VAUGHAN, Ontario--(BUSINESS WIRE)--IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) (“IGNITE” or the “Company”), a global consumer packaged goods brand, today provided a corporate update of its activities for 2021.
The Company recently announced with its Q1 2021 financials that Q2 revenue was expected to more than double Q2 2020 revenue and more than double Q1 2021 revenue. The Company is pleased to report that it estimates revenues will more than double and will be in excess of $10 million for Q2.
The Company has also been very active in identifying potential partners to expand its product offering and improving its margins on existing products through vertical integration. To this end, the Company is negotiating to acquire controlling interests in two small private companies, the largest of which is its primary distributor of nicotine vaping devices in the US market. The other prospective small acquisition is in the medical market. There is no certainty either or both of these acquisitions will be completed.
The Company is also expanding its presence in South American, European, Middle Eastern and Asian markets including Australia. The Company expects this expansion to be reflected in substantial sales growth in the third and fourth quarters.
Dan Bilzerian, the Company’s Chairman, has been working on his autobiography through the pandemic. He is pleased to announce that he has finished the book and will be taking pre-publication orders in the near future with publication expected in the first week of August 2021. Ignite will be handling the sales for the book with a substantial portion of the book revenue expected to go to Ignite. Now that the book is finished and the pandemic is winding down, Dan plans to be more actively engaged in promoting Ignite and his lifestyle brand.
Lastly, the Company expects that on July 1, 2021, a new Country Manager for Canada will join Ignite who will be responsible for the existing cannabis business as well as spearheading the expansion of the Canadian product portfolio to include the ZRO energy drink, spirits, apparel, and nicotine vaping devices in the second half of 2021. This proven leader brings with him extensive experience in cannabis and spirits, having driven double digit growth in both product categories in previous roles. He has held senior management positions in Cannabis, Spirits and Consumer Packaged Goods in both Canada and the United States.
IGNITE is a global consumer premium brand, operating in several market segments. Founded by Dan Bilzerian, the Company’s “quality-first” approach is fundamental to the brand and its products. IGNITE product categories include CBD products, nicotine and synthetic nicotine vape products, premium performance drinks named ZRO, spirits featuring a premium vodka and tequila, and apparel. The IGNITE THC product line was introduced in Canada in 2020.
Shares of IGNITE are listed on the Canadian Securities Exchange (CSE) under the symbol “BILZ” and quoted in the United States on the OTCQX under the symbol “BILZF”.
Further information on IGNITE can be found on the Company’s website at www.ignite.co.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation including, without limitation, statements relating to the financial performance of IGNITE in Q2 2021, statements about potential acquisitions, statements about expanding operations globally and statements about the expansion into the Canadian market. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the effects and impacts of the coronavirus disease (COVID-19) pandemic, the extent and duration of which are uncertain at this time on IGNITE’s business and general economic and business conditions and markets; the ability of IGNITE to give effect to its business plan. There can be no assurance that any of the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
CAUTIONARY STATEMENT REGARDING FINANCIAL ESTIMATES
The financial estimates set forth above are based on an initial review of the Company’s operations for the quarter ended June 30, 2021 and are subject to change. The Company’s independent registered public accounting firm, Accell Audit and Compliance, P.A., has not audited, reviewed or performed any procedures with respect to the accompanying financial estimates and other data, and accordingly does not express an opinion or any other form of assurance with respect thereto. They should not be viewed as a substitute for audited financial statements prepared in accordance with generally accepted accounting principles and are not necessarily indicative of the Company’s results for any future period.