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Torque Begins Vertical Integration Efforts to Improve Corporate Margin Profile
Joint Venture to Service Successful Glaxon Brand, Realizing Millions in Anticipated Revenue
WHEAT RIDGE, CO / ACCESSWIRE / June 16, 2021 /Torque Lifestyle Brands Inc. (OTC PINK:TQLB) ('Torque' or the 'Company'), an emerging leader in the $150B+ sports nutrition and supplements market, today announced its entry into 51% ownership of a new manufacturing joint venture partnership (the “JV”) with leading contract manufacturer Zero Day Nutrition ("Zero Day").
Torque will contribute capital to the JV to support machinery and other capital expenditures, while Zero Day will contribute manufacturing expertise and sales from its portfolio of current and prospective client brands - including rapidly growing, award-winning brands such as Glaxon - expected to be up to several million dollars annually.
Glaxon has won multiple industry awards in its first year of sales:
Nominated for Stack3d "Overall 2020 Brand of the Year"
Named Stack3d "Newcomer Brand of the Year"
Named Priceplow "Breakout Brand of the Year"
Named Fitness Informant "Breakout Brand of the Year"
"We are thrilled to announce this JV, vertically integrating Torque alongside an industry leading manufacturing firm to improve the gross margin profile of the enterprise," said Leonard K. Armenta Jr., President of Torque Lifestyle Brands. "In addition to realizing revenue from Zero Day's client portfolio, we will manufacture products for our in-house brands - notably boosting profitability potential as we scale. I look forward to continued vertical integration in the quarters ahead as we strive to create value for our shareholders."
About Torque Lifestyle Brands Inc.
Torque Lifestyle Brands Inc. (OTC PINK:TQLB) is an emerging leader in the $150B+ sports nutrition and supplements market. Leveraging a growth-by-acquisition model and a growing suite of influencers as brand ambassadors, the Company offers a wide array of active lifestyle products through its e-commerce presence and tier-1 U.S. retailer relationships. Torque's growing family of in-house brands include American Metabolix, Storm Lifestyles and Core Natural Sciences. For more information, please visit the Company's website at www.torquelb.com.
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.
SOURCE: Torque Lifestyle Brands, Inc.
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