rapidly growing, award-winning brands such as Glaxon - expected to be up to several million dollars in revenue annually.
- Initiated OTCQB uplisting strategy concurrent with the appointment of Michael T. Studer CPA P.C. as the Company's independent auditor.
- Board of Directors approved and declared a three-for-one forward split of the Company's common stock to make stock ownership more accessible to employees and investors.
- Engaged international investor relations specialists MZ Group to lead a comprehensive strategic investor relations and financial communications program across all key markets.
- Launched new IR website reflecting ongoing efforts to provide up-to-date information for shareholders and prospective investors.
"Since beginning operations on February 1st of this year, we continued to aggressively execute on the strategic expansion of our national retail footprint into tier-1 health and nutrition retailers," said David Lovatt, Chief Executive Officer of Torque Lifestyle Brands. "Through our joint venture with Zero Day Nutrition, we are vertically integrating the Company alongside an industry leading manufacturing firm, and we expect to see increasing revenue momentum from the partnership to begin in the second half of the calendar year. Combined with our focus on organic growth and sustainable, recurring revenue across our Torque family of brands, we remain confident in reaching over $1.5 million in revenue in calendar 2021.
"We also took significant actions to better position the company in the capital markets in the quarter, and in anticipation of filing a Form 10 and uplisting to the OTCQB® Venture Market, we appointed a new independent auditor and declared a three-for-one forward split of the Company's common stock. Furthermore, we engaged MZ Group, a leading investor relations agency to advise us in all facets of corporate and financial communications - while concurrently launching a new investor relations website to better align with best practices for OTCQB listed companies.
"Looking ahead our team remains highly confident in our growth trajectory, supported by an ongoing sales rollout into tier-1 national retailers and the expansion of our partnership with Zero Day Nutrition. We look forward to sharing additional updates on our progress as we strive to create sustainable, long-term value for our shareholders," concluded Lovatt.
Financial Results for the Six Months Ended June 30, 2021
Revenue for the six months ended June 30, 2021, was $0.41 million. The strong revenue figure was primarily due to the continued success of the Company's marketing efforts, with operations beginning on February 1, 2021.
Gross profit for the six months ended June 30, 2021, was $0.28 million, or 69% of revenue.
Total operating expenses for the six months ended June 30, 2021, were $1.12 million.
Cash used in operating activities for the six months ended June 30, 2021, was $1.08 million.
Net loss for the six months ended June 30, 2021, was $0.84 million.
About Torque Lifestyle Brands Inc.
Torque Lifestyle Brands Inc. (OTC:TQLB) is an emerging leader in the $150B+ sports nutrition and supplements market. Leveraging a growth-by-acquisition model and a growing suite of influencers as brand ambassadors, the Company offers a wide array of active lifestyle products through its e-commerce presence and tier-1 U.S. retailer relationships. Torque's growing family of in-house brands include American Metabolix, Storm Lifestyles and Core Natural Sciences. For more information, please visit the Company's website at www.torquelb.com.
Cautionary Statement Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding departure of the company's CEO. When used herein, the words 'anticipate,' 'believe,' 'estimate,' 'upcoming,' 'plan,' 'target,' 'intend' and 'expect' and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
SOURCE: Torque Lifestyle Brands, Inc.
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