- Five international distribution agreements signed to date
- Cumulative contracted minimum purchase requirements of $4.9M in the first five years
- Up to five additional international distribution agreements in discussion
NEWPORT BEACH, Calif., April 29, 2024 (GLOBE NEWSWIRE) -- ELEVAI Labs Inc. (NASDAQ: ELAB) (“Elevai” or the “Company”), a medical aesthetic company specializing in physician-dispensed skincare, announces significant strides in global distribution and highlights an overview of current agreements.
Elevai is excited to highlight five of its international distribution agreements which signifies significant strides in expanding our global presence. Our partnerships underscore a robust endorsement of our innovative skincare solutions and commitment to reaching diverse markets. Each agreement is tailored to leverage unique regional strengths, so that our cosmetic products meet a wide array of consumer needs and preferences worldwide.
Under these distribution agreements, our distribution partners will spearhead marketing efforts and establish dedicated sales forces, so that Elevai's products may effectively reach new markets. Furthermore, our distribution partners are charged with undertaking our product registration in their respective markets in order to facilitate seamless market entry and compliance.
Our five international distribution agreements secured by Elevai have a contracted cumulative minimum purchase requirement commitment of up to $4.9 million over the next five years. The substantial commitments of the distribution partners under these distribution agreements underscores the potential strength of our expanding global network.
Our distribution agreements support Elevai's commitment to delivering exceptional value to shareholders while establishing itself as a leader in the medical aesthetic industry. Investors and stakeholders can access detailed information about these developments, including previously filed news releases, on the company's website at ElevaiLabs.com/news.
Elevai also announces that it is actively negotiating five new distribution agreements, covering both international and domestic markets. These expected partnerships are projected to contribute an impressive $7.7 million in top-line sales over the next five years, which may further cement our position as an industry frontrunner. Management notes that these agreements are currently under negotiation and are not finalized, and there can be no assurance that they will be completed as proposed or at all, or that if completed that they will have a positive impact on Elevai’s business, revenues or profits.
Chris Kraneiss, Chief Commercial Officer of Elevai Labs Inc. expressed enthusiasm about the Company's ongoing achievements:
"Our establishment of a global footprint marks a significant milestone in our journey. This continued expansion into international markets is driven by strong partnerships and our unwavering commitment to excellence. While our forecasts are conservative, reflecting the challenges of entering new territories, our experience suggests that growth tends to accelerate in subsequent years. We're excited about the opportunities ahead and eager to introduce our innovative skincare solutions to customers worldwide."
Kraneiss further emphasized the strategic importance of entering international markets:
"The prospect of entering the additional international markets in the foreseeable future represents a strategic move that we anticipate will have a profound impact on our revenue stream. This forecast underscores our confidence in the demand for our products and the effectiveness of our market approach. We're committed to delivering exceptional skincare solutions to new customers outside the United States, and we're confident that our rapid growth will position us as a leading brand in these regions."
Elevai remains dedicated to empowering physicians and enhancing customer outcomes through innovative skincare solutions. With a steadfast commitment to innovation and collaboration, the Company looks forward to continued growth and success in the global market.
About ELEVAI Labs
ELEVAI Labs Inc. (NASDAQ: ELAB) is a medical aesthetics company developing cutting-edge physician-dispensed skin care applications. The Company solves unmet needs in the medical aesthetics space through a combination of cutting-edge science-driven and next-generation consumer applications. Elevai develops topical aesthetic skin care cosmetic products for the physician-dispensed market, with a focus on leveraging a proprietary stem cell exosome technology. For more information visit www.elevaiskincare.com.
Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as "may," "believe," "anticipate," "could," "should," "intend," "plan," "will," "aim(s)," "can," "would," "expect(s)," "estimate(s)," "project(s)," "forecast(s)," "positioned," "approximately," "potential," "goal," "strategy," "outlook" and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Elevai’s forward-looking statements, please see disclosures contained in Elevai 's public filings with the SEC, including the "Risk Factors" in Elevai 's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 29, 2024 and which may be viewed at www.sec.gov.
Media & Product Contact:
Brenda Buechler, CMO
contact@elevailabs.com
Investor Relations Contact:
Tyler Troup, Circadian Group IR
IR@elevailabs.com
