Chill Brands Group PLC AGM Statement (8260M)
19 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMCHLL
RNS Number : 8260M
Chill Brands Group PLC
19 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
19 September 2023
Chill Brands Group plc
("Chill Brands" or the "Company")
AGM Statement
Chill Brands Group, the consumer packaged-goods distribution
company, will hold its Annual General Meeting ("AGM") today at
3.00pm (BST). At the AGM the Company's Chief Executive Officer,
Callum Sommerton, will make the following statement:
"We have once again reached our AGM after what has been an
exciting transitional year for the Company.
A highlight of the year has been the relaunch of the Chill.com
website. The platform has undergone a significant transformation
and is evolving into a marketplace for wellness products, natural
supplements, and reduced harm alternatives. Through this
marketplace, we will offer a curated selection of products that
contribute to the overall well-being of our customers, delivering
the social and recreational benefits they enjoy while minimising
the potential harm associated with traditional substances like
tobacco and alcohol.
The marketplace strategy enables us to diversify our offering
and explore new opportunities without adopting the financial risk
of product development or inventory acquisition across multiple
categories. We expect this to become a sustained revenue centre as
the roster of brands available to purchase expands and the number
of visitors grows.
We have also released our nicotine free vapour products in the
US and, most recently, in the UK. The 'Chill ZERO' range of
products has received an exceptionally warm reception from
consumers and pilot stores, with encouraging sell through rates
that clearly demonstrate product market fit. This initial success
has opened the door to discussions with larger retailers and
distributors. I look forward to sharing further information on
these developments in the near future.
While I am keen to highlight the Company's positive outlook and
progress over the past 12 months, it would be remiss of me to not
also take this opportunity to address recent media speculation
regarding the legal status of disposable vape products in the
UK.
Regardless of the manner in which it has been reported by some
outlets, it is important to emphasise that as of now, no formal ban
on disposable vapes has been proposed or enacted. While we
acknowledge the importance of staying attuned to coverage of
regulation in our industry, it is crucial to understand that any
proposals related to product bans would be subject to a rigorous
formal consultation process.
As a Company we welcome measures to improve industry social
responsibility and reduce the prevalence of underage vaping. It is
clearly important that steps are taken to safeguard children and
maximise the use of vape recycling schemes that are already in
place across many areas of the UK.
Despite the barrage of press interest over recent days, our
discussions with retailers remain ongoing and constructive. We
value the strong partnerships we are building and will work
actively with others in the industry to navigate any potential
regulatory challenges to ensure the continued availability of
vaping products that have been instrumental in reducing the
prevalence of smoking. It remains a key priority of the Government
to deliver on the target of a smoke-free nation by 2030 and
combustible tobacco products continue to claim the lives of some
220 UK residents every day.
While media speculation can be unsettling, our shareholders can
take comfort that the business is agile and well-equipped to
accommodate any regulatory changes that come to pass. Independent
of these developments, we have already worked with our
manufacturing partners to design discreet reusable vapour devices.
These rechargeable devices mirror the look and feel of a disposable
vape but accommodate pre-filled e-liquid cartridges that can be
replaced at will without the need to dispose of the battery
unit.
We will release further information regarding these new devices
in due course, but can confirm that we intend to extend and
diversify our range of vapour products regardless of any regulatory
changes. For now, our aggressive growth plans continue unchanged
and we are proud to fulfil orders to new retail stores on a daily
basis.
In closing, I want to express gratitude to our valued
shareholders for your ongoing support of the Company. It is your
belief in Chill Brands' vision that propels us forward and we are
committed to delivering value on your investment as our journey of
growth continues."
-ENDS-
About Chill Zero Vapour Products
Chill Zero vapour products are flavoured, disposable personal
diffusers. They offer a similar experience to traditional vaping
products without the addictive effects of nicotine or the harmful
qualities of combustible tobacco products. They appeal to a wide
range of consumers including those who wish to quit smoking or
reduce their nicotine intake, as well as those who enjoy the
flavours, sensation, and social aspect of using vapour
products.
Chill Zero vapour products are available in a range of sizes and
flavours including 600, 1,500 and rechargeable 3,000 puff variants
sold to customers in the US and UK.
About Chill Brands Group
Chill Brands Group plc (LSE: CHLL, OTCQB: CHBRF) is concerned
with the development, marketing and distribution of wellness and
recreational products containing natural, functional ingredients.
The Company's proprietary product range is distributed by some of
the most recognisable convenience retail outlets in the US and
includes nicotine-free disposable vapour products that cater to the
rapidly growing market for tobacco alternatives. Chill Brands also
operates the chill.com e-commerce website, on which it is building
a marketplace of products from third-party brands.
Publication on website
A copy of this announcement is also available on the Group's
website at http://www.chillbrandsgroup.com
Media enquiries:
Chill Brands Group plc contact@chillbrandsgroup.com
Allenby Capital Limited (Financial
Adviser and Broker) +44 (0) 20 3328 5656
Nick Harriss/Nick Naylor/Lauren Wright
(Corporate Finance)
Kelly Gardiner (Equity Sales)
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END
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