Torque Lifestyle Brands Closes 2021 strong with over $2m in Invoiced Revenues and Goes into 2022 with $5M+ in Booked Sales

Rhea-AI Summary

Torque Lifestyle Brands Inc. (TQLB) has reported provisional revenues exceeding $2 million in its first year of operation through its joint venture, Zero Torque Manufacturing. The JV also recorded over $5 million in booked sales for the upcoming year. A significant $4 million purchase order from Glaxon, a rapidly growing brand in active nutrition, was secured for manufacturing at Zero Torque's facility. Additionally, Torque divested its American Metabolix subsidiary, generating $500,000 in non-dilutive cash. Note that these figures are provisional and subject to change.

Positive

• Provisional revenues exceeded $2 million in the first year.
• Booked sales for the next year are over $5 million.
• Secured a $4 million purchase order from Glaxon.
• Divested American Metabolix, adding $500,000 in cash to the balance sheet.

Negative

• Provisional revenues are subject to final review and change.
• Forward-looking statements involve substantial risks and uncertainties.

WHEAT RIDGE, CO, Dec. 30, 2021 (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 2021 provisional revenues and booked sales for its JV ‘Zero Torque Manufacturing’.

The JV’s CEO, Leonard K. Armenta Jr. commented “To have the first year out of the gate exceeding $2m in invoiced sales and going into only the second year of operations with more than $5m in booked sales to deliver, is an astounding achievement, and we could not be more excited about an exceptional new year of growth in 2022.”

Zero Torque Manufacturing, the company’s majority owned JV subsidiary, recently announced that it had secured a $4m purchase order from GNC Partner ‘Glaxon’ (www.glaxon.com). GLAXON is one of the fastest growing and most innovative brands in the active nutrition space. This growth has been driven by disruptive thought-provoking branding, product education, and transparent supplements that provide lifestyle solutions. GLAXON products have already received multiple industry awards in less than two years since launch, and will now be manufactured at the Zero Torque Facility in Texas.

Torque Lifestyle Brands, Inc. recently divested of its American Metabolix, Inc. subsidiary that brought in $500,000 of non-dilutive cash onto the balance sheet upon closing. All purchase orders are invoiced as end-product leaves the production line at Zero Torque. The numbers referenced in this release are provisional unaudited numbers and are subject to final review and change.

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 are the provisional revenues reported by Torque Lifestyle Brands for 2021?

Torque Lifestyle Brands reported provisional revenues exceeding $2 million for 2021.

What is the value of booked sales for Torque's joint venture in 2022?

Torque's joint venture, Zero Torque Manufacturing, has booked over $5 million in sales for 2022.

Who is the major partner for Torque's recent purchase order?

The major partner for Torque's recent $4 million purchase order is Glaxon.

What was the financial impact of Torque's divestment of American Metabolix?

Torque's divestment of American Metabolix brought in $500,000 of non-dilutive cash.

What risks are associated with Torque's forward-looking statements?

Torque's forward-looking statements involve substantial risks and uncertainties that could affect actual results.