As a courtesy, a follow-up to my update of May 9th.
The bottom line is that everything is moving forward.
Multi-Ethnic Food Joint Venture with Supermarket Group
Our commercial A/R financing supplier is really trying hard to deal with the insurance issue, and now a second source has emerged and is ready to proceed with small but regular A/R funding for the program, effective immediately. This means that we can move out of the test mode and start regular operations. We are probably placing our new orders with the Caribbean-based specialty foods suppliers this coming week, and will start making deliveries within a couple of weeks after that. Our plan is to try to make weekly deliveries to Oceans Fresh Food Markets in the greater Toronto area for starters. More details in due course. The point is that this project seems to be on now.
e-Sports Joint Venture
There has been a great deal of enthusiasm by another OTC entity, that is a current information tier entity and has backers with deep pockets to get going. Winning Brands will be in a JV relationship with the development team and rights holders to the e-Sports (and related entertainment deliverables) – and we will then work with that OTC entity to boost their launch and success with that package of assets. That’s how it is shaping up. I should know by next week whether sufficient backing will be released to that other entity to make it all happen. This has been a gradual and systematic process, leading to growing and informed enthusiasm on all sides. The point is that I believe that this will happen.
Nutraceuticals
The ex-factory pricing and committed delivery times from the contract packagers of the proprietary male vitality supplements has met our planning needs. There is enough margin to operate properly, even after taking into account the royalty payments to the original developers. The JV will consist of Winning Brands creating and operating a new website geared to the product line, which will have direct-to-consumer sales to get started. Under the JV, our partner will supply the finished product, and Winning Brands will be the vendor. To preserve Winning Brands shareholder resources, Winning Brands will pay for the goods as sold, rather than having to raise inventory financing.
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Becoming Current
The real-estate based transaction that was to have been the basis of Winning Brands gaining the financial resources to bring our governance filings up-to-date took place in May as expected. The pledge by the shareholder will be honoured. We need to work out the details and priorities of how to proceed, but it is now possible to confirm that there is no longer any doubt that the current information tier is returning, because the accounting and legal work can be commissioned at last.
Summary
The joint ventures are beneficial to Winning Brands shareholders because they have been earned through the work that Winning Brands has been performing behind the scenes to help each of the JV partners solve certain problems that required a thought partner, and the completion of valuable tasks that required the type of assistance that either Winning Brands, or I as an individual, have been able to provide. The benefits will all flow back to Winning Brands. I am pleased to report that these are not the only such new JV relationships that Winning Brands has under development. This operating model may well be expanded once these three are underway, and Winning Brands’ Innovators Community concept has been validated.
I have not spoken about the three JV’s referred to above since May 9th to ensure that I had sincere confidence that they will happen before my next update. Although nothing in life is definite before it has actually happened, the likelihood of the progress described above actually occurring is extremely high.
There will be far more details about these things as they materialize. This will include photographs where appropriate, links, timelines, etc. It’s getting “exciting”, even if I say so myself. It’s not an expression that I use very often in this venue because of the need to remain conservative. Despite this, I allow myself to share this positive vibe because I really see these things coming together.
I am deeply grateful to our friends at iHUB and elsewhere who have been willing to give Winning Brands your best wishes and confidence.
Respectfully,
Eric Lehner, CEO
Winning Brands
