TORONTO, ONTARIO--(Marketwired - June 28, 2016) -
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Namaste Technologies Inc. ("Namaste" or the "Company") (CSE:N)(OTC PINK:NXTTF)(FRANKFURT:M5BQ), a leading international vaporizers and accessories e-commerce company based on customer trustworthiness and service quality, reports on recent positive developments relating to its e-commerce and manufacturing divisions. The following are the unique strategic attributes of the Company:
- An international leader in the e-commerce sale of vaporizers and accessories with sales in over 20 countries. Namaste is the only publicly listed Canadian vaporizer investment opportunity focused on addressing medical and recreational herb consumers;
- Current revenue run rate of approximately US$2.4 million and experiencing organic revenue growth in current sales of 6% monthly (100% annual). After the previously announced acquisition of VaporSeller, Namaste will expand run rate revenue from US$2.4 million to US$5.8 million and seeks to increase sales by the same organic growth rate of 6% monthly, while generating breakeven to positive cash flows; and
- Combining an excellent array of management skillsets with expertise in e-commerce, product development and engineering and corporate finance.
Under the leadership of Sean Dollinger, an e-commerce expert and President and CEO of Namaste, the Company has had its ranking as the number one ranked e-commerce portal for the sale of vaporizers and accessories re-confirmed by Trustpilot. Namaste has maintained its 9.8 out of a maximum possible score of 10. This score independently ranks Namaste's e-commerce customer trustworthiness and service quality as the highest ranking in the world for vaporizer distributors. This score also places Namaste in the top 0.2% of the world's e-commerce sites for trustworthiness and service. Trustpilot is an independent rating company that reports customer experiences with e-commerce companies.
Further to the Company's press release on May 30, 2016 and under the direction of Kory Zelickson, an experienced electrical engineer and Chief Operating Officer of Namaste, the Grizzly Guru, a handheld portable vaporizer that provides a seamless solution for vaporizing dry herbs, concentrates and liquids, has been gaining significant sales momentum in the first month of commercial availability. This is the first product designed and manufactured by Namaste. The Company has now sold over 300 units through retail and wholesale channels and continues to increase production rates in order to meet demand. Based on market feedback, the Company anticipates continued success in terms of expanding sales of these high margin products and will continue pursue other unique product concepts for commercialization. The Grizzly Guru can be purchased at www.grizzlyoriginals.com.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has over 30 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the company and its products can be accessed through the link below:
FORWARD LOOKING INFORMATION
This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions. Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release