Torque Lifestyle Brands Bullish $10m Revenue Projections Forecast as First Product of 2022 Rolls off the Production Line

Rhea-AI Summary

Torque Lifestyle Brands Inc. (OTC Pink: TQLB) announced its bullish outlook for 2022, with a target of $10 million in revenue as the first production run from its joint venture, Zero Torque Manufacturing, commences. CEO Leonard K. Armenta Jr. highlighted two main customers, Storm and Glaxon, attributing potential $10 million in revenue from these clients. Zero Torque Manufacturing reported $2 million in revenues for 2021, and its order book for 2022 exceeds $5 million. The new production facility will enhance production with capabilities for 20,000 sachets and 10,000 powder units per day.

Positive

• Revenue target of $10 million for 2022 based on strong customer orders.
• $2 million in revenue reported for 2021 by Zero Torque Manufacturing.
• Order book for 2022 exceeds $5 million, indicating strong demand.
• New production facility expected to significantly increase output capabilities.

Negative

• None.

WHEAT RIDGE, CO, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Torque Lifestyle Brands Inc. (OTC Pink: TQLB) (“Torque” or the “Company”), an emerging leader in the manufacture of active lifestyle sports nutrition and supplements, announces that it is extremely bullish on its $10m revenue goal for 2022 as the first production run from its JV ‘Zero Torque Manufacturing’ of 2022 leaves the warehouse.

The JV’s CEO, Leonard K. Armenta Jr. commented “Our two main customers are Storm (www.stormlifestyles.com) and Glaxon (www.glaxon.com), and we are extremely confident on our $10m topline revenue projection from production for these two customers alone. As we expand our range later in 2022, we may have even more positive news for Shareholders, and as of today the first production run of Storm has been delivered, and we could not be happier.”

Zero Torque Manufacturing, the company’s majority owned JV subsidiary, recently announced that it closed 2021 on strong revenues of $2m, and it had an order book for 2022 in excess of $5m at the close of the year. One of its major orders was for GLAXON, who have already received multiple industry awards in less than two years since their launch and will now be manufactured at the Zero Torque Facility in Texas. Torque Lifestyle Brands, Inc. also announced in early December that its facility in Texas was coming online and the ‘go-live’ preparation was progressing according to plan.

Chief Operating Officer, Michael Bischoff, stated that “the new production facility will have new sachet packing equipment which can service 20,000 packs and stick packs per day in early 2022, as well as having a new dual-head powder filling line, which will give the facility the capability to fill 10,000 units of product per day once they come online.” He continued, “outside of the ‘powders’ we are already filling orders for, we have the new ‘capsule’ or ‘pill’ machines which will count and fill 15,000 units per day when we start that line up in the latter half of 2022. Zero Torque is shaping up to be a monster producer of pills and powders for the nutritional supplements industry.”

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.

Corporate Contact:
invest@torquelb.com

Investor Relations Contact:
EDM Media, LLC
https://edm.media

FAQ

What is Torque Lifestyle Brands' revenue goal for 2022?

Torque Lifestyle Brands aims for a revenue goal of $10 million for 2022.

Who are the main customers of Torque's joint venture?

The main customers of Torque's joint venture, Zero Torque Manufacturing, are Storm and Glaxon.

What were Zero Torque Manufacturing's revenues for 2021?

Zero Torque Manufacturing reported revenues of $2 million for 2021.

What is the status of Torque's production facility?

Torque's new production facility is operational, with capabilities to produce thousands of units per day.

How much is Zero Torque Manufacturing's order book for 2022?

Zero Torque Manufacturing's order book for 2022 is over $5 million.