CITY OF INDUSTRY, California, April 26, 2017 /PRNewswire/ --
Sugarmade, Inc. (OTC: SGMD), today provides investors with an outlook for the current fourth fiscal quarter ending June 30, 2017, and makes comments relative to preliminary revenue results for the recently ending March Quarter. Based on current revenue growth rates, Sugarmade is expecting to report record revenue for the three-month period ending June 30, 2017. The anticipated increase is being driven by continued strong sales to the Company's legacy customer base and orders for new products, including the Company's recently introduced transport and storage products.
For the quarter ending March 31, 2017, the Company expects to report revenues of approximately $900,000, which would represent an increase of approximately 9% comparative to the March 31, 2016 quarter.
Jimmy Chan, CEO, commented, "We are very pleased with revenue trajectory thus far in 2017. Our new transport products are receiving strong interest, allowing us to increase our factory orders with sell through gaining strength. Sugarmade plans to make a formal product availability announcement during early May for Sriracha Stix, which are encapsulated Huy Fong Sriracha Sauce and other seasonings in the form of a 'stick' which are inserted into meat, fish and poultry prior to cooking. The Company expects to begin marketing of the new product on May 9, 2017. We are expecting strong revenues from the Sriracha Stix product, as interest has been nothing short of phenomenal."
About Sugarmade, Inc. (OTC: SGMD)
Sugarmade, Inc. is a product and brand marketing company, investing in products and brands with disruptive potential. The Company is an official licensee of Irwindale, California-based Huy Fong Foods, Inc., the maker of Sriracha Hot Chili Sauce. Sugarmade's other brands include CarryOutSupplies.com, Sugarmade Tree Free Paper and the FreeHand™ ThumbTray™. For more information on the Company's products, please visit http://www.Sugarmade.com.
FORWARD-LOOKING STATEMENTS: This release 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 also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward looking statements.
Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
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SOURCE Sugarmade, Inc.