NetworkNewsBreaks – Sharing Services Inc. (SHRG)
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Posted On: 10/15/2019 3:50:25 PM
NetworkNewsBreaks – Sharing Services Inc. (SHRG) Announces Mutually Satisfactory Settlement Agreement with 212 Technologies, LLC and Record Q1 Revenues, Cumulative Sales of $129M
Sharing Services Global Corporation (OTCQB: SHRG), formerly Sharing Services Inc., today announced execution of a mutually satisfactory settlement agreement with 212 Technologies, LLC concerning related disputes arising out of a series of commercial agreements previously executed between the parties. Under the comprehensive “Release And Settlement Agreement,” SHRG and 212 have resolved all matters of concern. According to the update, the resolution includes rescission of a May 25, 2017, “Stakeholder & Investment Agreement,” resulting in the surrender by 212 of SHRG Stock to SHRG. The agreement also documents termination of the “Software License Agreement” dated June 12, 2018, entered into by and between Elepreneurs, LLC, a wholly owned subsidiary of SHRG and 212, which will result in the discontinued use of the 212 mobile application by Elepreneurs.
In addition, Sharing Services announced revenues of $35.4 million for its fiscal first quarter ended July 31, 2019, more than double revenues of the comparable quarter of 2018, as well as cumulative sales revenues of over $129 million since the December 2017 launch of products through its Elepreneurs, LLC and Elevacity Global, LLC subsidiaries, setting yet another record for SHRG. “Product sales for our incredible health and wellness products of Elevacity Global were strong from the beginning and have since dramatically and consistently increased,” SHRG CEO John “JT” Thatch said in the news release. “Our Q1 revenues demonstrate that our ‘Blue Ocean Strategy’ has taken root and continues to grow in the direct selling marketplace. We attribute this success to our incredible staff and highly talented independent distributors, which we call ‘Elepreneurs.’”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Sharing Services Global Corporation (OTCQB: SHRG), formerly Sharing Services Inc., today announced execution of a mutually satisfactory settlement agreement with 212 Technologies, LLC concerning related disputes arising out of a series of commercial agreements previously executed between the parties. Under the comprehensive “Release And Settlement Agreement,” SHRG and 212 have resolved all matters of concern. According to the update, the resolution includes rescission of a May 25, 2017, “Stakeholder & Investment Agreement,” resulting in the surrender by 212 of SHRG Stock to SHRG. The agreement also documents termination of the “Software License Agreement” dated June 12, 2018, entered into by and between Elepreneurs, LLC, a wholly owned subsidiary of SHRG and 212, which will result in the discontinued use of the 212 mobile application by Elepreneurs.
In addition, Sharing Services announced revenues of $35.4 million for its fiscal first quarter ended July 31, 2019, more than double revenues of the comparable quarter of 2018, as well as cumulative sales revenues of over $129 million since the December 2017 launch of products through its Elepreneurs, LLC and Elevacity Global, LLC subsidiaries, setting yet another record for SHRG. “Product sales for our incredible health and wellness products of Elevacity Global were strong from the beginning and have since dramatically and consistently increased,” SHRG CEO John “JT” Thatch said in the news release. “Our Q1 revenues demonstrate that our ‘Blue Ocean Strategy’ has taken root and continues to grow in the direct selling marketplace. We attribute this success to our incredible staff and highly talented independent distributors, which we call ‘Elepreneurs.’”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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