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TORONTO and DUEREN, Germany, June 20, 2022 /CNW/ - GBLT Corp. (TSXV: GBLT) ("GBLT" or the "Company") is pleased to announce that it has secured an order for their private label battery for €4.0 million Euros ($5.4 million CAD)* with one of the largest drugstore retailers in Europe with over 3,000 locations globally.
"We have adjusted all the pricing for the private label battery business to accommodate the current increase in costs," said Dr. Thilo Senst, CEO of GBLT "Despite the significant increase in our pricing, we were able to secure a multi-million dollar order from one of the largest drugstore retailers in Europe. This retailer is one of our largest customers and has been a sticky recurring source of business for years. The quality of our products speak for itself as the demand for our private label business is unfazed by the increases in our pricing to accommodate the ongoing market volatility and inflation."
*Source https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates/ (1.345 CAD/EU Rate as of 2022-06-10)
GBLT Corp., through its operating company, GBT GmbH, designs, manufactures and supplies mobile storage, and battery solutions. GBLT is also a leading provider of renewable energy solutions via its solar division, participating in the rapidly growing solar energy market. In addition, the Company offers consumer healthcare and wellness products to some of the largest retail chains across the globe. GBT is also an official licensee for AGFAPHOTO mobile energy products. The Company's branded healthcare and wellbeing products are primarily sold throughout Europe under Dr. Senst brand.
Certain statements in this news release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning the Company's proposed activities under the Agreement, the Company's ability to achieve sales, commercial or otherwise, from its products, and the expectations of the Company regarding funding payments due pursuant to the Agreement. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE GBLT Corp.
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