Sun Kissed Announces Streamlining to Focus on Strong Growth in High Revenue Segment
New York, New York--(Newsfile Corp. - October 8, 2020) - Sun Kissed Industries Inc. (OTC Pink: SKDI) ("Sun Kissed", "SKDI"), a leading provider of high-end luxury goods, is pleased to announce that the Company is streamlining operations to drive greater focus on high value, high revenue segments. The centerpiece of this focus will be the Company's recently acquired high-end jewelry business, SFL Maven ("SFL Maven" or "SFL"), ,(https://bit.ly/34lQgHH) which brought in sales of nearly $11 million in 2019 and over $122 million since 2004.
Included in this shift is the divestiture of other assets that require more intensive capital investment to drive near-term growth in cash from operations, including Hakuna Supply/Products Group, Inc., which has been sold. (www.hakunasupply.com)
SFL Maven has been a consistent performer in the high-end jewelry space. In 2019, SFL drove revenues of $10.8 million, followed by nearly $4 million in sales during the first half of 2020, and an extremely strong start to the second half of the year, with robust performance in its quarter ended September 30 (updated numbers will be available for release shortly).
Carl Grant, CEO of Sun Kissed, commented, "After analyzing our business model, Sun Kissed has undertaken a realignment in operational and strategic focus to maximize returns on invested capital ahead. This realignment will entail cost-savings and cash generation to support the growth of the Company going forward and increase our ability to maximize returns from our new acquisition, SFL Maven."
About Sun Kissed Industries, Inc.:
Sun Kissed Industries Inc. (OTC Pink: SKDI) is a provider of high-end luxury goods to discerning clientele around the globe. They have recently pivoted away from emerging markets and are now focused on revenue generating acquisitions.
This press release may contain forward-looking statements, including information about management's view of Sun Kissed Industries Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Sun Kissed, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on Sun Kissed's future results. The forward-looking statements included in this press release are made only as of the date hereof. Sun Kissed cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Sun Kissed undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Sun Kissed.
SOURCE: Sun Kissed Industries Inc.
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