Ignite Reports Unaudited Fourth Quarter 2020 Results
VAUGHAN, Ontario, Jan. 19, 2021 (GLOBE NEWSWIRE) -- IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) (“IGNITE” or the “Company”), a global consumer packaged goods brand, today announced its unaudited financial results for its 2020 fourth quarter. The Company’s revenue in the fourth quarter, ended December 31, 2020, was $10.1 million, which exceeded revenue for the previous three quarters combined.
“IGNITE finished 2020, a year defined by adversity, with a strong fourth quarter” said Dan Bilzerian, CEO at IGNITE. “We expect even stronger financial results in 2021 as the Company plans to launch several new products, including a new CBD line, Vodka, and Tequila, and expand into several new markets.”
Unaudited Fourth Quarter 2020 Highlights
- December revenues were the highest monthly sales in the Company’s history.
- Revenue for the fourth quarter 2020 was $10.1 million compared to $1.7 million for the third quarter and $6.6 million for the first three quarters of the year.
- Revenue grew steadily throughout the fourth quarter beginning with $1.2 million in October and increasing to $3.7 million in November, followed by revenue of $5.2 million in December.
- Earnings from operations for the fourth quarter were break even compared to a loss of ($1.2) million for the third quarter and ($16.3) million for the first three quarters of the year.
- Net income for the fourth quarter 2020 was $4.9 million compared to a loss of ($6.0) million for the third quarter and ($21.8) million for the first three quarters of the year.
Significant Events in the Fourth Quarter 2020
- In December, the Company continued its global expansion plans with the establishment of IGNITE International Brands SDN. BHD in Malaysia. This new entity will provide the Company direct access to the high growth Asian market where its brand has a strong following.
- In December, the Company established IGNITE Distribution Company, Inc. in conjunction with AL KHALIFA GROUP LLC, to produce and distribute tobacco derived e-liquid vaping products for the United States market.
“The substantially improved fourth quarter results reflect the successful efforts of the new management team to reduce costs and increase revenue” says John Schaefer, President and COO at IGNITE.
Filing Timelines for Fiscal 2020 Year End Results
The Company intends to timely file its audited financial statements for the year ended December 31, 2020 in accordance with OSC guidelines for Venture Exchange filers, which is on or before April 30, 2021.
About IGNITE
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 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
For further information, please contact:
Linda K. Menzel, General Counsel
Tel: 310‐867‐3859
Email:
CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION
This news release includes certain “forward‐looking statements” under applicable Canadian securities legislation. Forward‐looking statements are necessarily based upon estimates and assumptions that, while considered reasonable, are subject to 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. 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 UNAUDITED FINANCIAL RESULTS
The financial results set forth above for the quarter ended December 31, 2020 are unaudited and are subject to change. The Company’s unaudited financial results should not be viewed as a substitute for audited financial statements prepared in accordance with generally accepted accounting principles.
