Torque Lifestyle Brands on Pace for $5.5 Million in 2021 Booked Sales on Strong Performance of JV “Zero Torque Manufacturing”

Rhea-AI Summary

Torque Lifestyle Brands Inc. (OTC Pink: TQLB) reported significant advancements in 2021, particularly following its joint venture with Zero Day Nutrition. The partnership led to over $5 million in purchase orders and revenue exceeding $1 million in just three months. Notably, Zero Torque secured a $4 million order from GNC partner Glaxon, a rapidly growing active nutrition brand. The divestment of American Metabolix brought in $500,000, enhancing the company's financial position.

Positive

• Over $5 million in purchase orders secured since the joint venture.
• Revenue exceeded $1 million in just three months of operations.
• Secured a $4 million purchase order from GNC partner Glaxon.
• Divested American Metabolix, adding $500,000 in non-dilutive cash.

Negative

• None.

WHEAT RIDGE, CO, Dec. 13, 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, is pleased to provide an update of the Company’s performance in 2021.

“We have achieved clear traction with our recent joint venture ‘Zero Torque Manufacturing LLC’, and we wanted to update shareholders as we continue to build on that momentum,” noted David Lovatt, CEO of Torque. “In our first two months of operations since completing this deal, we have seen not only significant purchase orders, but also impressive revenue being generated from operations throughout 2021.”

Since closing on the JV with Zero Day Nutrition, Zero Torque has completed three months of operations under the new structure, has received orders in excess of $5m and so far in 2021 has revenues well in excess of $1m. It recently divested of its American Metabolix, Inc. subsidiary and that brought in $500,000 of non-dilutive cash onto the balance sheet upon closing. Purchase orders are invoiced as end product leaves the production line at Zero Torque.

Torque recently announced that Zero Torque, the company’s majority owned JV subsidiary, 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. 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 and will now be manufactured at the Zero Torque Facility in Texas.

About Torque Lifestyle Brands Inc.
Torque Lifestyle Brands Inc. (OTC Pink: TQLB) is focused on its manufacturing JV approach and driving performance through partnerships, JV’s and acquisitions in the nutritional supplements space.

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 did Torque Lifestyle Brands Inc. report in 2021?

Torque reported revenue exceeding $1 million from operations in 2021.

How much in purchase orders has Torque secured recently?

Torque has secured over $5 million in purchase orders since its joint venture.

What is the significance of the $4 million purchase order from Glaxon?

The order solidifies Torque's partnership with the innovative brand Glaxon in the active nutrition space.

What financial impact did the divestment of American Metabolix have?

The divestment brought in $500,000 of non-dilutive cash to Torque's balance sheet.