VANCOUVER, British Columbia, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Simply Better Brands Corp. ("SBBC" or the "Company") (TSX Venture: SBBC) (OTCQB: PKANF) is pleased to announce that it achieved USD$2.6 Million in revenue for the month of November 2021 based on management-prepared financial statements. This represents the second consecutive month for 211% growth over the average month's revenue for the third quarter. The estimated gross margin for November is consistent with the gross margin from Q3 2021. This significant growth was fueled by accelerated customer acquisition by the Company's PureKana wellness brand.
SBBC includes a portfolio of emerging brands focusing on health and wellness for Millennials and Generation Z in the rapidly growing plant-based, natural, and clean ingredient space. The Company's brands are distributed through both its e-commerce platforms as well as brick and mortar retail channels. SBBC's key brands are PureKana (CBD Wellness), TRUBAR (plant-based nutrition) and No B.S. Skincare (clean ingredient skin care).
SBBC is pleased to provide the following commercial highlights driving the growth:
- PureKana CBD launched a new customer acquisition strategy based on data-science in late Q3, 2021. The demonstrative acceleration of consumers engaging with the brand is driving over 300% increase in November 2021 vs. the third quarter 2021.
- The strong performance of sales in November increases management's confidence in achieving previously announced sales guidance.
- We are also pleased to announce a further increase to our sales growth guidance for the second half of 2021. We are increasing our guidance to 120% expected sales growth for SBBC in the second half of 2021 compared to the first half of 2021 from the previously announced growth rate of 93%. This sales growth increase includes PureKana Wellness, No BS Skincare and TRUBAR nutrition bar.
- Late Q4 distribution expansion of TRUBAR into a broader base of U.S.-based Costco buildings with our new dual pack of Smother Fudger Peanut Butter and Oh Oh Cookie Dough flavors.
"Our sustained increased sales performance in November over the average sales in the third quarter demonstrates the effectiveness of our customer acquisition strategy. We are looking to deliver additional growth in December across our brands," says SBBC CEO, Kathy Casey. "With our recent commercial wins, we forecast our key brands of PureKana, TRUBAR (plant-based nutrition) and No B.S. Skincare (clean ingredient skin care) for accelerated growth in 2022."
Issuance of Shares for Services
In addition, the Company announces that it has elected to pay, through the issuance of shares, the third quarterly payment to BLIC Holdings LLC for services rendered pursuant to the previously-announced advisory agreement (the "Agreement") dated February 18, 2021. Pursuant to the Agreement, the Company has elected to pay the third quarterly payment through the issuance of 18,073 common shares of the Company at a deemed price of USD$4.15, subject to approval of the TSX Venture Exchange.
About Simply Better Brands Corp.
Simply Better Brands Corp. leads an international omni-channel platform with diversified assets in the emerging plant-based and holistic wellness consumer product categories. The Company's mission is focused on leading innovation for the informed Millennial and Generation Z generations in the rapidly growing plant-based, natural, and clean ingredient space. The Company continues to focus on expansion into high-growth consumer product categories including CBD products, plant-based food and beverage, and the global pet care and skin care industries. For more information on Simply Better Brands Corp., please visit: https://www.simplybetterbrands.com/investor-relations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Simply Better Brands Corp.
Brian Meadows
Chief Financial Officer
+1 (855) 553-7441
ir@simplybetterbrands.com
Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" and "forward looking statements" as such terms are used in applicable Canadian securities laws. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions, including, among others, that the Company's financial condition and development plans do not change as a result of unforeseen events, the impact of the COVID-19 pandemic, the regulatory climate in which the Company operates, and the Company's ability to execute on its business plans. Specifically, this news release contains forward-looking statements relating to, but not limited to: continued revenue growth driven by the Company's brands; success of the Company's customer acquisition strategy; the Company's ability to follow consumer trends; projected results of operations during 2021, including specific sales growth targets and industry growth targets; the Company's ability to acquire customers; the Company's ability to leverage data science and innovation to connect with consumers; expectations for growth in 2022; issuance of shares in payment of the invoice rendered under the Agreement; and regulatory approval of the share issuance.
Forward-looking statements and information are subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking statements and information. Factors that could cause the forward-looking statements and information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, as well as the other risks and uncertainties applicable to the CBD or broader wellness industries and to the Company, and as set forth in the Company's annual information form available under the Company's profile at www.sedar.com.
The above summary of assumptions and risks related to forward-looking statements in this news release has been provided in order to provide shareholders and potential investors with a more complete perspective on the Company's current and future operations and such information may not be appropriate for other purposes. There is no representation by the Company that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
This news release contains financial outlook information about prospective results of operations, which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. The financial outlook information was approved by management as of the date of this news release and was provided for the purpose of providing further information about the Company's anticipated future business operations. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any financial outlook information contained in this news release, whether as a result of new information, future events or otherwise, unless required by applicable securities law.
