ST. PETERSBURG, Fla., June 25, 2024 (GLOBE NEWSWIRE) -- The Marquie Group, Inc. (OTCMKTS:TMGI)
Dear Valued Shareholders - we are pleased to announce the successful completion of an agreement between Ulta Beauty and our subsidiary, Simply Whim for the Whim brand in the health and beauty space. Under the terms of the agreement, we are free to expand our Whim product portfolio beyond our current offerings leading to an expanded product line while sharing the brand with the largest beauty products retailer in the United States. This significant development is the latest in our journey as we complete the transition from a solely broadcasting-focused entity to a dynamic company specializing in consumer-facing, health and beauty product development, sales, and marketing.
Whim has successfully launched several beauty products, with more in the pipeline. However, due to limited access to capital, we have re-prioritized our new product development schedule to focus on VitaWhims, our sugar-free gummy vitamins, and our nootropic functional tea beverages, Sanitea and Insanitea. The development of our AminoMints product has been delayed as we engage a new manufacturer, and we have discontinued the Whim Patch development.
The estimated cost for developing each new product is approximately $50,000, totaling $150,000 for the launch of the three current products in development. Additional capital will be needed to support robust sales and marketing campaigns. Once our revenue model improves, we expect to access more traditional forms of capital, reducing our reliance on company stock.
Our subsidiary, the syndicated radio network Music of Your Life, is attracting more listeners as we introduce our updated music catalog featuring the Free Lossless Audio Codec (FLAC). This upgrade provides an unparalleled listening experience in terms of audio quality for streaming radio networks. All of our Whim products are marketed through radio commercials on the network. Sign-up for free and Listen Live at musicofyourlife.com.
To fund operations and product development, we have negotiated a new equity line agreement with the investment firm MacRab. This arrangement involves the strategic sale of stock based on a Forward-Looking Pricing model. Details can be found in our most recent 10-Q and upcoming 10-K. We will continue leveraging this model until our operations are self-sustaining through generated cash flow.
Our fiscal year ended on May 31, 2024, and our 10-K will be published in August 2024. Highlights include the elimination of an additional $200,000 in debt this fiscal year, totaling approximately $800,000 in debt reduction over the past two years.
Looking ahead, we are optimistic about the new additions to our portfolio of innovative health and beauty products under the Whim and Insanitea brands, scheduled for release in late 2024 to early 2025. We project profitability by 2026, with estimated revenues exceeding $1 million.
Thank you for your continued support and belief in our vision as we navigate this exciting phase of growth and innovation.
Sincerely,
Marc Angell
Chief Executive Officer
800-351-3021
marc@tmgiusa.com
themarquiegroup.com
simplywhim.com
musicofyourlife.com
Forward-Looking Statements
This shareholder letter may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.
