CARSON, CA--(Marketwired - March 30, 2017) - Solis Tek Inc. (SLTK), a leading provider of digital lighting equipment for hydroponic cannabis cultivation, reported record revenues for the year ended December 31, 2016 of $8,563,751 compared to revenue of $7,713,456 in 2015. This represents an 11% increase in revenue over 2015. Gross profit for the years ended December 31, 2016 and 2015, was $3,123,859 and $2,719,036, respectively. The gross profit increase of $404,823 or 15% was primarily due to the increase in revenue.
Business and Financial Highlights for 2016
- Company had revenues of $8,563,751 for 2016; up 11% from full year 2015;
- Gross Profit of $3,123,859 for fiscal 2016; up 15% from full year 2015;
- Gross Margins increased to 36.5% up from 35.3% in 2015;
- Cash balances increased 159% year over year;
- Won Dope Magazine's 2016 Best Lighting Company Award
Newly appointed CEO and Board member Dennis G. Forchic (co)-founded five start-up entities over the last 25 years. His experience includes leading multiple early stage growth companies to top line revenues in the mid-to-upper eight figure range prior to exiting through successful sales transactions to the investment communities. One of the transactions, an east coast manufacturing company, had an annual run rate approaching nine figures and 400+ employees at the time of his exit. Mr. Forchic brings national and international business experience and full spectrum business acumen along with experienced leadership skills to the Solis Tek management team. Over the last 15 months Mr. Forchic has acted as senior advisor to Solis Tek's Chief Executive Officer, and integrated himself into the agri-grow, hydroponic, and cannabis industry. Mr. Forchic obtained a BBA in Finance in 1988 from the University of Miami. Mr. Lien, co-founder of Solis Tek, Inc., took the additional title of Chairman in addition to his President duties and will focus his efforts on his greatest competencies in sales, commercial customer development, and new product/technology innovations.
Incoming CEO, Dennis G. Forchic, commented "Throughout 2016, Solis Tek's revenues reached record levels as more states embraced legalized cannabis sales, driving commercial demand for indoor lighting equipment for cannabis cultivation. In addition to securing repeat sales from existing clients, we were pleased to sign new sales agreements with leading industry players such as DNA Genetics, a cultivator of diverse cannabis strains which has won 150 plus industry awards, and GrowBlox Sciences, Inc., a pioneer in the research and development of pharmaceutical-grade, cannabinoid therapies. GrowBlox Sciences, Inc. adheres to strict regulatory and safety standards to support its clinical trials and securing them as a client highlights our credentials as the industry-leading supplier of high quality, premium lighting products for cannabis cultivation. Our reputation for developing highly differentiated lighting products supported by unique and advanced technologies was further demonstrated when we won the DOPE Industry Awards for Best Lighting Company. We expect the ongoing evolution of the legal cannabis market to mobilize a growing network of credible producers of regulated, high quality cannabis which will continue to drive demand for our diverse range of ballasts, lamps and other lighting equipment throughout 2017."
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About Solis Tek:
Solis Tek Inc. is an importer, distributor and marketer of digital lighting equipment for the hydroponics industry with specific focus on the research, design, development and manufacturing of advanced, energy efficient indoor/greenhouse horticulture lighting and ancillary equipment. Using its proprietary technologies, the Company provides innovative aptitudes with its ballast, reflector and lamp products. The company's vision is to apply the latest advances in high efficiency lighting and controls technology as well as advanced manufacturing techniques to deliver highly differentiated products with clear benefits at competitive prices to the greenhouse and indoor horticulture markets. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information please visit our website www.solis-tek.com.
Safe Harbor Statement
This press release contains 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. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.