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IGNITE International Brands announced the election of Dr. Pradeep Albert to its board of directors, which aims to enhance its strategic direction as it enters the medical market with innovative CBD products. Chairman Dan Bilzerian expressed confidence in Dr. Albert's contributions during this pivotal time, especially as the company approaches what is expected to be its best sales quarter. Shareholders also re-elected the existing board members and appointed Accell Audit and Compliance P.A as auditors for the fiscal year ending December 31, 2021. Dr. Albert received options to purchase 100,000 shares at $1.58 each.
IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX:BILZF) announced a private placement agreement to issue 2,000,000 subordinate voting shares at $1.43 per share, totaling $2,860,000. The agreement, set to close on September 8, 2021, resulted from an unsolicited investment request. CEO Dan Bilzerian highlighted that the investor is a sophisticated shareholder who will add value beyond financial input. IGNITE operates in diverse product segments, including CBD, vape products, and premium drinks.
IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) reported a record revenue of $12.0 million for Q2 2021, marking a year-over-year growth of $8.9 million. Gross profit percentage rose to 33%, up from 27% in Q2 2020. The company improved its operational income to $0.2 million from a loss of $6.9 million a year prior. EBITDA also turned positive at $0.4 million, a significant recovery from a negative $5.0 million. Working capital increased to $24.2 million, up $10.7 million since December 2020. Additionally, Scott Rohleder has rejoined as interim CFO.
IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX:BILZF) reported significant growth expectations for Q2 2021, forecasting revenues exceeding $10 million, which would more than double Q2 2020 and Q1 2021 revenues. The Company is negotiating acquisitions of two private firms, including its main nicotine vaping distributor. Expansion efforts into international markets are anticipated to drive sales growth in the latter quarters of 2021. New leadership will enhance the Canadian segment by introducing various product lines.
IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX:BILZF) reported positive financial results for Q1 2021, achieving a record revenue of $3.7 million, up 115% from Q1 2020. EBITDA improved by nearly $7 million, reaching $0.3 million, while net income stood at $0.1 million compared to a $9.1 million loss in the previous year. The company anticipates doubling sales in Q2 2021 despite market shutdowns in key regions. Working capital also increased to $24.4 million, reflecting strong operational execution amidst global supply chain challenges.
IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) announced its audited financial results for fiscal 2020, noting significant progress despite challenges from the pandemic. Revenue increased to $16.9 million, a rise of $7.3 million compared to 2019. The company's gross profit margin improved to 38%, up from 22% the previous year. IGNITE reduced its net loss to $19.7 million, an improvement of $49.3 million from 2019. The company aims for rapid expansion in 2021 following successful product launches and strategic partnerships.
IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX:BILZF) has appointed Ms. Vered Elkouby Nisim as an independent, non-executive director, enhancing its marketing capabilities. Additionally, Paul Holden joins as General Counsel, Lee Probst as VP of Sales, Manuel Gonzalez as VP of International Business Development, and Zach Gleason as VP of Distribution. The company granted options for 900,000 subordinate voting shares while canceling 650,000 due to personnel changes. These appointments aim to strengthen IGNITE’s growth in various sectors, including cannabis and spirits.