Torque Lifestyle Brands Confident on $10m 2022 Revenue Projection as Customer ‘Glaxon™’ Rolls out across GNC™ Stores Nationally

Rhea-AI Summary

Torque Lifestyle Brands Inc. (OTC Pink: TQLB) is optimistic about achieving its $10 million revenue target for 2022, following a $4 million purchase order from its partner Glaxon for national rollout through GNC. Zero Torque Manufacturing, the company's subsidiary, reported strong 2021 revenues of $2 million and a $5 million order book for 2022. Glaxon, known for its innovative supplements, has already won multiple industry awards since its launch. Torque's Texas facility is nearing operational readiness, which aligns with their growth strategy.

Positive

• Company projects $10 million in revenue for 2022.
• Secured a $4 million purchase order from Glaxon for GNC partnership.
• Zero Torque Manufacturing reported $2 million in 2021 revenues and over $5 million in orders for 2022.

Negative

• None.

WHEAT RIDGE, CO, Jan. 13, 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, confirms that it is confident on their $10m revenue projection for 2022, as its customer ‘Glaxon™’ rolls out nationally through its partner GNC™.

Having announced in December that they have received a $4m purchase order from Glaxon for its GNC Partnership, the company’s JV, Zero Torque Manufacturing, began rolling product off the lines straight away. GLAXON is one of the fastest growing and most innovative brands in the active nutrition space. That 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. Glaxon and GNC announced in October 2021 that they had entered a partnership to roll out Glaxon product to stores nationally throughout 2022.

Josh Burris, CEO of GNC, said at the time that he was “excited to welcome such a fresh and innovative partner to GNC." He continued, "with unique ingredients and bold marketing, GLAXON is shaking up the industry and their products are a great addition to our shelves. Consumers look to GNC to introduce them to the latest and greatest in nutrition solutions, and we can't wait for them to meet this one-of-a-kind brand."

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 more than $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.

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 revenue projection did Torque Lifestyle Brands Inc. announce for 2022?

Torque Lifestyle Brands Inc. announced a revenue projection of $10 million for 2022.

What significant order did Torque receive from Glaxon?

Torque received a $4 million purchase order from Glaxon for its partnership with GNC.

What were the revenues for Zero Torque Manufacturing in 2021?

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

What is the significance of Glaxon in Torque's business strategy?

Glaxon is pivotal for Torque as it is one of the fastest growing brands in the active nutrition space and will roll out its products nationally through GNC.

When is Torque's Texas facility expected to be operational?

Torque's Texas facility is nearing operational readiness as part of their growth strategy.