Company achieves 1,700% sales increase from Q1 2023 to 2024; E-commerce revenues for January 2024 increased more than 227% compared to January 2023, due to Ambassador Program.
DRYWORLD celebrates launch of 377 products over past two years.
Company working to facilitate a name and ticker change.
SANTA BARBARA, CA / ACCESSWIRE / March 5, 2024 / DRYWORLD Brands Inc. (OTC PINK:IBGR), a premium performance sports brand, today shared a corporate update highlighting its growth in 2023 and the company's outlook for 2024. Notably, the company notched 1,700% growth in Q1 2024 sales as compared to the same period in 2023.
In 2024, DRYWORLD plans to further expand existing operations by opening new sales and distribution channels for current and future partners in strategic territories. The company continues to negotiate with top athletes, sports teams and leagues worldwide and welcomes a variety of sports and individuals to its purpose-driven mission "for athletes, by athletes." In addition, DRYWORLD is focused on uplisting to the OTCQB with a new ticker symbol in 2024.
DRYWORLD remains focused on addressing shareholder issues and improving its corporate structure. This includes aligning its corporate name and ticker symbol with current operations and uplisting to the OTCQB market. DRYWORLD's legal and audit teams are working hard to advance through the required regulatory processes on both issues, and the necessary two-year financial audit is well underway.
"2024 is set to be a milestone year for DRYWORLD as we continue to stack up revenue streams by closing global deals such as PFC Beroe x Ronaldinho, and our Super Rugby partnership, aligning our company with the top athletes, teams and leagues in the world. DRYWORLD faced a number of challenges in 2023 but we believe we have largely worked through these, and our sole focus is now on elevating our brand, driving revenue, increasing the fundamentals of the company and building long-term shareholder value.
"Finally, I want to thank all of our shareholders. We appreciate your continued support and look forward to updating you on our progress throughout the year," said DRYWORLD Co-CEO, Matt Weingart.
In the past two-plus years, DRYWORLD's ecommerce business has launched 377 products and shipped to nearly 1,000 customers across six continents and 53 countries, showcasing its global appeal. Revenue in this area for January 2024 increased more than 227% compared to January 2023, due to Ambassador Program.
DRYWORLD's management team increased the authorized number of shares of common stock to 980,000,000 to accommodate capital raising efforts, and intends to continue to raise capital on an as-needed basis to minimize dilution. Noteholders from a financing in September 2021 have converted a portion of their notes into common stock, pursuant to the terms of their agreements.
The Company can confirm that Management has not sold any shares and further, that it is not permitted to sell any shares until the company is fully reporting and the shares are registered with the SEC, and even at that point, management will still be required to file all the appropriate paperwork which would become publicly available information.
Recent Operational Highlights
- DRYWORLD extended its deal with soccer legend Ronaldinho for another 10 years, leading to the signing of PFC Beroe, a Bulgarian club known as "The Greens," and locking in a contractually obligated minimum annual order of $215,000 for the youth academy and fan merchandise.
- DRYWORLD Super League Triathlon and DRYWORLD are negotiating a contract extension to their current three-year deal after a successful first two years that have garnered the brand a combined $68 million in media value and sponsorship value of nearly $17 million with nearly 100 million cumulative global viewers and close to 20,000 hours of global coverage.
- Management continues to work towards the completion of its partnership in China to allow for expansion in the region. An agreement has been reached in principle, and will be signed on completion of a licensing agreement with the current operator of the brand in China.
- After signing a letter of intent to acquire the RESET SYSTEM method of training movement, DRYWORLD is working with its factory partner to build the updated market-ready product, at which time the IP transfer and a global launch will take place.
- DRYWORLD delivered its first order for its recently announced New Zealand Super Rugby Clubs partnership and the e-commerce store has launched, featuring co-branded DRYWORLD compression gear with a range of New Zealand Super Rugby licensed products.
- Last fall, DRYWORLD acquired the Brio Holding Group, Inc., opening access to retail distribution across more than 9,000 locations in Brazil, Columbia, Costa Rica, Ecuador, Panama and Peru. This acquisition is opening up the soccer team kit deals in the region with an update on a deal closing expected imminently.
- The company launched its D Ambassador Program in August 2023 with nine Super League Triathlon athletes, where athletes become shareholders, in nine countries and three continents, making it one of the largest ambassador deals by a single brand in the sport of triathlon. The D Ambassador Program has since increased 411% since launching five months ago and is now onboarding 45 athletes from Europe, LATAM, the UK and the United States. The program has been effective and is performing as expected in driving revenue, with January 2024 eCom revenue up 227% as compared to January 2023.
- Also in 2023, DRYWORLD entered the world of NCAA sports by signing one of the largest NIL (name, image, likeness) deals in its history, initially launching merchandise programs with Sofia Chepenik, a University of South Florida lacrosse player, and Trente Jones, a University of Michigan football player. The NIL athlete merchandise programs are a first of their kind.
- DRYWORLD expanded its philanthropic giving by supporting Curley Boo Johnson's Basketball Camp, Mode Ghana Basketball Camp and the Athens Women's Football Summit.
- The company is positioning itself as a thought leader in the field of athletic performance, and has published 91 posts on its D Word Power of One blog, including tips, tricks, and insights for athletes on how to improve their physical and mental performance.
- With a focus on updating shareholders and key stakeholders, DRYWORLD recently engaged PCG Advisory, Inc., a leading firm specializing in investor relations and digital strategies, to advise on the growing company's global investment outreach and strategic communications.
About DRYWORLD
DRYWORLD is a premium performance sports brand offering innovative, superior quality apparel and gear for the athlete in all of us. We build purpose-driven products that give all athletes the edge. Engineered by athletes, proven by science. For more information, visit dryworldshop.com.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements and is subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements. Forward-looking statements give our current reasonable expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "should," "can have," "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.
The forward-looking statements contained in this press release are based on reasonable assumptions we have made in light of our industry experience, perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you read and consider this press release you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual operating and financial performance and cause our performance to differ materially from the performance anticipated in the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect or change, our actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements.
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For more information
Catie Corcoran
PCG Advisory
646-343-5805
catie@pcgadvisory.com
SOURCE: Nexus Energy Services Inc. AKA Dryworld
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