LAKE FOREST, CA / ACCESSWIRE / March 29, 2017 / XFit Brands, Inc. OTCQB: $XFTB, a global supplier of fitness, impact sports equipment, and sports surfaces whose brands include Throwdown, Transformations, EnviroTurf, and GlideBoxx, today announced that it is increasing its efforts to identify strategic recurring revenue fitness companies and brand targets.
“I am happy with the progress of the company in 2016. While the leadership team is focused on the core business, the BOD is increasing its efforts to identify and acquire key brands or companies which are fitness related. Although we have had numerous inquiries from interested parties, we are going to now proactively seek appropriate partners to leverage our base and drive shareholder value,” stated Ted Joiner, President of XFit Brands, Inc.
2016 was a year of great progress. XFit Brands, Inc. completed its first calendar year as a public company, grew the top line revenue, again, and expanded the depth and reach of the portfolio into functional fitness, while also improving gross margins. In addition, as a result of our success, we were able to restructure our PIMCO debt, deepen their equity position, eliminate toxic financing, and increase our daily trading volume. The company is also starting to gain some initial traction on the sports surfaces business and it anticipates closing on approximately $2.5M in revenue in the near term.
“In 2017, XFIT Brands will endeavour to leverage the momentum of 2016, build on its base and both identify and secure the right strategic acquisitions. By doing that, we would look to deploy the same roadmap implemented with our Chairman, Brent Willis’ other venture NASDAQ: NBEV by engaging a banker and uplisting to the NASDAQ or another senior exchange,” stated David E. Vautrin, BOD of XFit Brands, Inc.
Interested fitness industry candidates with at least $5M in Revenue should contact David E. Vautrin at Dave.Vautrin@XFitBrands.com.
About XFit Brands®
XFit Brands, Inc. is one of the leading suppliers of functional fitness brands, products, and equipment sold at retail and fitness outlets worldwide. The company provides a full portfolio of functional fitness products, Mixed Martial Arts gear, and other high and low impact fitness regimes, and owns the Throwdown® and XFIT Brands® trademarks registered in more than 30 countries for its Functional Fitness line and its MMA portfolio, Transformations® in programming and training, GlideBoxx® sports training system, and, now, EnviroTurf Sports Training Surfaces. The company’s portfolio of brands and products are sold in many countries around the world and supply many of the leading Gym and Fitness outlets throughout the United States. The Company’s websites are www.XfitBrands.com, www.Throwdown.com, www.GlideBoxx.com, and www.EnviroTurfServices.com.
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management’s current expectations regarding future results of operations, economic performance, financial condition and achievements of XFit, including statements regarding XFit’s expectation to see continued growth. The forward-looking statements are based on the assumption that operating performance and results will continue in line with historical results. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate. Forward-looking statements, specifically those concerning future performance are subject to certain risks and uncertainties, and actual results may differ materially. XFit Brands competes in a rapidly growing and transforming industry, and other factors disclosed in the Company’s filings with the Securities and Exchange Commission may affect the Company’s operations. Unless required by applicable law, XFit undertakes no obligation to update or revise any forward-looking statements.
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