TUT Fitness Group Signs International Distribution Agreement with Eco Lifestyle Fitness Pte Ltd to Expand Sales To Asian Countries
Receives Initial Orders for Hong Kong and SIngapore Markets;
Grants Exclusive Distribution Rights for Hong Kong and Singapore
Key Highlights:
- TUT Fitness Group signs a 3-year distribution agreement with Eco Lifestyle Fitness Pte Ltd., based in Singapore
- Eco Lifestyle Fitness must meet minimum guaranteed order volumes every year for three years; is granted exclusive sales territories in Hong Kong and Singapore
- TUT Fitness retains all intellectual property rights
VANCOUVER, BC, March 24, 2022 /CNW/ - TUT Fitness Group Inc. (TSXV: GYM) (Frankfurt: 7PG) ("TUT" or "The Company"), the leader in affordable, high-performance gym equipment built around time-under-tension resistance bands, has signed an exclusive distribution agreement with Eco Lifestyle Fitness Pte Ltd (ELF), a leading Asian Fitness Equipment distributor, for the Hong Kong and Singapore markets.
Per terms of the agreement, Eco Lifestyle Fitness (ELF) will promote TUT Fitness products to its channel of customers that includes fitness centers, spas, hotels, athletic sports trainers, physiotherapists and uniform group buyers. TUT Fitness has granted ELF exclusive territories in Hong Kong and Singapore, provided that ELF meets guaranteed minimum order volumes for each year over the three years of the agreement
"ELF's mission is to bring about the fullest potential of human performance and well-being by introducing the latest fitness concepts, innovations and fitness education to our customers. We are very pleased to be appointed exclusive distributor of TUT Fitness products in our markets. We believe that the small size and quality design of the TUT Trainer™ Tower and TUT Rower™ will sell extremely well," said Hai Yong, Tan CEO of Eco Lifestyle Fitness Pte Ltd.
TUT's flagship product, the TUT Trainer™ Tower, can be clamped onto a door frame and requires less than 2 square feet (0.18 square meters) of floor space. The entire TUT Trainer™ Tower weighs just 11.6 pounds (5.2 kilograms).
"We are very impressed with Hai Yong and his team's marketing plans and strong presence throughout Asia, as we grow TUT into a global brand and bring fitness performance and affordability to the masses. Partnering with Eco Lifestyle is a strategic opportunity for TUT to expand the reach of our internationally patented resistance bands (TUT Plates™) into new markets," said Rob Smith, CEO of TUT Fitness Group, Inc.
TUT Fitness products are being marketed and sold into the $10.73 billion global market for home gym equipment. In addition, TUT Fitness Group licenses its internationally-patented stackable TUT Plates™ to OEM/ODM equipment manufacturers.
LICENSING & PARTNERSHIPS CONTACT:
Parties interested in partnership or licensing opportunities should contact Mark Addison, Director of Strategic Sales & Partnerships at: [email protected].
INTERNATIONAL SALES CONTACT:
Resellers and distributors interested in representing TUT Fitness Group products should contact Stefan Silner, VP of International Sales & Distribution at: [email protected]
Please see our Corporate Video or our social channels: Instagram, Facebook, Twitter, LinkedIn, TUT Highlights (YouTube).
ABOUT TUT FITNESS GROUP:
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.
Forward-Looking Statements
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, 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, 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.
[1] |
Source: Fortune Business Insights |
[2] |
Source: Global Market Insights, Inc. |
SOURCE TUT Fitness Group Limited
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