(MENAFN- GlobeNewsWire - Nasdaq) CEO Discusses Plan to Drive Efficiencies and Key Growth Catalysts
BALTIMORE, Aug. 17, 2020 (GLOBE NEWSWIRE) -- Slinger Bag Inc (OTC: SLBG) today announced a strategic update to shareholders.
Strategic Update:
Slinger Bag leadership would like to provide shareholders with an update on its business operations, as well as the growth catalysts that are instrumental in achieving the Company's long-term vision.
Slinger Bag CEO Mike Ballardie commented, "Our vision is to become known as one of the world's most innovative sports companies, bring new cutting-edge ball sports products to the global sports industry in order to help reinvent participation in these sports and to ensure that players of every age and ability enjoy their chosen sport, improve their game skills and enhance their overall fitness levels.'
'Our initial brand focus is the global tennis market (including the associated Pickleball, Padel and Soft Tennis sports) with its 20 million avid players who form the core consumer target for Slinger. Once successfully established as a recognized brand leader in tennis, Slinger intends to transfer its portable, versatile and affordable ball launcher technology to Baseball, Softball and Cricket. The beauty of Slinger is that it has been designed by players for players and as such has incorporated the performance features, ease of use and accessibility that our core tennis consumers want and need.'
'Through our brand's success Slinger Bag aims to increase shareholder value by continuing our relentless focus on strong cash flow generation and operating margin expansion. We are building our brand and operating our business at a time of high demand for disruptive technological change and we are focused on positioning our business to successfully capitalize on these and other immediate opportunities. By way of example, over the past 90 days we have seen a continual increase in consumer demand and interaction and are now seeing order volumes closing in on $1.5 million just from our direct to consumer sales.'
Slinger Bag Key Strategic Imperatives:
- Brand Awareness: Key to our success is aggressively driving our brand awareness amongst the global tennis communities. We have invested in several key initiatives to date that include: global influencer marketing to sports, film, TV, music and social media bloggers with large fan bases – all of who are known for being regular players; social media advertising across all platforms targeted to regular tennis players; endorsements with top athletes such as the Bryan Brothers and world-renowned tennis coaches such as Nick Bollettieri; affiliate marketing programs targeted to teaching pros at clubs, academies, colleges and universities across the globe who have the daily face-to-face contact with our core consumer base; partnerships with key organizations and market federations who see Slinger as a product to support all their participation retention efforts, and finally from users themselves who are posting and sharing in their 1000's about how they use Slinger on a daily basis.
- Efficiencies: Slinger is a performance-driven organization powered by innovation and a strong value creation framework. The company is building its distribution across diverse, global markets through its direct to consumer channels, preferred wholesale partnerships, affiliate marketing programs and its global distribution partners. Consistent product quality will drive the success of the Slinger brand. As such the management team with its extensive experience working with Asian vendors on the sourcing, development and production of sports equipment has taken both the time and investment required to identify premium quality vendor partners in southern China to produce its products. It has hired a Quality Control and Vendor Management company with which the management have worked with over many years previously and together they have developed rigorous QA, QC processes and crucial vendor management policies. The net effect of this work is that Slinger can confidently stand behind its products and offer a no quibble 3-year guarantee on all of its products and in doing so deliver the consistent production quality required to drive success.
- Growth Catalysts: Several catalysts are positioning the company for growth and margin expansion, including revenue generating initiatives such as expansion into associated tennis categories such as Pickleball, Padel and Soft Tennis; accelerating our launch of direct-to-consumer e-commerce; and expanding our global footprint with highly respected, market-right distribution partners.
- Expanded Product Portfolio: In addition to lateral product expansion into associated tennis categories, Slinger will bring to market new game enhancement or game improvement products across categories including but not limited to training devices, on-court equipment, performance tennis eyewear, après tennis footwear and will look to further expand its presence in the tennis market through apparel, footwear and sports lifestyle licensing opportunities.
In summary Ballardie said, 'Through maintaining a laser focus on our core tennis consumer and on a single, highly functional performance product, we will quickly build our brand demand and our global revenues will follow. This will ensure our expected growth as we execute on our business plan.'
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About Slinger Bag®
Slinger® is a new sports brand focused on delivering innovative, game improvement technologies and equipment across all Ball Sport categories. With the vision to become a next-generation sports consumer products company, Slinger® enhances the skill and enjoyment levels of players of all ages and abilities. Slinger® is initially focused on building its brand within the global Tennis market, through its Slinger® Tennis Ball Launcher and Accessories. Slinger® has underpinned its proof of concept with in excess of $1 Million in orders of its Tennis Ball Launcher. Led by CEO Mike Ballardie (former Prince CEO and Wilson EMEA racquet sports executive) Slinger® is now primed to continue to disrupt what are traditional global markets with its patent-pending, highly transportable and affordable Slinger® Launcher.
Slinger Bag Disclaimer
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not strictly historical are 'forward-looking' statements 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. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company's products and services, the ability to complete development plans in a timely manner, changes in relationships with third parties, product mix sold by the Company and other factors described in the Company's most recent periodic filings with the Securities and Exchange Commission, including its 2019 Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.
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