- Sales growth supported by successful Best
Buy Canada launch -
BURNABY, BC, Jan. 21, 2016 /CNW/ - HIT Technologies Inc.
(TSXV: HIT) ("HIT" or the "Company"), which designs, develops,
manufactures and distributes the world's most advanced adventure
products for iPhone, announced record Q2 fiscal 2016 channel sales
in addition to a successful launch with Best Buy Canada across all
192 locations and online.
"We saw increased channel sales momentum in the quarter,
resulting in anticipated HITCASE retail and distribution sales
increasing approximately 100% sequentially and year-over-year,"
said Brooks Bergreen, CEO of HIT
Technologies, Inc. "Our strong channel sales were fueled by our
success in adding more partners and distributors as well as
increased sale traction with existing relationships. With record
HITCASE sales via both online sites and channel partners in the
quarter, we believe we will deliver solid total revenue growth,
with expected overall Q2 fiscal 2016 revenue between $650,000 and $700,000."
HIT's expected total revenue, which includes legacy product
sales, for Q2 F2016 represents a 60% to 70% improvement
sequentially, and 50% to 60% increase compared to Q2 last year. HIT
also expects Q2 F2016 gross margin to improve sequentially and over
the prior year, as the Company decreased shipping costs. In
addition, as previously reported, online HITCASE sales were at
record levels in the quarter, with expected online sales increasing
approximately 34% sequentially and roughly 235% over Q2 last
year.
Bergreen added: "We have secured valuable retail and
distribution support, including our largest retail partner launch
to date, Best Buy Canada, in December 2015. With our growing
sales traction in-store and online, in combination with our solid
brand, content and online following, we are confident in our
ability to continue to add more retail and distribution partners
and drive increased sales with existing ones. We believe our
channel partners have embraced our vision for HITCASE as a force
multiplier for the iPhone, enabling it to be used as a true action
camera and digital Single Lens Reflux camera. We are confident in
our ability to continue to successfully capitalize on the exciting
market opportunity ahead of us."
Forward Looking Statements
This news release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
laws that are based on expectations, estimates and projections as
at the date of this news release. The information in this release
about the Company's anticipated use of available funds, and the
future plans and objectives of the Company are forward-looking
information.
Any statements that involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
"intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
information and are intended to identify forward-looking
information.
This forward-looking information is based on reasonable
assumptions and estimates of management of the Company at the time
it was made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. Such factors include, among
others, global economic climate; dilution; the Company's limited
operating history; future capital needs and uncertainty of
additional financing; the competitive nature of the industry;
currency exchange risks; the need for the Company to manage its
planned growth and expansion; the effects of product development
and need for continued technology change; protection of proprietary
rights; the effect of government regulation and compliance on the
Company and the industry; network security risks; the ability of
the Company to maintain properly working systems; theft and risk of
physical harm to personnel; reliance on key personnel; global
economic and financial market deterioration impeding access to
capital or increasing the cost of capital; and volatile securities
markets impacting security pricing unrelated to operating
performance. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company undertakes no
obligation to revise or update any forward-looking information
other than as required by law.
About HIT Technologies Inc.
HIT Technologies, Inc.
develops and markets a portfolio of products that transform Apple
iPhones into high-performing, weather- and shock-resistant video
cameras. Both its, flagship product, HITCASE PRO and its newer SNAP
allows users to easily capture action photo and video content
hands-free, using a variety of HIT Technologies' patented
Railslide™ mounts that attach to virtually any surface. Swappable
lenses and accessories provide a variety of perspectives otherwise
unattainable while participating in adventure sports. HIT
Technologies is headquartered in Vancouver, British Columbia, Canada and trades
on the TSX Venture Exchange (TSXV: HIT). For more information about
HITCASE, visit www.HITCASE.com. Search #hitcase on Instagram to see
some of the amazing images created by HITCASE customers.
Cautionary Statement
No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein. Neither the TSX
Venture Exchange ("TSX-V") nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy of this release.
SOURCE HIT Technologies Inc