TUT Fitness Group Announces Succesful Completion of OTCQB Listing and DTC Eligibility
Key Highlights:
- TUT Fitness Group commences trading on the OTCQB under the symbol GYMFF
- TUT Fitness Group obtains DTC eligibility
VANCOUVER, BC, June 21, 2022 /CNW/ - TUT Fitness Group Inc. (TSXV: GYM) (OTC: GYMFF) (Frankfurt: 7PG) ("TUT" or "the Company"), a Vancouver-based Canadian manufacturer of high-performance and affordable fitness products, is pleased to announce that its common shares are now trading on the OTCQB Venture Market (the "OTCQB") under the symbol "GYMFF" as of April 1, 2022, and that it has received confirmation from the Depository Trust Company ("DTC") that its common shares are now eligible for electronic clearing and settlement through DTC in the United States. The Company will continue to trade on the TSX Venture Exchange under the symbol "GYM" and on the Frankfurt Stock Exchange under the symbol "7PG".
The OTCQB Venture Market is the premier marketplace for entrepreneurial and development stage US and international companies committed to providing a high-quality trading and information experience for their US investors. To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process. The OTCQB quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors.
Trading on this US marketplace provides TUT's current and future US-based investors greater access to data, home country disclosure, ease of trading, and transparency.
"We are pleased to announce that we have met all requirements and have been accepted by OTC Markets to up-list from the Pink Sheet to the OTCQB tier for trading," said TUT CEO Rob Smith. "Listing on the OTCQB is another important milestone for the Company and we are confident the uplisting will bring added value to our shareholders."
The Depository Trust Company manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered DTC eligible. This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms.
Obtaining DTC eligibility represents the Company's commitment to increasing visibility and accessibility for all its shareholders in the United States. It enables TUT to expand its reach to a larger portion of the global investment community while providing a more efficient and seamless trading process.
Please see our Investor Information including our TUT Investor Presentation (June 2022) and TUT News Releases.
TUT is a Vancouver-based Canadian manufacturer of high-performance and affordable fitness products. The company has designed, patented, and manufactured one of the world's smallest (11.6 lbs), and most affordable high-performance home gyms. Incorporated in 2018, TUT is an emerging player in the connected Home Gym and Fit Tech hardware space, targeting the US$10.73B Global Home Exercise Equipment Market[1] and Online Fitness Market, expected to be US$30B by 2026[2].
TUT's flagship TUT Trainer™ micro gym uses patented, stackable resistance band technology (TUT Plates™) to replace heavy metal weights, improving form and targeting every muscle group without adding pressure to joints or tendons. With more than 250+ exercises, the multi-functional and portable gym also includes an optional TUT Rower™, and offers breakthrough functional strength and cardio training that raises the bar for personal home gyms.
For further information please contact:
[email protected]
Rob Smith
CEO, TUT Fitness Group Inc.
Certain statements in this release are forward-looking statements or information, which include the preferred affiliate sales program, TUT Fitness Group licensing its technology, expectations, and outcomes from the TUT Fitness Group's patented technology, development of technologies, customer demand for TUT Fitness Group's products, increase in distribution and sales, global expansion, the updates to TUT products, future plans, regulatory approvals and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, security threats, and dependence on key personnel and including those other risks filed under the Company's profile on SEDAR at www.sedar.com. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment and technology failures, litigation, increase in operating costs, lack of demand for the Company's products and services, the impact of COVID-19 or other viruses and diseases on the Company's ability to operate, competition, failure of counterparties to perform their contractual obligations, exchange rate fluctuations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
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[1] Source: Fortune Business Insights |
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SOURCE TUT Fitness Group Limited
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