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VANCOUVER, BC – TheNewswire -- January 10, 2024 - Candyverse Brands Inc. ("Candyverse Brands" or the "Company"), owner and operator of the plant-based, natural gummy candy brand Better Bears, announced a series of significant milestones and financial achievements that underscore its growing success and strategic expansion.
Key Highlights:
Remarkable Growth in Online Sales: The Canadian online store of Candyverse Brands has witnessed a phenomenal increase in its sales conversion rate, jumping from 1.9% in Q3 2023 to an impressive 4.8% in Q4 2023, marking an increase of 152%. This surge is attributed to the Company's focused digital marketing strategies and customer engagement initiatives.
Successful Launch of Online-Only Snack Packs: The Company's innovative approach to online retailing paid off with the successful launch of four online-only snack packs. These exclusive offerings quickly became the top four selling products on the Canadian online store, reflecting the Company's understanding of consumer preferences.
Substantial Growth in Gross Sales: Demonstrating a robust business model, Candyverse Brands achieved approximately 55% growth in gross sales year-over-year (unaudited). This significant growth is a testament to the Company's strong product portfolio and effective market penetration strategies.
Reduction in Operating Expenses: The Company demonstrated its operational efficiency by reducing its operating expenses by approximately 49% year-over-year (unaudited). This reduction is a result of strategic cost management and operational optimizations that have enhanced the Company's path to profitability.
Corporate Restructuring with a 2:1 Stock Rollback: Reflecting confidence in its future prospects, the Company consolidated its outstanding share capital on December 22, 2023 on the basis of two (2) pre-consolidation shares for each one (1) post-consolidation shares. The share roll-back is intended to assist in better positioning the Company for potential future funding and/or a liquidation event such as an acquisition or public listing.
Launch of New Products: Cementing its position as a leader in innovation, Candyverse Brands has commercialized and launched 6 in-store SKU’s and 12 online SKU’s, expanding its product line and catering to the diverse tastes of its customer base.
Garrett Downes, Chief Executive Officer, commented "2023 was a pivotal year for Candyverse Brands. Our continued growth in sales while also achieving a substantial reduction in operating expenses reflect our commitment to operational excellence and strategic foresight. As we move forward, our focus remains on expanding our product line, achieving further growth in the Canadian market, continuing our strategy build for the US, and reinforcing our position as a trendsetter in the confectionery industry.”
About Candyverse Brands Inc.
Candyverse Brands Inc. is a Vancouver-based company that seeks to incubate brands and products that fill unmet consumer needs in the revolution in modern nutrition sees a larger focus on healthier options and better ingredients. Candyverse owns and operates Better Bears, a plant-based, natural gummy candy brand committed to offering better-for-you confectionary products that remind you of your favorite childhood candy. For more information, please visit www.candyversebrands.com.
For further information, please contact:
Morgan Knowles
Vice President, Investor Relations
647-202-3904
morgan.knowles@candyversebrands.com
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking information contained or referred to in this news release includes but is not limited to the Company’s expectations concerning its intent to pursue additional funding or a liquidity event, as well as all other statements that are not historical in nature.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Certain assumptions in respect of continued demand for the Company’s products; that future added production capacity will enable us to increase our sales volume, that we do not experience material interruptions or supply chain failures as a result of COVID-19, our ability to retain key personnel, the availability of labour, and changes and trends in our industry or the global economy are material assumptions made in preparing forward-looking statements or information and management's expectations. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations; dilution; limited history of operations and revenues and no history of earnings or dividends; competition; economic changes; regulatory changes in the Company’s primary markets and the impact of and risks associated with the ongoing COVID-19 pandemic, including the risk of disruption at the Company's contracted production facilities or in its supply and distribution channels. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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