Dr. Thilo Senst reports
GBLT ENTERS INTO AN EXCLUSIVE DISTRIBUTION AGREEMENT EXPANDING AGFAPHOTO BRAND INTO THE MIDDLE EAST
GBLT Corp. has successfully entered into an exclusive distribution agreement with a Dubai-based distribution partner for its Agfaphoto product line, with an expected minimum of $3.8-million (U.S.) ($4.9-million) in the next three years. The distribution agreement will give the company's Agfaphoto brand significant exposure to the Middle Eastern markets.
"We have been exclusively focused on growing the high margin product lines this year and with that focus in mind, we made investments into our Agfaphoto brand in 2021, which now has begun to bear fruit and is giving us a platform to increase market share and grow the product line globally," said Dr. Thilo Senst, chief executive officer of GBLT. "The total value of this single distribution agreement of $3.8-million (U.S.) ($4.9-million) surpasses the product's last year's total sales of $1.7-million (U.S.) ($2.2-million). Earlier this year, we expanded the Afgaphoto product line to Australia, in addition to entering a large retail distributer in Germany. The Afgaphoto product line also has the additional benefit of being a freight on board (FOB) business in USD [U.S. dollars], mitigating much of the currency and logistics risks associated with global distributions. The distribution partner is also aware of the Dr. Senst health care and well-being products that we offer. Through this initial deal with Afgaphoto products, we are confident it will create opportunities to expand the agreement to include the health care product offerings. We continue to aggressively scale our high margin product lines and the Agfaphoto-branded products will continue to be a reliable source of predictable revenue as we continue to expand globally and grow its brand presence."
About GBLT Corp.
GBLT, through its operating company, GBT GmbH, designs, manufactures and supplies mobile storage and battery solutions. GBLT is also a leading provider of renewable energy solutions by its solar division, participating in the rapidly growing solar energy market. In addition, the company offers consumer health care and wellness products to some of the largest retail chains across the globe. GBT is also an official licensee for Agfaphoto mobile energy products. The company's branded health care and well-being products are primarily sold throughout Europe under the Dr. Senst brand.
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