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GBLT Corp
Symbol GBLT
Shares Issued 112,525,619
Close 2020-06-15 C$ 0.025
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GBLT loses 1.09 million euros in 2019

2020-06-15 08:36 ET - News Release

Dr. Joachim Senst reports

GBLT CORP. ANNOUNCES THEIR 2019 FINANCIALS; STRONG IMPROVEMENT COMPARED TO 2018

GBLT Corp. has provided its financial results for the fiscal year 2019, ended Dec. 31, 2019.

2019 financial highlights

  • GBLT EBITDA (earnings before interest, taxes, depreciation and amortization) improved by 50 per cent from negative 1,104 million euros in 2018 to negative 553,000 euros in 2019.
  • The overall loss had been reduced by 74 per cent from 4.15 million euros* in 2018 to 1,099,000 euros in 2019.
  • While the group turnover had been nearly stable at 20.7 million euro in 2018 compared with 20.4 million euros in 2019 the overall costs had been reduced by 23 per cent.
  • Operating entity GBT improved its real operating results from negative 1,087,900 euros)** in 2018 to negative 185,834 euros in 2019 by 83 per cent.

*/** Two thousand eighteen had a one-time effect. GBLT PLC U.K. has waived a receivable against GBT GmbH of 1,891,000 euros.

Taking that in consideration the overall loss of GBLT had been reduced in 2019 from 2018 by 51 per cent from a loss of 2,268,000 million euros in 2018, to a loss of 1,099,000 in 2019.

Business update

Two thousand nineteen was an exciting year for the company. The restart after the listing year 2018. Although a number of significant developments have taken place the company would like to brief you on some of the more important material events for GBLT that have occurred and why it believes they matter to its business.

Polaroid mobile storage systems will be Kodak new licensee agreement with one of the most recognized brands

In 2019 the world noticed that green thinking is getting more and more important. As a result of that the company noticed a massive increased demand for storage systems with higher capacities to replace the traditional, fuel-consuming generators. The demand for professional use is climbing. While Polaroid is more a consumable life style brand with a relatively strong appeal to females, the company is planning to increase its mobile storage product range for professionals in 2020, for which a brand like Kodak is more usable. The brand Kodak is more crunchy and beside consumable for B2B (business to business) or investment goods more suitable.

While Polaroid lifestyle products always had been a strong position in well-developed countries, Kodak as a manufacturer of basic products has a true global presence. So at the end of 2019 GBLT cancelled the licensee agreement with Polaroid and entered in a global licensee agreement for lithium-based storage systems with Kodak.

This partnership gives the company new possibilities to extend its lithium storage systems globally with a much bigger potential customer base.

New customers worldwide had been acquired

The world is moving fast, so GBLT picked up speed in 2019. New distributors/customers all over the world, like Turkey, Jordan, Cyprus or Tunisia, had been found. While some partnerships had already an effect in 2019, some new distributors like for the United States or Australia will start in 2020.

While in Germany the company strengthened its position as one of the leading private label suppliers for the biggest retailers.

Strategic partnership Avide for lamps and light products

While the company had been focused with the Polaroid brand more and more on the international project business, it suffered with the consumable retail business, due to an incomplete product range, low stock and unfavourable prices from its manufacturers.

To take advantage of the company's strong retail presence it partnered with its east European distributor which developed the Avide brand for its common global activities. With Avide the company now has exclusive access to a huge range of retail light products. Additionally, it is able to offer a competitive range of lamps as well, to fill the last gaps it had in its light activities. The company can offer all products under private label as well and it has access to much more competitive manufacturer which helps it to increase its margin and to acquire new customers. First effect of this partnership will been seen in 2020.

New board member in 2019

After the resignation of the company's former board member Anthony Jackson, it had been pleased that Jean Manuel Bullukian accepted its offer to join the GBLT board in 2019.

As the former chief executive officer of ISS APAC, chief investment officer of Adecco and now vice-president of alliances at AMER&APAC of Ivalua, he has an exceptional record with 25 years of leadership experience.

About GBLT Corp.

GBLT, indirectly through its operating company, GBT GmbH, is a diversified lighting and battery company and the official licensee for Polaroid light products (LED and all other lighting technology including retail and projects) and Polaroid energy storage systems (mobile and fixed systems) in 2019, Agfaphoto mobile energy products, and Dr. Senst medical consumables.

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