TORONTO and DUEREN, Germany , Oct. 21, 2020 /CNW/ - GBLT Corp. (TSXV: GBLT) (OTCQB: GBLTF) (FSE: 4G9) ("GBLT" or the "Company") is pleased to announce that the Company signed an agreement with one of Europe's largest retail drugstore chains to act as an exclusive provider of private lavel flash media products. The Company expects a minimum of €1.2 million of annual revenue from this agreement, with the potential for significant increase.
The All-Flash Array market is expected to grow to USD $17.8 billion by 2023 growing at a 24.5% CAGR. 1
"Our long-standing relationships with manufacterers and our established supply-chain processes make us a trusted partner for large distribution retailers such as this drugstore chain," said Dr. Thilo Senst , CEO of GBLT. "While we have had a long relationship with this group having delivered many products to their shelves, this is our first foray into offering private label flash media products for them, a testament to their faith in GBLT to be able to deliver any product they see demand for from consumers."
Dr. Senst continued, "We continue to see growing demand for flash media products from consumers, in line with our traditional business of selling battery and storage solutions. Private label products have become a staple in our business as retailers trust GBLT to deliver high quality products at a reasonable price. We also see tremendous upside to increase inventory turnover should consumer demand exceed our expectations."
In addition, GBLT is pleased to announce that has expanded its product line of Personal Protection Equipment (PPE) to include FFP2 face masks under the Dr. Senst brand. FFP2 are the European standard of PPE for high-risk candidates.
"The addition of FFP2 masks to our product line is significant as we are now able to serve a new market," continued Dr. Senst. "High-risk candidates as well as individuals who are required to have higher than recommended contact with people, such as service staff, require medical grade quality masks for their safety. We are now able to offer these products and we are already seeing significant expansion in our scope of prospective clients."
About GBLT:
GBLT, indirectly through its operating company, GBT GmbH, is a diversified lighting and battery company and the official licensee for Polaroid light products (LED and all other lighting technology including retail and projects), Polaroid energy storage systems (mobile and fixed systems), and AGFAPHOTO mobile energy products (such as batteries).
GBT is focused on capitalizing on the current global trends in the rapidly growing energy storage and lighting sectors through the branding, sale and distribution of electronic products, including some under private labels, for residential and commercial markets. Through its licensing and branding partnership with Polaroid for lighting and mobile energy storage products, GBT has an immediate focus on launching its line of energy storage products in Europe , North America and internationally. GBT is also pursuing various large global commercial lighting projects.
Forward - Looking Information
Certain statements in this news release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning the Company's proposed activities under the Agreement, the Company's ability to achieve sales, commercial or otherwise, from its products, and the expectations of the Company regarding funding payments due pursuant to the Agreement. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE GBLT Corp.