LAS VEGAS and VANCOUVER, British Columbia, June 30, 2021 (GLOBE NEWSWIRE) – TAAT™ GLOBAL ALTERNATIVES INC. (CSE: TAAT) (OTCQX: TOBAF) (FRANKFURT: 2TP) (the “Company” or “TAAT™”) today announced its financial results for the quarter ended April 30, 2021 (“Q2 2021”). Revenue increased over 300% sequentially from the previous quarter (“Q1 2021”), reflecting faster-than-expected deployment and strong adoption at the distributor and end-customer level. All monetary figures in this press release are in Canadian dollars, unless otherwise noted.
During this period, which was the first full quarter in which TAAT ™ was retailed, the Company achieved several key achievements, including launching e-commerce to complement retail sales, upgrading its ordinary shares (the “ordinary shares”) to the OTCQX ® Best Market, securing its first major sporting event sponsorship and obtaining its first mainstream media coverage in Forbes. Additionally, the company has already built on milestones reached in Q2 2021 with TAAT ™ now sold in more than 300 Ohio retailers, new store locations in Illinois as well as Georgia, and a relationship of international distribution in UK and Ireland.
Highlights for Q2 2021
- Revenue was $ 691,484, which is an increase of approximately 317% from revenue of $ 165,786 in the first quarter of 2021;
- The Company quickly expanded its deployment in Ohio, with approximately 191 stores selling TAAT ™ at the end of the second quarter of 2021, up from approximately 102 at the end of the first quarter of 2021 (more than 300 stores in Ohio were selling TAAT ™ as of June 29, 2021);
- TAAT ™ launched its e-commerce site on February 17, 2021 with immediate popularity;
- A Forbes article of February 3, 2021 introduced the company as its first mainstream media feature film;
- The common shares were upgraded to the cheapest OTCQX® on March 23, 2021, with an application to list the common shares on the Nasdaq capital market announced exactly one month later;
- CEO Setti Coscarella made a presentation titled “Tobacco Disruptor” at the Global Chinese Financial Forum on April 15, 2021;
- The first large-scale consumer study was conducted on the brand and product TAAT ™ in a sample of smokers aged 21 and over in Ohio, Michigan, Illinois and Pennsylvania, revealing rates high positive reception and several valuable information; and
- TAAT ™ has become the exclusive sponsor of the Combustible Smoke Products of the Professional Bull Riders (“PBR”) League, a circuit of more than 300 events per year, until 2023.
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“I am pleased to say that the deployment of TAAT ™ is ahead of schedule, as evidenced by our second quarter financial and operational performance,” said Setti Coscarella, CEO of TAAT ™. “We have generated exceptional quarter-over-quarter revenue growth, and we expect the trend to remain very positive in the quarters to come as customer awareness and demand steadily increases.”
“Our promotional efforts during the quarter improved awareness of TAAT ™ among smokers aged 21 and over, positioning us to continue to gain market share. Feedback on the TAAT ™ brands has been very positive, confirming the positive responses received in an in-depth market research conducted in the second quarter. We are rapidly expanding our store rollout in Ohio, expanding into other states, and aggressively responding to strong unsolicited demand and positive market dynamics in Europe. With an early listing on the Nasdaq Capital Market also pending, we see many catalysts that should create lasting value for our shareholders. “
The condensed consolidated interim financial statements and management’s discussion and analysis (“MD&A”) for the second quarter of 2021 and the six months ended April 30, 2021 are available on the SEDAR website at www.sedar.com.
On behalf of the Board of Directors of the Company,
TAAT™ WORLDWIDE ALTERNATIVES INC.
Setti Coscarella, CEO and Director
For more information, please contact:
TAAT ™ Investor Relations
1-833-TAAT-United States (1-833-822-8872)
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS COMMUNICATION, NOR THE CSE REGULATORY SERVICE PROVIDER.
About TAAT™ Global Alternatives Inc.
The Company has developed TAAT ™, which is a tobacco-free and nicotine-free alternative to traditional cigarettes offered in the “Original”, “Smooth” and “Menthol” varieties. The base material of TAAT ™ is Beyond Tobacco ™, a proprietary blend that undergoes a patent pending refinement technique that makes its scent and taste resemble tobacco. Under the leadership of management with the “Big Tobacco” pedigree, TAAT ™ was first launched in the United States in the fourth quarter of 2020 as the company seeks to position itself in the $ 814 billion mark.1 the global tobacco industry.
For more information, please visit http://taatglobal.com.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Often, but not always, forward-looking information and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “believes” , “Intention”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or declares that certain actions, events or results “may”, “could”, “would be “,” Could “or” will “be taken, occur or be reached. Forward-looking information contained in this press release includes statements regarding the anticipated performance of TAAT ™ in the tobacco industry, in addition to the following: Potential results related to the performance of the Company in the second quarter of 2021 and performance to this day of this fiscal quarter. Forward-looking information reflects management’s current expectations based on information currently available and is subject to a number of risks and uncertainties which may cause results to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in the preparation of forward-looking information are reasonable, such information should not be relied on unduly and no guarantee can be given that such events will occur within the time limits disclosed or in the future. all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes in the growth and size of tobacco markets; and (iii) other factors beyond the control of the Company. The Company operates in a rapidly changing environment. New risk factors emerge from time to time, and it is impossible for the management of the Company to predict all risk factors, nor can the Company assess the impact of all factors on the business of the Company. Company or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. , unless required by applicable law.
The statements contained in this press release have not been evaluated by Health Canada or the United States Food and Drug Administration. Because everyone is different, the benefits, if any, of taking the Company’s products vary from person to person. No claim or guarantee can be made as to the effects of the Company’s products on the health and well-being of an individual. The Company’s products are not intended to diagnose, treat, cure or prevent any disease.
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Statement Regarding Third Party Investor Relations Firms
Information relating to investor relations firms retained by TAAT ™ Global Alternatives Inc. can be viewed under the Company’s profile on http://sedar.com.