WORKSPORT RECEIVES RECORD ORDERS IN NOVEMBER, EXCEEDING ENTIRE 2017 REVENUES.
November 20 2018 - 9:45AM
COMMENTS RECEIVED FROM OSC ON NON
OFFERING PROSPECTUS AGM PLANNED FOR
DECEMBER
Toronto, Ontario, Nov. 20, 2018 (GLOBE NEWSWIRE)
-- Franchise Holdings International Inc., (OTCQB: FNHI) (or the
“Corporation”) Worksport Ltd.’s parent company, announced that
during November 2018, Worksport has booked a total of $432,024 in
purchase orders, so far. This exceeds the company’s entire 2017
audited revenues by 6 per cent. Worksport is an innovator,
designer, and producer of accessories for North American Light
Trucks with on-going development of solar technology integration
for electric light trucks of the future.
“Achieving purchase orders in one month that
exceeded the entire previous year’s sales is a remarkable
achievement,” said Worksport and FNHI CEO Steve Rossi. “It is a
testimony to the success of the growth strategy we have put in
place.” FNHI management believes this level of average monthly
revenues is sustainable. Rossi said the company is “trending toward
2019 revenues of over U.S. $5,000,000.” This would mean “an
estimated 1,100 per cent increase in 2019 revenue growth of over
the previous year,” he added. These orders do not include an
additional 1,100 units of product just landed in the U.S., destined
for resumed sales efforts directed towards the 17,000 identified
dealers in the U.S. alone.
“The company expects to fill these orders
starting in December,” Rossi said. “The items on order are
currently in production at Worksport’s manufacturing
facilities”
“In 2019, management will work diligently on
maintaining and growing even beyond these sales levels,” said
Rossi. “Because of its efforts in winning patents and trademarks
and private label sales, Worksport is leveraging its innovative
design and IP portfolio to seek exponential sustainable revenue
growth , with enviable gross profits. At this rate, management
forecasts showing earnings in fiscal 2019. Paired with its lean
operational overhead and manufacturing process, these factors are a
winning attribute leading to achieving our ambitious growth plan.
These purchase orders are all without any focused sales efforts by
Worksport, we plan to actually actively pursue new sales in
2019”
General Update:
Rossi also said that the Ontario Securities
Commission (OSC) has provided FNHI with initial comments concerning
its Non-Offering Prospectus (NOP) filed on October 22, 2018.
“We are pleased to report that our NOP is on
track,” Rossi said. “With the help of experienced legal counsel, we
have been working on our response. We are highly confident in OSC
approval as a reporting issuer in Ontario within the very near
future.” After approval, FNHI will request a listing for its stock
on the CSE. “This marks a great milestone as the CSE is a
prestigious exchange, fitting for a company growing as rapidly as
ours,” Rossi added. “It has been distinctly rewarding to work with
the OSC to achieve this very important milestone. It is a big step
farther on the path to greater liquidity and investor
awareness.”
Obtaining a CSE listing will provide prospective
Canadian-based investors increased transparency. “A dual CSE
listing perfectly complements our existing OTCQB status,” Rossi
said. “It is the next logical step in building both Worksport Ltd.
and FNHI into world-class companies for shareholders.”
FNHI aims to schedule an Annual General Meeting (AGM), expected to
take place sometime in December. At the AGM, management intends to
discuss re-investing for future growth, possibly issuing dividends,
or launching a stock buyback. The company also plans to discuss
strategies for future U.S. uplisting of its stock in exchanges such
as NASDAQ Venture, the NYSE or the OTC Markets QX tier. FNHI will
soon announce a date, time and location for its December AGM.
About Worksport Ltd
Worksport Ltd., a fully owned subsidiary of Franchise Holdings
International. Inc. is an innovative manufacturer of high quality,
functional, and aggressively priced tonneau/truck bed covers for
light trucks like the F150, Sierra, Silverado, Canyon, RAM, and
Ford F-Series. For more information please visit
www.worksport.com
About Franchise Holdings International
Listed on the OTCQB Market under the trading
symbol “FNHI” and currently in the process of a dual listing on a
Canadian Stock Exchange, Franchise Holdings International’s
strategy is to acquire business in the fastest growing business
segments and to create shareholder value in the process. Once a
business of interest is acquired, our mission is to further develop
and accelerate the growth for all of our acquired subsidiaries.
Currently the Corporation has one fully owned subsidiary, Worksport
Ltd.
Forward-Looking Statements
This document may contain forward-looking
statements, relating to Franchise Holdings International Inc.
operations or to the environment in which it operates, which are
based on Franchise Holdings International Inc. operations,
estimates, forecasts and projections. These statements are not
guarantees of future performance and involve risks and
uncertainties that are difficult to predict, and/or are beyond
Franchise Holdings Internationals Inc.’s control. A number of
important factors could cause actual outcomes and results to differ
materially from those expressed in these forward-looking
statements. Consequently, readers should not place any undue
reliance on such forward-looking statements. Franchise Holdings
International Inc. disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. No Stock Exchange or
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
For further information please contact:
Mr. Steven
Rossi
CEO &
Director
Franchise Holdings International
.
T:
1-888-554-8789
E: Investors@franchiseholdingsinternational.com
Website: www.FranchiseHoldingsInternational.com