COMMENTS RECEIVED FROM OSC ON NON OFFERING PROSPECTUS AGM PLANNED FOR DECEMBER
Toronto, Ontario, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Franchise Holdings International Inc., (OTCQB: FNHI) (or the “Corporation”) Worksport Ltd.’s parent company, announced that during November 2018, Worksport has booked a total of $432,024 in purchase orders, so far. This exceeds the company’s entire 2017 audited revenues by 6 per cent. Worksport is an innovator, designer, and producer of accessories for North American Light Trucks with on-going development of solar technology integration for electric light trucks of the future.
“Achieving purchase orders in one month that exceeded the entire previous year’s sales is a remarkable achievement,” said Worksport and FNHI CEO Steve Rossi. “It is a testimony to the success of the growth strategy we have put in place.” FNHI management believes this level of average monthly revenues is sustainable. Rossi said the company is “trending toward 2019 revenues of over U.S. $5,000,000.” This would mean “an estimated 1,100 per cent increase in 2019 revenue growth of over the previous year,” he added. These orders do not include an additional 1,100 units of product just landed in the U.S., destined for resumed sales efforts directed towards the 17,000 identified dealers in the U.S. alone.
“The company expects to fill these orders starting in December,” Rossi said. “The items on order are currently in production at Worksport’s manufacturing facilities”
“In 2019, management will work diligently on maintaining and growing even beyond these sales levels,” said Rossi. “Because of its efforts in winning patents and trademarks and private label sales, Worksport is leveraging its innovative design and IP portfolio to seek exponential sustainable revenue growth , with enviable gross profits. At this rate, management forecasts showing earnings in fiscal 2019. Paired with its lean operational overhead and manufacturing process, these factors are a winning attribute leading to achieving our ambitious growth plan. These purchase orders are all without any focused sales efforts by Worksport, we plan to actually actively pursue new sales in 2019”
General Update:
Rossi also said that the Ontario Securities Commission (OSC) has provided FNHI with initial comments concerning its Non-Offering Prospectus (NOP) filed on October 22, 2018.
“We are pleased to report that our NOP is on track,” Rossi said. “With the help of experienced legal counsel, we have been working on our response. We are highly confident in OSC approval as a reporting issuer in Ontario within the very near future.” After approval, FNHI will request a listing for its stock on the CSE. “This marks a great milestone as the CSE is a prestigious exchange, fitting for a company growing as rapidly as ours,” Rossi added. “It has been distinctly rewarding to work with the OSC to achieve this very important milestone. It is a big step farther on the path to greater liquidity and investor awareness.”
Obtaining a CSE listing will provide prospective Canadian-based investors increased transparency. “A dual CSE listing perfectly complements our existing OTCQB status,” Rossi said. “It is the next logical step in building both Worksport Ltd. and FNHI into world-class companies for shareholders.”
FNHI aims to schedule an Annual General Meeting (AGM), expected to take place sometime in December. At the AGM, management intends to discuss re-investing for future growth, possibly issuing dividends, or launching a stock buyback. The company also plans to discuss strategies for future U.S. uplisting of its stock in exchanges such as NASDAQ Venture, the NYSE or the OTC Markets QX tier. FNHI will soon announce a date, time and location for its December AGM.
About Worksport Ltd
Worksport Ltd., a fully owned subsidiary of Franchise Holdings International. Inc. is an innovative manufacturer of high quality, functional, and aggressively priced tonneau/truck bed covers for light trucks like the F150, Sierra, Silverado, Canyon, RAM, and Ford F-Series. For more information please visit www.worksport.com
About Franchise Holdings International
Listed on the OTCQB Market under the trading symbol “FNHI” and currently in the process of a dual listing on a Canadian Stock Exchange, Franchise Holdings International’s strategy is to acquire business in the fastest growing business segments and to create shareholder value in the process. Once a business of interest is acquired, our mission is to further develop and accelerate the growth for all of our acquired subsidiaries. Currently the Corporation has one fully owned subsidiary, Worksport Ltd.
Forward-Looking Statements
This document may contain forward-looking statements, relating to Franchise Holdings International Inc. operations or to the environment in which it operates, which are based on Franchise Holdings International Inc. operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Franchise Holdings Internationals Inc.’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Franchise Holdings International Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Mr. Steven Rossi
CEO & Director
Franchise Holdings International
.
T: 1-888-554-8789
E: Investors@franchiseholdingsinternational.com
Website: www.FranchiseHoldingsInternational.com