Trading Update

RNS Number : 1359R

Chill Brands Group PLC

03 November 2021

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310  

3 November 2021

Chill Brands Group plc

("Chill" or the "Company" or the "Group")

Trading Update

Chill Brands Group plc (LON:CHLL) (OTCQX:ZOEIF), the international CBD group , is pleased to provide an update on its operations.

Overview

● Sales to Group's US distributor for 'Chill' branded products totaling over US$0.5 million recorded during period between 1 July 2021 and 30 September 2021

● All previously announced targets and distribution agreements remain in place despite international logistics issues influencing speed of rollout

● Group's Board closely engaged with Strategic Advisors to devise and implement new investor relations and public relations protocols

During the period between 1 July 2021 and 30 September 2021, the Group recorded sales of its 'Chill' branded products to US distribution partners totaling US$561,330.

While the Group's efforts are focused on making a success of its US product rollout, the pace of the programme has been influenced by the widespread international logistical delays. The Board of Directors (the "Board") are proactively seeking to mitigate the effects of these delays, and all previously announced targets, distribution agreements, and partnerships remain in place.

Owing to the nature of the Group's relationship with its distribution partners, it is not possible to provide comprehensive sales data relating to sell-through rates and the performance of individual product SKUs (stock keeping units) at the retailer level. The Board is actively exploring new sales reporting mechanisms that will provide greater clarity to shareholders and further details will be provided in due course. 

In future, the Group will not issue sales updates on a regular quarterly basis and will instead seek to communicate more fluidly with the market as new information becomes available. In the meantime, the Board is working closely with the Group's strategic advisors, Viridian Capital Advisors, to develop and deploy more effective market communication strategies.

Trevor Taylor, Co-CEO of Chill, said: "We are pleased that the Group's US rollout continues to generate significant sales. While it is regrettable that logistics issues have impacted on the pace of the rollout in the short-term, we are confident that previously announced targets are realistic and achievable. We are grateful to shareholders for their patience in respect of the release of these figures and are working diligently with Viridian's expert team to enhance the Group's approach to investor relations and market communications."

- Ends -

Publication on website

A copy of this announcement is also available on the Group's website at www.chillbrandsgroup.com  

Media enquiries:

Chill Brands Group plc		c/o Buchanan
Trevor Taylor, Co-CEO Antonio Russo, Co-CEO
Allenby Capital Limited (Financial Adviser and Broker)		[phone]
Nick Harriss / Nick Naylor (Corporate Finance)
Kelly Gardiner (Equity Sales)
Buchanan
Henry Harrison-Topham / Jamie Hooper / George Beale		Tel: [phone]
[e-mail]		www.buchanan.uk.com

 

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