Building on the 2022 momentum, the Company forecasts continued strong topline growth, gross margin expansion, debt reduction, and positive adjusted EBITDA
Preliminary unaudited net sales for 2022 are expected to be between
The preliminary unaudited gross margin for the fourth quarter and the full year 2022 are expected to be consistent with the gross margin for the nine months ended
The Company's audited financials for the period ended
For our 2023 Outlook:
- The Company's expectation for consolidated net sales to exceed
USD$80 million ; - The Company expects gross margin as a percentage of net sales to be between 58% and 60%; and
- The Company expects to achieve positive Adjusted EBITDA in the range of
USD$3-4 million .
"To continue our topline growth expansion in 2023, the Company plans to invest in expansion by channel, category, and geography across our diverse branded portfolio. These investments will be made in concert with a strong focus on increasing adjusted EBITDA. In 2022, our performance-driven team was able to deliver quality topline revenue growth of over 400%, gross margin expansion, and adjusted EBITDA improvement on a year-over-year basis, while simultaneously reducing our debt. It is proof of the Company's ability to acquire and build clean ingredient wellness brands and expand them into omni-channel environments with solid financial rigor. As we look to 2023, we remain focused on connecting our emerging brands with Millennial consumers on their wellness journey through consumer-centric innovation and channel expansion. Based upon the preliminary results of 2022, we enter 2023 with strong momentum," says SBBC CEO,
The Company is pleased to announce a fully subscribed, non-brokered private placement for 20,000,000 units ("Units") at a price of
Each Unit will consist of one common share of the Company ("Common Share") and one-half of one common share purchase warrant (each whole such common share purchase warrant, a "Warrant"). Each Warrant shall be exercisable into one additional Common Share at an exercise price of
It is anticipated that the net proceeds of the Offering will be used for new product development, channel expansion, geographic expansion, debt reduction and general corporate working capital purposes.
The Offering is scheduled to close on or about
The Company may pay certain eligible finders a finder's fee comprised of a cash commission of up to 7% of the gross proceeds of the Offering and transferable finder's warrants equal to up to 7% of the aggregate number of Units sold under the Offering. Such finder's warrants shall entitle the holder to acquire one Unit of the Company at a price of
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 Prospectus Exemptions ("NI 45-106"), the Offering is being made to purchasers resident in all provinces of
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful including any of the securities in
Simply Better Brands Corp. leads an international omni-channel platform with diversified assets in the emerging plant-based and holistic wellness consumer product categories. The Company's mission is focused on leading innovation for the informed Millennial and Generation Z generations in the rapidly growing plant-based, natural, and clean ingredient space. The Company continues to focus on expansion into high-growth consumer product categories including CBD, plant-based food and beverage, and the global pet care and skin care industries. For more information on
Neither the
Certain statements contained in this news release constitute "forward-looking information" and "forward looking statements" as such terms are used in applicable Canadian securities laws. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions, including, among others, that the Company's financial condition and development plans do not change as a result of unforeseen events, the impact of the COVID-19 pandemic, the regulatory climate in which the Company operates, and the Company's ability to execute on its business plans. Specifically, this news release contains forward-looking statements relating to, but not limited to: the launch of the Brand, completion of the initial payment under the Agreement, the Earnout Payments and SBBC's continued ownership of the Brand, statements relating to the successful closing of the Offering and anticipated timing thereof and the intended use of proceeds.
Forward-looking statements and information are subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking statements and information. Factors that could cause the forward-looking statements and information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, ability to obtain necessary regulatory approvals for the transaction, as well as the other risks and uncertainties applicable to the CBD or broader wellness industries and to the Company, and as set forth in the Company's annual information form available under the Company's profile at www.sedar.com.
There is no representation by the Company that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about the financial results for the year ended
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