Stran & Company Expands Multiple Contracts with Industry-Leading Customers

Rhea-AI Summary

On June 10, 2024, Stran & Company (NASDAQ: SWAG; SWAGW), a leading provider of outsourced marketing solutions, announced the expansion of contracts with multiple high-profile customers. These agreements, each expected to generate six-figure annual revenues, span various sectors including automotive, engineering, and oil and gas. The customers chose Stran for its reputation for quality and reliability. CEO Andy Shape highlighted the company's ability to scale operations and manage international inventory as key factors in securing these contracts. The expanded partnerships aim to enhance brand awareness and operational efficiency.

Positive

• Secured multiple expanded contracts with industry-leading customers.
• Each contract expected to generate six-figure annual revenue.
• Customers span diverse sectors: automotive, engineering, oil and gas.
• Stran's reputation for quality and reliability cited as key factors.
• Ability to scale operations quickly and manage international inventory.
• Enhanced brand awareness and streamlined operations with their technology.

Negative

• Specific financial figures and the total number of expanded contracts were not disclosed.
• No details on the duration of the expanded contracts provided.
• Potential dependency on a small number of large contracts, which could risk revenue variability.

Quincy, MA, June 10, 2024 (GLOBE NEWSWIRE) -- Stran & Company, Inc. ("Stran" or the "Company") (NASDAQ: SWAG; SWAGW), a leading outsourced marketing solutions provider that leverages its promotional products and loyalty incentive expertise, today announced that it has recently secured multiple expanded contracts with industry-leading, enterprise-level customers. These customers span multiple sectors and geographies, demonstrating Stran’s position as a leader in the promotional products industry, as well as validating Stran’s ability to address the complex marketing needs of its diversified customers.

The expanded agreements, each representing six-figure expected annual revenue, are with multiple customers, including a best-in-class original equipment manufacturer serving the automotive industry, a state-of-the-art engineering products and services firm, and a leading global provider of mission-critical technologies and services for the oil and gas industry. Each customer had various reasons for expanding their contracts with Stran, however, all centered around Stran’s exceptional reputation for quality and reliability.

“We are very proud to expand these meaningful contracts with leading organizations,” commented Andy Shape, CEO of Stran. “These customers selected us based on our performance, trusted relationship, and consistent reliability of products and services. Our products management technology is designed for each customer to increase brand awareness, streamline operations, and enhance efficiency. In the case of one customer, their sales had doubled over a short period and they needed quick scaling of products, which we showed we could accomplish. Additionally, our technology provided the ability to manage the brand’s spend in a centralized location for all of their international offices while globally managing their inventory, which was a key differentiator. We are excited to build upon these prior relationships, and working closely with these customers for years to come while meeting their evolving promotional product needs.”

About Stran
For over 29 years, Stran has grown to become a leader in the promotional products industry, specializing in complex marketing programs to help recognize the value of promotional products, branded merchandise, and loyalty incentive programs as a tool to drive awareness, build brands and impact sales. Stran is the chosen promotional programs manager of many Fortune 500 companies, across a variety of industries, to execute their promotional marketing, loyalty and incentive, sponsorship activation, recruitment, retention, and wellness campaigns. Stran provides world-class customer service and utilizes cutting-edge technology, including efficient ordering and logistics technology to provide order processing, warehousing and fulfillment functions. The Company’s mission is to develop long-term relationships with its clients, enabling them to connect with both their customers and employees in order to build lasting brand loyalty. Additional information about the Company is available at: www.stran.com.

Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These risks and uncertainties include those which are described more fully in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Investor Relations Contact:
Crescendo Communications, LLC
Tel: (212) 671-1021
SWAG@crescendo-ir.com

Press Contact:
Howie Turkenkopf
press@stran.com

FAQ

What does the expansion of Stran's contracts involve?

The expansion involves securing multiple six-figure annual revenue contracts with high-profile customers in sectors such as automotive, engineering, and oil and gas.

When did Stran & Company announce the expanded contracts?

Stran & Company announced the expanded contracts on June 10, 2024.

What is the stock symbol for Stran & Company?

The stock symbol for Stran & Company is NASDAQ: SWAG; SWAGW.

Why did customers choose to expand contracts with Stran?

Customers expanded contracts with Stran due to its reputation for quality, reliability, ability to scale operations, and manage international inventory effectively.

How will the expanded contracts benefit Stran & Company?

The expanded contracts will generate significant annual revenue, enhance brand awareness, and streamline operations for Stran & Company.