LAKE FOREST, Calif., April 15, 2016 /PRNewswire/ -- XFit Brands, Inc. (OTC: XFTB), a global supplier of fitness and MMA equipment sold at retail and fitness outlets worldwide whose brands include XFit Brands®, Throwdown®, and Transformations™, today announced that its Board of Directors has approved a one-for-five forward split of the Company's common stock and a proportional increase in the number of XFit Brands common shares authorized from 250 million to 1.25 billion.
Concurrent with finalization of the one-for–five forward split, each shareholder of record at the close of business on April 14, 2016 will receive four additional shares for every outstanding share held on the record date, and trading will begin on a split-adjusted basis on April 15, 2016. Prior to the split, we have 4,118,500 shares of common stock issued and outstanding. Following the forward split, we will have 20,592,500 shares issued and outstanding.
XFit Brands recently improved both top line revenue and gross margins while expanding distribution to sales in now more than 21 countries around the world. The recent expansion of the portfolio to a broader functional fitness line enabled the company to provide a one-stop shop for major gym operators, and as such the company has been able to secure numerous new customers. The Company became public via an organic S-1 initiative and approved for trading just recently in November 2015. It intends to utilize its public market structure to springboard the Company to reach its full potential.
Dave Vautrin, Chief Executive Officer of XFit Brands and Throwdown Industries commented, "We are excited to take this important step to make our shares more accessible to a broader investor population and expand our shareholder base. We expect to increase awareness of XFit's and Throwdown's tremendous progress and growth potential in what is a very exciting and rapidly transforming industry."
About XFit Brands®
XFit Brands, Inc. designs, develops, and markets and sells functional equipment, training gear, apparel, and accessories for the impact sports market and fitness industry worldwide. The Company's mission is to become the leading developer and marketer of functional fitness brands and products at retail and fitness outlets worldwide. The Company's products span the Impact Sports, Mixed Martial Arts (MMA), High and low impact fitness and Cross Training, and other Action Sports and are marketed and sold under the Throwdown®, XFit Brands®, and Transformations™ brand names. The Company's products are marketed and sold through gyms, fitness facilities, and direct to consumer throughout the world. The Company's websites are www.xfitbrands.com and www.throwdown.com.
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, such as statements regarding our future financial condition or results of operations, our prospects and strategies for future growth, the implementation of our marketing and branding strategies, and the future benefits and opportunities from acquisitions. The forward-looking statements contained in this press release reflect our current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, levels of activity, performance or achievements. Other important risk factors that may affect the Company's business, results of operations and financial position are discussed in its most recently filed Quarterly Report on Form 10-Q and in other Securities and Exchange Commission filings. The forward-looking statements contained in this press release reflect our views and assumptions only as of the date of this press release. Unless required by applicable law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
SOURCE XFit Brands, Inc.