Naples Soap Company Completes Filings to Remove CE sign

Rhea-AI Summary

Naples Soap Company, a subsidiary of GNS Group (OTC: GNSG), is set to upgrade its designation from CE to Yield on OTCMarkets.com, having completed necessary filings. The company is projected to exceed $10 million in revenue and expects profitability for the fiscal year ending December 31, 2021. Additionally, plans for a corporate name change aligned with Naples Soap Company branding have been announced, which will require a new stock trading symbol and CUSIP number, expected to initiate in Q4 of this year.

Positive

• Projected revenue exceeding $10 million USD for the fiscal year.
• Expected profitability for the fiscal year ending December 31, 2021.
• Completion of filings necessary for upgrade to Yield designation.

Negative

• None.

NAPLES, Fla.--(BUSINESS WIRE)-- Naples Soap Company, a subsidiary of the GNS Group, Inc. (OTC: GNSG), a specialty retailer known for its high-quality skin care, hair care and accessory products, has completed all filings necessary to upgrade to “Yield” sign on OTCMarkets.com The Company is currently awaiting the change in designation from CE to Yield. Based on first and second quarter results, the Company is tracking to achieve in excess of $10 million USD in revenue and is expected to show a profit for its fiscal year which ends December 31, 2021.

In addition, the Company is reviewing the timing and mechanics of a corporate name change from the current name of GNS Group, Inc. to a name that is better aligned with the Naples Soap Company name and brand. This corporate name change will prompt the need for a new stock trading symbol and CUSIP number, and the Company plans to start the process for this change in the fourth quarter of this year.

About The GNS Group, Inc. and Naples Soap Company
Founded in 2009 by Deanna Wallin, Naples Soap Company is a producer of more than 250 bath, body and personal care products that are made in the USA. Products are sold at the Company’s 10, soon to be 13, retail locations in Florida. Naples Soap Company products are sold online from the Company’s website at www.naplessoap.com, through other DTC (direct-to-consumer) channels such as Amazon.com and in more than 300 boutiques, spas and stores throughout the United States via the Company’s wholesale division. For more information about Naples Soap Company, visit www.naplessoap.com. Naples Soap Company is a wholly owned subsidiary of publicly traded The GNS Group, Inc. (OTC: GNSG).

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are subject to uncertainty and may not come to fruition. Readers are cautioned not to place undue reliance on any forward-looking statement including statements that list numbers and dates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210929005164/en/

Deanna Wallin, Founder and Chief Executive Officer

investorrelations@naplessoap.com | (239) 325-8263

Source: Naples Soap Company

FAQ

What is the current revenue projection for GNS Group (GNSG)?

GNS Group (OTC: GNSG) projects to exceed $10 million in revenue.

When does GNS Group expect to achieve profitability?

GNS Group anticipates profitability for the fiscal year ending December 31, 2021.

What change is GNS Group making regarding its stock designation?

GNS Group is upgrading its stock designation from CE to Yield on OTCMarkets.com.

Is GNS Group planning a name change?

Yes, GNS Group plans to change its corporate name to better align with Naples Soap Company's branding.

When will GNS Group's corporate name change take effect?

The corporate name change is expected to begin in the fourth quarter of this year.