VAUGHAN, Ontario, Nov. 30, 2020 (GLOBE NEWSWIRE) -- IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) (“IGNITE” or the “Company”), a global consumer packaged goods brand, announces that the Company filed its financial statements for the period ended September 30, 2020, interim MD&A for the same period and accompanying certificates (collectively, the “Interim Filings”) today. The Interim Filings have been filed on the System for Electronic Document Analysis and Retrieval and may be viewed by shareholders and interested parties under the Company’s profile at www.sedar.com.
In the third quarter, the Company went through a major restructuring after terminating and replacing its President in June 2020. During this period, IGNITE made a number of management changes and significantly reduced non-revenue generating expenses. As a result, the loss from operations was reduced from $12.3 million in the third quarter 2019, to $1.1 million in the third quarter 2020. “Costs were brought under control in the third quarter. In the fourth quarter, Management has turned its full attention to sales,” said John Schaefer, the Company’s President and COO.
Dan Bilzerian, the Company’s CEO, noted, “The Company, which is in its early growth stage, faced the customary challenges in trying to find the right management and the right partners to meet consumer demand and bring IGNITE’s high quality, innovative products to market. Underperforming partners in Canada, the United States, and the United Kingdom have been replaced; the Company has retaken control of distribution in the United States; and agreements with new distribution partners in the United States, Australia and other countries have been executed, which we expect to pave the way for sustained growth and profitability. As a result of these changes, management expects the revenue for the fourth quarter of 2020 to exceed the revenue for all three prior quarters in 2020, and for Ignite to report its first profitable quarter in the fourth quarter 2020. This will position IGNITE to finally start to realize its great potential in 2021, which we expect to be an exciting year for the Company.”
IGNITE is a global consumer brand, operating in the premium product segment of the market. Founded by Dan Bilzerian, the Company’s ‘quality‐first’ approach is fundamental to the brand and its products. IGNITE product categories now include CBD products, nicotine and synthetic nicotine vape products, premium performance drinks named ZRO, spirits featuring a premium vodka, 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 ignite.co.
For further information, please contact:
Linda K. Menzel, General Counsel
CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION
This news release includes certain “forward‐looking statements” under applicable Canadian securities legislation. Forward‐looking statements include, but are not limited to, statements with respect to IGNITE’s ability to achieve profitability in the fourth quarter, the benefits of the internal corporate reorganization, its ability to drive down operating costs, its ability to drive up sales growth, its ability to expand its customer base and product offering, its ability to have a successful market strategy, its ability to build strategic partnerships, its ability to bring to expand globally and its ability to improve its overall financial performance. 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; reliance on the “IGNITE” brand which may not prove to be as successful as contemplated; the ability to and risks associated with unlocking future licensing opportunities with the “IGNITE” brand, and the ability of IGNITE to capture significant market share. 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.
CAUTION REGARDING FINANCIAL ESTIMATES
The financial estimates set forth above are based on an initial review of the Company’s operations for the quarter ended December 31, 2020 and are subject to change. The Company’s independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to the financial estimates and other data, and accordingly does not express an opinion or any other form of assurance with respect thereto. The views expressed by management herein 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.