WHEAT RIDGE, CO, May 19, 2021 – McapMediaWire – Torque Lifestyle Brands Inc. (OTC Pink: TQLB) (“Torque” or the “Company”), an emerging leader in the active lifestyle sports nutrition and supplements marketplace, is pleased to provide an update of the Company’s performance over recent months since its acquisition of American Metabolix (www.americanmetabolix.com) on Feb 1, 2021.
“We have achieved clear traction with our recent American Metabolix acquisition, and we wanted to update shareholders as we continue to build on that momentum,” noted David Lovatt, CEO of Torque. “In our first two months of operations since completing this deal, we have seen much better than expected results from related operations. Despite a challenging environment due to contextual factors, American Metabolix has posted excellent overall results, and we see a clear growth curve coming into focus on a month-over-month basis that points to exciting results ahead.”
Since closing its acquisition of American Metabolix, the Company has completed three months of operations under the new structure, with operations completed and closed for the two months including February and March 2021. In those two months, American Metabolix posted total revenues of $124k, which annualizes to $744k (if one assumes no rate of growth).
However, drilling down, March represented 70% sequential monthly growth over February. And unofficial data from April (provisional and subject to change in future reporting) suggests potentially very strong growth relative to February and March – likely as much as a further 61% sequential monthly growth over March.
Given this growth rate, early data suggests that American Metabolix may be on track to record in excess of $1.5 million in total sales in 2021 as increased investments in marketing and distribution show up in end-market data.
Lovatt continued, “Since the acquisition, American Metabolix has performed well ahead of expectations, driving stronger-than-expected brand awareness and sales growth relative to investments following integration. Distributors and consumers have responded powerfully as we put the brand in front of a wider audience, which is a terrific signal. We are also excited to see cash on hand at the company growing rapidly through the end of the quarter, now topping $500k. That will allow us to launch and grow the brand successfully from here.”
Management also notes that, during the three months ended March 31, 2021, Torque also launched the Core Natural Sciences (www.corenaturalsciences.com) brand, signing Brian Baldinger as Brand Ambassador (see Here) in the process. The Company also launched the Storm Lifestyles brand (www.stormlifestyles.com) during the period.
Both brands have seen promising starts, and management looks forward to providing more details as these enterprises gain traction.
Finally, the Company also recently filed a Supplemental Statement with OTC Markets Group to have its status officially changed from “Shell”.
About Torque Lifestyle Brands Inc.
Torque Lifestyle Brands Inc. (OTC Pink: TQLB) is focused on driving performance through acquisitions and by advancing original brands in the rapidly growing supplemental nutrition marketplace.
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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.
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