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IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX:BILZF) reported significant growth, with 2021 revenues of $78.8 million, up from $16.9 million in 2020. Q4 2021 revenue approached $50 million, and the company anticipates Q1 2022 revenue exceeding $25 million, compared to $3.6 million in Q1 2021. CEO Dan Bilzerian attributed growth to international expansion. However, President John Schaefer has resigned, and the company welcomed William Graubard as Vice President Sales for Latin America, while options were granted and canceled accordingly.
Positive
2021 revenues increased to $78.8 million from $16.9 million in 2020.
Q1 2022 revenue is projected to exceed $25 million, up from $3.6 million in Q1 2021.
Hiring of William Graubard as VP Sales for Latin America strengthens management.
Negative
President John Schaefer resigned, indicating potential instability in leadership.
VAUGHAN, Ontario--(BUSINESS WIRE)--
IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) (“IGNITE” or the “Company”), a global consumer packaged goods company, today announced that its revenue for 2021 was $78.8 million compared to revenue for 2020 of $16.9 million. Fourth quarter 2021 revenue was close to $50 million. The Company expects its audited financial statements for 2021 to show a profitable fourth quarter and a profitable year.
The performance is a direct result of IGNITE’s rapid international expansion which it expects to continue in 2022. Based on revenue in the months of January and February and orders and contracts in place impacting March and the remaining months in 2022, the Company projects Q1 2022 revenue to exceed $25 million compared to Q1 2021 revenue of $3.6 million. Dan Bilzerian, CEO at IGNITE, states, “Although 2021 revenue showed a substantial increase from 2020, we have only scratched the surface in our worldwide expansion and, based on new contracts and orders in the first two months of 2022, we expect a very strong revenue increase in 2022 over 2021.”
The Company also announced its President and Chief Operating Officer John Schaefer has resigned effective today to pursue another opportunity. “John’s performance since being appointed President on September 1, 2020 has been nothing short of extraordinary" says Dan Bilzerian, Ignite CEO. “John was approached by one of America’s leading companies which made him an offer he could not refuse. We wish him nothing but the best of success, and he departs with our deepest appreciation for his tireless efforts on behalf of IGNITE.” Mr. Bilzerian will oversee the Company’s operations until a successor is hired.
“It has been an honor to lead this organization and grow with the Company,” says Schaefer. “Working with outstanding consultants, a passionate and dedicated team, and the Board of Directors has been a real pleasure. As a shareholder and loyal supporter, I look forward to following and assisting IGNITE’s continued growth as it builds on the progress achieved the last two years.”
The Company is also pleased to report the hiring of William Graubard as Vice President Sales for Latin America. Mr. Graubard has spent the past thirty years working for well known companies such as Miller Brewing Company and Kraft Foods and has focused on developing brands and building sales in Latin America, the Caribbean and the United States. Dan Bilzerian stated, “IGNITE is delighted to have William join the senior management team. His fluency in Portuguese and Spanish and his deep personal knowledge and experience in Latin America will help IGNITE reach its goal to bring its product line to every country in South America, Central America and the Caribbean.”
The Company further announces the granting of options to purchase 175,000 subordinate voting shares to certain employees of IGNITE. The subordinate voting shares will vest over three (3) years from the date of grant and will have an exercise price of $1.18per share. The Company has also cancelled options to purchase 666,666 subordinate voting shares related to the departure of Mr. Schaefer.
About IGNITE
IGNITE is a global consumer premium brand, operating in several market segments. IGNITE product categories include CBD products, nicotine and synthetic nicotine vape products, premium performance drinks named ZRO, apparel, and spirits featuring tequila and a premium vodka.
Shares of IGNITE are listed on the Canadian Securities Exchange (CSE) under the symbol “BILZ” and quoted in the United States on the OTCQX under the symbol “BILZF”.
Further information on IGNITE can be found on the Company’s website at www.ignite.co.
CAUTIONARY STATEMENT REGARDING FINANCIAL ESTIMATES AND FORWARD-LOOKING INFORMATION
The financial estimates set forth above have not yet been audited by the Company’s independent registered public accounting firm, Accell Audit and Compliance, P.A. This news release includes certain “forward‐looking statements” under applicable Canadian securities legislation, including the Q4 revenue figures, expected 2022 results and the continued success of IGNITE’s expansion plans. Forward‐looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking statements. There can be no assurance that any of the forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. The Company disclaims any intention or obligation to update or revise any forward‐looking statements, whether because of new information, future events or otherwise, except as required by law.
