TORONTO, Feb. 12,
2024 /CNW/ - EMERGE Commerce Ltd. (TSXV: ECOM)
("EMERGE", or the "Company"), a premium e-commerce
brand portfolio, is pleased to provide the following corporate
update based on preliminary unaudited financial highlights for
January 2024:
- EMERGE achieved positive organic revenue growth in
January 2024 compared to
January 2023, including for truLOCAL, UnderPar,
and JustGolfStuff
- truLOCAL saw its largest influx of net new subscribers since
Q2 2020 (peak-pandemic)
- Cash on hand at January 31, 2024 was
approximately $3M
- EMERGE CEO to host virtual webcast on Thursday,
February 15, at 11:00am ET (Register
Below)
Ghassan Halazon, Founder and CEO of
EMERGE commented, "After having spent 2023 prioritizing
debt paydown, we now shift our primary focus to driving organic
revenue growth, while operating our streamlined business with
discipline. In that spirit, we are pleased to share that we
recorded positive year-over-year organic revenue growth in
January 2024, based on preliminary
results. While still early in the year, given our recent
performance and upcoming plans, we are increasingly optimistic that
2024 can be the year EMERGE returns to organic growth for our key
businesses, following the comedown from the artificially high
peak-pandemic period."
In January 2024, truLOCAL, our premium meat
subscription brand, saw its largest monthly influx of net new
customers since Q2 2020, considered the peak-pandemic period
accompanied by a temporary but pronounced spike in new subscribers
at the time. truLOCAL is EMERGE's largest business by revenue, as
well as our most profitable brand.
"We were especially pleased to see that truLOCAL experienced a
substantial improvement in net new customers in January, primarily
driven by our more effective marketing efforts, among other
initiatives. As a Canadian leader in premium meat subscriptions, we
believe truLOCAL presents an outsized strategic opportunity for us,
and given our more focused vertical strategy, truLOCAL is finally
starting to get the attention it deserves," continued
Halazon.
EMERGE's golf brands, UnderPar, our discounted
experiences marketplace, and JustGolfStuff, our rapidly
growing golf products and apparel business, both also achieved
positive organic growth in January
2024.
"Our thesis is that the weakening economic climate is conducive
to UnderPar's model, a business that was founded during the 'Great
Recession' in 2008. We are starting to see some landmark golf
courses return to our discounted marketplace for the first time in
years, which partially drove the positive results in January.
JustGolfStuff, our golf products business, continues to record high
double-digit revenue growth and has been optimized for
profitability in recent months," added Halazon.
Cash Update
Following the closing of the WholesalePet sale transaction on
January 31, 2024, EMERGE's cash
balance was approximately $3M.
EMERGE Webcast
EMERGE Founder and CEO, Ghassan Halazon, will be hosting a
virtual corporate presentation on Thursday,
February 15, at 11:00am ET to discuss
the Company's recent progress and upcoming plans. Mr. Halazon will
also take some live questions from investors.
Webcast Details
Register Here:
https://us06web.zoom.us/webinar/register/WN_MXNXRF33RpisxNpkz42Yeg#/registration
Webinar (Zoom) ID: 872 3275 4558
Passcode: 815813
About EMERGE
EMERGE (TSXV: ECOM) is a premium e-commerce brand
portfolio in Canada and the U.S. Our subscription and
marketplace e-commerce properties provide our members with access
to unique offerings across grocery and golf verticals. Our grocery
businesses include truLOCAL.ca, our premium meat
subscription brand, and Carnivore Club, our
artisanal / cured meat brand. Our golf businesses
include UnderPar, our discounted experiences business,
and JustGolfStuff, our golf products & apparel
brand.
To learn more
visit https://www.emerge-commerce.com/
Follow
EMERGE:
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Cautionary notice
Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Notice regarding forward-looking
statements
This press release may contain certain forward-looking
information and statements ("forward-looking information") within
the meaning of applicable Canadian securities legislation, that are
not based on historical fact, including without limitation
statements containing the words "believes", "anticipates", "plans",
"intends", "will", "should", "expects", "continue", "estimate",
"forecasts" and other similar expressions. Readers are cautioned to
not place undue reliance on forward-looking information. Actual
results and developments may differ materially from those
contemplated by these statements. The Company undertakes no
obligation to comment on analyses, expectations or statements made
by third-parties in respect of the Company, its securities, or
financial or operating results (as applicable). Although the
Company believes that the expectations reflected in forward-looking
information in this press release are reasonable, such
forward-looking information has been based on expectations, factors
and assumptions concerning future events which may prove to be
inaccurate and are subject to numerous risks and uncertainties,
certain of which are beyond the Company's control, including the
risk factors discussed in the Company's MD&A, Prospectus
Supplement and Annual Information Form and are available through
SEDAR at www.sedar.com. The forward-looking information
contained in this press release are expressly qualified by this
cautionary statement and are made as of the date hereof. The
Company disclaims any intention and has no obligation or
responsibility, except as required by law, to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise.
On Behalf of the Board
Ghassan Halazon
Director, President, and CEO
SOURCE EMERGE Commerce Ltd.