SPORTS INC. THE NATIONS LARGEST SPORTING GOODS BUYING GROUP IS PARTNERING WITH BYRNA

Rhea-AI Summary

Byrna Technologies has partnered with Sports Inc., the largest sporting goods buying group in the U.S., to provide its full range of products to over 500 independent retailers. This strategic collaboration was formalized in May 2022 after Byrna's successful product presentation at a vendor event, where it secured $32,000 in initial orders. This partnership enhances Byrna's market penetration in independent retail, with guaranteed payment terms, reducing credit risk. Byrna continues to leverage its sales team to offer training and demonstrations at retail locations nationwide.

Positive

• Partnership with Sports Inc. expands market access to 500 independent retailers.
• Secured $32,000 in initial orders at vendor event, indicating strong interest.
• Guaranteed payment terms from Sports Inc. reduce credit risk for Byrna.

Negative

• None.

THE BUYING GROUP WILL OFFER THE FULL LINE OF BYRNA PRODUCTS TO ITS 500 INDEPENDENTLY OWNED RETAILERS

ANDOVER, Mass., May 17, 2022 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ: BYRN) ("Byrna", "the Company") today announced that Sports Inc. the nation's largest and most diverse sporting goods buying group is now offering the full line of Byrna products to its independent retailer members. Sports Inc., founded in 1965 in Lewiston, Montana, offers independent sporting goods retailers the opportunity to compete with larger chain stores.  Starting out with seven stores, Sports Inc, has grown to over 500 independent retailers that represent 750 store locations.

In February of 2022 at the Sports Inc. "invitation only" vendor consideration event, Byrna's sales team successfully presented the full line of Byrna products to a group of independent retailers that represent Sports Inc. The sales team wrote $32,000 worth of orders at the two-hour event, receiving strong votes from its members that Byrna is a brand they want to have in their stores. Excluding Mission-4's, all the orders from the event have been fulfilled and Byrna was voted in to become a vendor to Sports Inc.

The process to get onboarded is rigorous and many other manufacturers at the event were not accepted. Byrna is proud to announce that the vendor agreement was finalized in early May 2022 and Byrna has already begun shipping products to stores. "Onboarding with Sports Inc. and gaining access to the vast group of independent retail members is a good example of the dealer sales team successfully executing the company's long term product strategy under the guidance of our leadership," stated Alan Vogel, Director of Dealer Sales at Byrna.

Byrna offers best in class service to both major retail chains and the small to mid-size retailer. Working alongside the companies outside sales force stationed throughout the country, Byrna continues to gain shelf space, offer training, and manage these new accounts. The sales team conducts frequent live demonstrations and training on Byrna products at retailers across the country.

A key benefit to partnering with Sports Inc., is that all invoices and shipments to its members are 100% guaranteed to be paid by the buying group. This eliminates individual company credit risk and provides Byrna with the opportunity to expand into smaller to mid-size independent retailers by offering competitive pricing and payment terms.

About Byrna Technologies Inc.

Byrna is a technology company, specializing in the development, manufacture, and sale of innovative non-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company's investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a non-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company's e-commerce store.

Forward Looking Information

This news release contains "forward-looking statements" within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," "intends," "will," "anticipates," and "believes" and statements that certain actions, events or results "may," "could," "would," "should," "might," "occur," or "be achieved," or "will be taken." Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, prolonged, new, or exacerbated disruption of our supply chain, determinations by third party controlled distribution channels not to carry or reduce inventory of our products, and potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factor. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results.  Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, ("Risk Factors") in our most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in our SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

 

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SOURCE Byrna Technologies Inc.

FAQ

What is the significance of Byrna's partnership with Sports Inc. for BYRN shareholders?

The partnership allows Byrna to access over 500 independent retailers, potentially increasing sales and market share.

When was the Byrna and Sports Inc. partnership finalized?

The vendor agreement was finalized in early May 2022.

What were the initial order amounts secured by Byrna at the Sports Inc. event?

Byrna secured $32,000 in initial orders during the vendor event.

How does the partnership with Sports Inc. reduce financial risk for Byrna?

All invoices and shipments to Sports Inc. members are guaranteed to be paid, minimizing individual credit risk.

How does Byrna plan to support independent retailers after the partnership with Sports Inc.?

Byrna will provide training, conduct live demonstrations, and assist with managing new accounts.