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TUT Fitness Group Inc
Symbol	GYM
Shares Issued	36,605,349
Close 2023-11-22	C$ 0.03
Market Cap	C$ 1,098,160
Recent Sedar+ Documents

TUT Fitness, Straffr sign LOI for AI fitness products

2023-11-22 09:01 ET - News Release

Subject: TUT Fitness Group News Release November 22nd Word Document File: '\\swfile\EmailIn\20231122 053048 Attachment TUT-STRAFFR LOI NR Final.v3 - Nov 22 (1).docx' TUT Fitness Announces AI-Driven Product Enhancements TUT Signs LOI with STRAFFR with Respect to the Development and Commercialization of AI Powered Fitness Products. News Release - Vancouver, British Columbia - November 22nd, 2023: TUT Fitness Group Inc. (TSX-V:GYM) (Frankfurt: 7PG) ("TUT" or the "Company"), a leading Microgym brand, known for efficient compact and affordable design, powered by industry-first patented resistance band technology, and STRAFFR GmbH ("STRAFFR"), a pioneering developer and manufacturer of AI and sensor enabled resistance band fitness products, based in Germany are pleased to announce they have signed a binding letter of intent (the "LOI") with respect to the development of the next generation of AI and sensor embedded TUT fitness products. The technology and product development is expected to initially focus on enabling the TUT Trainer(TM)Microgym and the TUT Rower(TM) with STRAFFR's patented sensor technology to better personalize the consumer fitness journey and digital connectivity. "Partnering with the STRAFFR team makes a lot of strategic sense given our shared vision for both Microgym and resistance band technology. Integrating AI features that can be quickly brought to market and seamlessly integrated into our existing products will significantly improve health outcomes, which will greatly benefit TUT's and STRAFFR's growing community of customers," stated TUT CEO Rob Smith. "STRAFFR is very excited to be working with TUT to build the next generation of technology-enabled resistance training," said Stefan Weiss, CEO and Founder of STRAFFR. "We've witnessed our clients achieve new levels of performance and engagement with our tech-enabled resistance bands." Under the terms of the LOI, the parties will negotiate and finalize the terms and conditions that will govern a definitive agreement (the "Definitive Agreement") between the parties. The final structure and form of the Definitive Agreement remains subject to satisfactory tax, corporate and securities law advice for both TUT and STRAFFR and there is no assurance that the parties will enter into the Definitive Agreement. ABOUT STRAFFR STRAFFR, established in Germany in 2019, is innovating the personal fitness landscape. As creators of the first smart functional resistance band, STRAFFR integrates robust hardware with intelligent software, driven by Machine Learning and AI. This advanced technology is designed to customize every workout to the user's personal fitness level and goals. STRAFFR's philosophy is straightforward: make exercise adaptive, effective, and most importantly, enjoyable for all. https://en.straffr.com/ Celebrity Trainer Gunnar Peterson "It's like a cable system with bands but it's so much more dynamic ...and you feel every rep from the beginning of the motion". Mr. Peterson is a consultant to the Company. See the Company's news release dated October 31, 2023. TUT Fitness Media Kit: https://tutfitnessgroup.com/presskit/ TUT on the Beach: https://youtu.be/NS-84yvGJlo TUT Easy Installation: https://youtu.be/Se1CDo_2KmE The TUT Trainer(TM) Microgym retails for USD$997 and can be financed for as little as $40 per month (24 payments). www.tutfitnessgroup.com | Facebook | Twitter | Instagram | LinkedIn | YouTube # # # TUT TRAINER(TM) Microgym Product Specs: High Performance Microgym: 350+ exercises great for high or low impact training. Stackable Resistance Band Plates: Deliver up to 200 lbs (90 kg) of resistance. More Affordable: Compared to many of the leading connected fitness home gym brands. Quick & Easy Setup: No power required. Small Footprint: (<2 sq. ft.) Portable: Lightweight at 11.6 lbs (5kg), train from anywhere. Sleek Performance User-Friendly Design: Complements any gym setting, commercial or home. TUT Training App: Includes OnDemand Workout Classes. Watch the TUT Trainer(TM) highlight video to learn more about the home gym that fits anywhere. Fitness professionals interested in sharing the TUT Fitness advantage with their clients and communities can join the TUT Fitness Athlete Affiliate Program. For distribution, sales, and partnership inquiries please contact us at info@tutfitnessgroup.com ABOUT TUT FITNESS GROUP: TUT Fitness is a leading Vancouver based designer and manufacturer of high-performance and affordable Microgym products, targeting the US$16.5B+ global home fitness equipment market, which is expected to hit US$21.84B by 2026. Source: https://www.globenewswire.com/news-release/2022/07/14/2479503/28124/en/Home-Fitness-Equipment-Global-Market-to-Grow-to-21-84-Billion-by-2026.html and https://finance.yahoo.com/news/15-fastest-growing-dtc-companies-231541482.html. TUT's industry-first patented resistance band technology (stackable TUT Plates(TM)) are the backbone of the TUT Trainer(TM) Microgym, a high-performance and versatile full body workout system suitable for high or low impact workouts. Weighing only 11.6 lbs, the TUT Trainer's(TM) space saving and complementary design features adapt and integrate into any gym environment or exercise program, replicating everything you can do in the gym with more than 350 different exercises in less than 2 sq. ft of space. Leveraging the science of Time Under Tension (TUT), the length of time a muscle is under strain during a rep, and progressive resistance, TUT's stackable Plates(TM) can be easily loaded on to the TUT Trainer(TM), to specifically target all the major muscle groups, in multiple planes of direction offering the benefits of increased lean muscle mass, increased functional strength, improved movement, balance and form, without the strain on joints or tendons. Sold separately as an accessory the TUT Rower(TM) weighing 21 lbs., is the perfect complement to your fitness routine, also designed to fit anywhere and offering cardio, pilates, and yoga style workouts that are effective as they are convenient. For further information please contact: Rob Smith CEO, TUT Fitness Group Inc. 112-17220 Heather Drive Surrey BC V3S 0B4 robs@tutfitnessgroup.com Toll Free:1-800-674-5641 FORWARD-LOOKING STATEMENTS Certain statements in this release are forward-looking statements or information, which include entering into a definitive agreement with STRAFFR, the expected benefits and outcomes with the partnership with Gunnar Peterson including increased sales and awareness in the US market, the potential issuance of common shares to Gunnar Peterson, TUT Fitness Group licensing its technology, expectations, and outcomes from the TUT Fitness Group's patented technology, development of technologies, the expectations and expected outcomes with the advisors, the Company's mission and goals, the benefits and expectations from the patents and overall IP portfolio, the expected customer demand for TUT Fitness Group's products, increase in distribution and sales, global expansion, the updates to TUT products, future plans, regulatory approvals and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, security threats, and dependence on key personnel and including those other risks filed under the Company's profile on SEDAR at www.sedarplus.ca. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment and technology failures, litigation, increase in operating costs, lack of demand for the Company's products and services, the impact of COVID-19 or other viruses and diseases on the Company's ability to operate, competition, failure of counterparties to perform their contractual obligations, exchange rate fluctuations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.