TORONTO and DUEREN, Germany , June 15, 2020 (GLOBE NEWSWIRE) -- GBLT Corp. (GBLT.V) (“GBLT” or the “Company”), indirectly through its operating company, GBT GmbH, a diversified lighting and battery company and the official licensee for Polaroid light products (LED and all other lighting technology including retail and projects), Polaroid energy storage systems (mobile and fixed systems), AGFAPHOTO mobile energy products (such as batteries) and Dr. Senst medical consumables, today reported financial results for the fiscal year 2019, ended 31st of December 2019
2019 Financial Highlights
- GBLT EBITDA improved by 50 % from (1,104 Mio Euro) in 2018 to (0,553 Mio Euro) in 2019.
- The overall loss had been reduced by 74 % from (4,15 Mio Euro)* in 2018 to (1,099 Mio Euro) in 2019.
- While the group turnover had been nearly stable 20,7 Mio Euro in 2018 compared to 20,4 Mio Euro in 2019 the overall costs had been reduced by 23%
- Operating entity GBT improved their real operating results from (1.087.900 Euro)** in 2018 to (185.834 Euro) in 2019 by 83%
*/** 2018 had a one time effect. GBLT PLC UK has waived a receivable against GBT GmbH of EUR 1.891 million
Taking that in consideration the overall loss of GBLT had been reduced in 2019 from 2018 by 51% (2.268 Mio.) in 2018, (1.099 Mio) in 2019
2019 was an exciting year for the company. The restart after the listing year 2018. Although a number of significant developments have taken place we would like to brief you on some of the more important material events for GBLT that have occurred and why we believe they matter to our business.
Polaroid mobile storage systems will be Kodak new licensee agreement with one of the most recognized brands
In 2019 the world noticed that green thinking is getting more and more important. As a result of that we noticed a massive increased demand for storage systems with higher capacities to replace the traditional, fuel consuming generators. The demand for professional use is climbing. While Polaroid is more a consumable life style brand with a relatively strong appeal to females, we are planning to increase our mobile storage product range for professionals in 2020, for which a brand like KODAK is more usable. The brand KODAK is more “crunchy” and beside consumable for B2B or investment goods more suitable.
While Polaroid life style products always had been a strong position in well developed countries, KODAK as a manufacturer of basic products has a true global presence. So end of 2019 GBLT cancelled the licensee agreement with Polaroid and entered in a global licensee agreement for lithium based storage systems with KODAK.
This partnership gives us new possibilities to extend our lithium storage systems globally with a much bigger potential customer base.
New customers worldwide had been acquired
The world is moving fast, so GBLT picked up speed in 2019. New Distributors/customers all over the world, like Turkey, Jordan, Cyprus or Tunisia had been found. While some partnerships had already an effect in 2019, some new distributors like for the USA or Australia will start in 2020.
While in Germany we strengthened our position as one of the leading private label suppliers for the biggest retailers.
Strategic Partnership Avide for lamps and light products
While we had been focused with the Polaroid brand more and more on the international project business, we suffered with the consumable retail business, due to an incomplete product range, low stock and unfavorable prices from our manufacturers.
To take advantage of our strong retail presence we partnered with our east European distributor who developed the Avide brand for our common global activities. With Avide we now have exclusive access to a huge range of retail light products. Additionally, we are able to offer a competitive range of lamps as well, to fill the last gaps we had in our light activities. We can offer all products under private label as well and we have access to much more competitive manufacturer which helps us to increase our margin and to acquire new customers. First effect of this partnership will been seen in 2020.
New board member in 2019
After the resignation of our former board member Anthony Jackson, we had been pleased that Jean Manuel Bullukian accepted our offer to join the GBLT board in 2019.
As the former CEO of ISS APAC, CIO of Adecco and now VP Alliances AMER&APAC of Ivalua he has an exceptional track record with a 25 years leadership experience.
GBLT, indirectly through its operating company, GBT GmbH, is a diversified lighting and battery company and the official licensee for Polaroid light products (LED and all other lighting technology including retail and projects) and Polaroid energy storage systems (mobile and fixed systems) in 2019, Agfaphoto mobile energy products and Dr.Senst medical consumables.
GBT is focused on capitalizing on the current global trends in the rapidly growing energy storage and lighting sectors through the branding, sale and distribution of electronic products, including some under private labels, for residential and commercial markets. Through its licensing and branding partnerships, GBT has an immediate focus on launching its line of energy storage products in Europe, North America and internationally and to increase their global retail presence with their historical core consumables, such as batteries as well. GBT is also pursuing various large global commercial lighting projects.
On behalf of the Board,
Dr. Joachim Thilo Senst
Chief Executive Officer
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.
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 Toronto Stock Exchange Venture (the “TSX-V”) nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.