Commercialization of SiQRocker™
VANCOUVER, British Columbia, Nov. 15, 2018 (GLOBE NEWSWIRE) — SiQ Mountain Industries Inc. (TSXV:SIQ) (“SiQ” or the “Company”) is pleased to report it has completed the production design and secured production for its proprietary adjustable camber device (“ACD”) for snowboards. The final design and associated production drawings incorporate information learned from finite element analysis (FEA) and field testing.
The ACD will be the Company’s first proprietary product offering and will be known in the marketplace as the SiQRocker™. The product allows for the quick adjustment of the camber of the snowboard with an easy turn of a handle. This adjustment allows the snowboarder to change the camber of their traditional snowboard from ‘cambered’ to ‘reverse cambered’ (or rocker), maximizing the performance of their board in powder snow conditions. The adjustment handle can be easily accessed without exiting the bindings.
Our out-sourced production has been identified and focuses on an initial capacity of up to 20,000 units, annually, which would allow the Company to generate up to $3,500,000 in revenue from a combination of web-based and retail sales. Production is scalable and can be increased as demand increases. The ACD is expected to be available via web-based sales in early 2019 and available for retail distribution for the 2019-2020 snow season.
Our ACD is believed to provide a unique on-mountain advantage to snowboarders. Our soft marketing analysis indicates the ACD is well received by experienced snowboarders, including instructors who believe the ACD will also make it easier for people to learn to snowboard.
Peter Hughes, CEO of the Company comments that: “Over the past months a dedicated team of employees and engineers have successfully brought the ACD to the point of commercial fruition. There are approximately eight million snowboarders in North America alone and the Company expects that it can look forward to meaningful revenue streams from the ACD that can grow positive cash flows and enhance financial performance from operations in the future.”
About SiQ Mountain Industries
The Company is an early stage development organization focused on the creation of a unique brand of products for outdoor athletic entertainment in international marketplaces. The Company listed on the TSXV on October 5, 2017 after completing is Qualifying Transaction on October 3, 2017 under the rules and guidelines of a Capital Pool Corporation.
For a more complete business and financial profile of the Company, please view the Company’s website at www.siqmountain.com and documents posted under the Company’s profile on www.sedar.com.
On behalf of the Board of Directors,
Peter Hughes, CEO and President
Legal Notice Regarding Forward-Looking Statements and Information: This news release contains “forward-looking statements and information” within the meaning of applicable securities laws. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include without limitation: that the Company has completed the production design and secured production for its proprietary ACD for snowboards; that our out-sourced production has been identified and focuses on an initial capacity of up to 20,000 units, annually, which would allow the Company to generate up to $3,500,000 in revenue from a combination of web-based and retail sales; that production is scalable and can be increased as demand increases; that the ACD is expected to be available via web-based sales in early 2019 and available for retail distribution for the 2019-2020 snow season; that our ACD is believed to provide a unique on-mountain advantage to snowboarders; that there are approximately eight million snowboarders in North America alone and the Company expects that it can look forward to meaningful revenue streams from the ACD that can grow positive cash flows and enhance financial performance from operations in the future. Although the Company believes its anticipated future results, performance or achievements expressed or implied by the forward-looking statements are based upon reasonable assumptions and expectations, they can give no assurance that such expectations will prove to be correct. The reader should not place undue reliance on forward-looking statements as such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of SIQ Mountain to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, the risk that the Company’s technology and products may not work as well as expected; we may not be able to break into new markets, because such markets are served by strong and embedded competitors or because of long term supply contracts; and we may not be able to grow and sustain anticipated revenue streams. We may have underestimated the cost of production costs and the time it takes to bring products to market; we may not be able to finance our intended product development. Our products may not sell as well as expected, and competitors may offer better or cheaper alternatives to our products. Our technologies may not be patentable, and if patents are granted, we may not protect our investment in intellectual property if our patents are challenged. Our intended technologies may infringe on the intellectual property of other parties. We may not have any parties interested in licensing our technology as expected. Except as required by law, the Company does not intend to update the forward-looking information and forward-looking statements contained in this news release.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information, please contact:
Peter Hughes, CEO and President