Reign Sapphire Corp. Reports Improved Gross Margins
BEVERLY HILLS, CA–(Marketwired – Nov 14, 2017) – Reign Sapphire Corp., (OTCQB: RGNP) (“Reign” or the “Company”), a direct-to-consumer, custom and branded jewelry company, is pleased to announce that the Company was able to increase gross margins from 54% to 61.2% over the last quarter, by streamlining profit channels and shifting away from unprofitable products.
Revenues for the third quarter were $255,975 and revenues for the year-to-date totalling $960,497.
“We have identified those streams that are revenue generating and prosperous for the company and will be spending more of our time focusing on those directions. This will ultimately allow us to improve our fundamentals and make us much more scalable,” stated Joseph Segelman, CEO of Reign Sapphire Corp. “We have six weeks left in 2017 with retail’s biggest month to occur in December. We are very excited for the short-term and long-term future of Reign Sapphire Corp,” concluded Mr. Segelman.
About Reign Sapphire Corporation:
Reign Sapphire Corp. (OTCQB: RGNP) http://www.reignsc.com is a Beverly Hills-based, D2C branded and custom jewelry company with three niche brands: Reign Sapphires: ethically produced, millennial targeted sapphire jewelry, Coordinates Collection: custom jewelry, inscribed with location coordinates commemorating life’s special moments, and Le Bloc: classic customized jewelry and recently announced athleisure jewelry brand ION Collection x Jen Selter.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of Reign Sapphire Corporation (“Reign” or the “Company”). Forward-looking statements are based on the expectations, estimates, or projections of the Company’s management as of the date of this press release. Although Reign’s management believes these expectations, estimates, or projections to be reasonable as of the date of this presentation, forward-looking statements are inherently subject to significant business risks, economic and competitive uncertainties, or other contingencies, which could cause the Company’s actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause Reign’s actual results or performance to differ materially from the forward-looking statements include those set forth in the “Risk Factors” sections in the Company’s filings with the Securities and Exchange Commission, including the risks set forth in the company’s Annual Report on Form 10-K for the year ended December 31, 2016, which is available for viewing on the SEC’s EDGAR website. These forward-looking statements speak only as of the date of this press release and, except as required by law, Reign specifically disclaims any obligation to update these forward-looking statements, even if new information becomes available in the future.
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