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 three months ended April 30, 2021 (“Q2 2021”). Revenue rose more than 300% sequentially over the previous quarter (“Q1 2021”), reflecting a faster-than-anticipated rollout and strong uptake at both the distributor and end-customer levels. All monetary figures in this press release are in Canadian dollars unless stated otherwise.
During this period, which was the first full quarter in which TAAT™ was sold at retail, the Company made several key accomplishments to include launching e-commerce to complement retail sales, upgrading its common shares (the “Common Shares”) to the OTCQX® Best Market, landing its first major sporting event sponsorship, and obtaining its first mainstream media coverage in Forbes. Furthermore, the Company has already built upon the milestones achieved in Q2 2021 with TAAT™ now sold in more than 300 Ohio retailers, new store placements in both Illinois as well as Georgia, and an international distribution relationship in the United Kingdom and Ireland.
Q2 2021 Highlights
- Revenue was $691,484, representing an increase of approximately 317% compared to revenue of $165,786 in Q1 2021;
- The Company rapidly expanded its rollout in Ohio, with approximately 191 stores selling TAAT™ at the end of Q2 2021, compared to approximately 102 at the end of Q1 2021 (more than 300 Ohio stores sell TAAT™ as of June 29, 2021);
- TAAT™ launched its e-commerce site on February 17, 2021 with immediate popularity;
- A February 3, 2021 Forbes article profiled the Company as its first mainstream media feature;
- The Common Shares were upgraded to the OTCQX® Best Market 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 delivered a presentation titled “Tobacco Disruptor” at the Global Chinese Financial Forum on April 15, 2021;
- The first large-scale consumer research study was conducted on the TAAT™ brand and product with a sample of smokers aged 21+ in Ohio, Michigan, Illinois, and Pennsylvania, revealing high rates of positive reception and several valuable insights; and
- TAAT™ became the exclusive combustible smoke product sponsor of the Professional Bull Riders (“PBR”) league, a circuit of more than 300 events annually, through 2023.
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“I am pleased to say that the rollout of TAAT™ is ahead of schedule, as reflected in our second quarter financial and operating performance,” said Setti Coscarella, TAAT™ CEO. “We generated outstanding quarter-over-quarter revenue growth, and we expect that the trend will remain highly positive in the quarters to come as customer awareness and demand steadily increase.”
“Our promotional efforts in the quarter enhanced awareness of TAAT™ among smokers aged 21+, positioning us to continue gaining market share. Feedback on TAAT™ brands has been highly favourable, which confirms the positive responses received in an extensive market research study conducted in Q2. We are rapidly growing our store rollout in Ohio, expanding to other states, and responding aggressively to unsolicited strong demand and positive market dynamics in Europe. With an anticipated listing on the Nasdaq Capital Market also pending, we see numerous catalysts that are expected to build enduring value for our shareholders.”
The Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis (“MD&A”) for Q2 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™ GLOBAL ALTERNATIVES INC.
Setti Coscarella, CEO and Director
For further information, please contact:
TAAT™ Investor Relations
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES 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 “Original”, “Smooth”, and “Menthol” varieties. TAAT™’s base material is Beyond Tobacco™, a proprietary blend which undergoes a patent-pending refinement technique causing its scent and taste to resemble tobacco. Under executive leadership with “Big Tobacco” pedigree, TAAT™ was launched first in the United States in Q4 2020 as the Company seeks to position itself in the $814 billion1 global tobacco industry.
For more information, please visit http://taatglobal.com.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. 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”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur, or be achieved. Forward-looking information in this news release includes statements regarding the anticipated performance of TAAT™ in the tobacco industry, in addition to the following: Potential outcomes relating to the Company’s performance during Q2 2021 and performance to date in the present fiscal quarter. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; (ii) changes to the growth and size of the tobacco markets; and (iii) other factors beyond the control of the Company. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business 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 news release are made as of the date of this news 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, except as required by applicable law.
The statements in this news release have not been evaluated by Health Canada or the U.S. Food and Drug Administration. As each individual is different, the benefits, if any, of taking the Company’s products will vary from person to person. No claims or guarantees can be made as to the effects of the Company’s products on an individual’s health and well-being. The Company’s products are not intended to diagnose, treat, cure, or prevent any disease.
This news release may contain trademarked names of third-party entities (or their respective offerings with trademarked names) typically in reference to (i) relationships had by the Company with such third-party entities as referred to in this release and/or (ii) client/vendor/service provider parties whose relationship with the Company is/are referred to in this release. All rights to such trademarks are reserved by their respective owners or licensees.
Statement Regarding Third-Party Investor Relations Firms
Disclosures relating to investor relations firms retained by TAAT™ Global Alternatives Inc. can be found under the Company’s profile on http://sedar.com.