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Successful Sale of American Metabolix Positions Company to Service Top Sports Brand, Glaxon
WHEAT RIDGE, CO, Sept. 02, 2021 (GLOBE NEWSWIRE) -- Torque Lifestyle Brands Inc. (OTC Pink: TQLB) (“Torque” or the “Company”), an emerging leader in the $150B+ sports nutrition and supplements market, is pleased to announce the successful sale of its American Metabolix subsidiary for $1.3 million in total consideration, coming in the form of $500k in cash and the divestiture of $800k in current liabilities.
The deal will leave Torque in position to fully fund its recent 51% owned manufacturing joint venture partnership (the “JV”) with leading contract manufacturer Zero Day Nutrition ("Zero Day"), which carries the potential for multi-million-dollar sales for the Company given that it includes the rapidly growing, award-winning sports nutrition brand, Glaxon (Glaxon.com).
“Given our recent move to position as majority owner of the JV, dealing American Metabolix was a decision best aligned with the goal of maximizing future shareholder value,” noted Leonard K. Armenta Jr, President of Torque Lifestyle Brands. “The deal will leave us with $600k in cash on hand, which is enough to fully fund the JV with no dilution. While American Metabolix was a promising venture, we have other brands in our portfolio. And the JV is an extremely promising and low-risk path to consistent and growing cash flows once funded.”
Glaxon 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"
Glaxon is currently sold in roughly 1,000 stores and recently began being offered by GNC.
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 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.
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