VANCOUVER, British Columbia, Feb. 13, 2019 (GLOBE NEWSWIRE) -- SiQ Mountain Industries Inc. (TSXV: SIQ) (the “Company” or “SiQ”) is pleased to report that the Company has completed the commercial design, engineering, production resources, including tooling, and packaging design for the Company’s new proprietary adjustable camber device for snowboards known as the SiQRocker™.
The SiQRocker™ is the Company’s first market ready product that provides a convenient way to adjust the camber profile of a snowboard for optimal performance on either powder or hard-packed snow. A snowboarder will now be able to quickly and easily adjust their snowboard profile with the turn of a dial and without exiting their bindings. The SiQRocker™ is believed to provide a unique on-mountain advantage to users of snowboards and a PCT patent application has been filed.
The Company is in the final stages of preparing for full product introduction and has received 20 pre-production samples for testing and final design approvals. The on-mountain performance and quality of these units are currently being verified. The first production run of a minimum of 1,000 units will be in the near future. These initial production units will lead to internal cash flows from online, direct-to-consumer sales. Retail distribution will be implemented later this year.
Peter Hughes, CEO of the Company, comments, “The Company has implemented its business and product development model to the point of launching the SiQRocker™ and driving initial consumer sales. Our SiQRocker™ has the potential to dramatically improve the performance of up to 30 million snowboards in our worldwide market. This is a key milestone in our ambition to develop proprietary new products that service the outdoor athletic adventure marketplace. This forms the core of a viable business model on which to grow financially with the potential of above average rates of returns for our stakeholders.”
On behalf of the Board of Directors,
Peter Hughes, CEO and President
About SiQ Mountain Industries Inc.
The Company is an early-stage development organization focused on the creation and distribution of a unique brand of products for outdoor athletic entertainment in domestic and international markets.
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.
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 our patent application will be accepted and protect our SiQRocker™ design; that the outsourced production can deliver 1,000 units, which would allow the Company to generate revenues from a combination of web-based and retail sales; that production is scalable and can be increased as demand increases; that the SiQRocker™ is expected to be available via web-based sales in early 2019 and available for retail distribution for the 2019-2020 snow season; that the SiQRocker™ is believed to provide a unique on-mountain advantage to snowboarders; that the SiQRocker™ can dramatically improve the performance of up to 30 million snowboards in our worldwide market and the Company expects that it can look forward to meaningful revenue streams from the SiQRocker™ 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. Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company 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; the Company 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 the Company may not be able to grow and sustain anticipated revenue streams. The Company may have underestimated the cost of production costs and the time it takes to bring products to market; the Company may not be able to finance the intended product development. The Company’s products may not sell as well as expected, and competitors may offer better or cheaper alternatives to the products. The Company’s technologies may not be patentable, and if patents are granted, the Company may not protect the investment in intellectual property if the patents are challenged. The Company’s intended technologies may infringe on the intellectual property of other parties. The Company may not have any parties interested in licensing the 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
hughes@siqmountain.com
