Strategic tour of creating and marketing brands that change their behavior and carried out by our licensing partner The Starco Group (TSG);
The first license comes from the launch of the Breathe ™ line of household cleaning products, our first major private label that launched in all Wegmans stores and won three prestigious consumer product awards;
Ross Sklar of the Starco Group has appointed the CEO of Starco Brands.
Distribution and sales contract with United Natural Foods, Inc.
Change the company name to Starco Brands and share the trading symbol to STCB; Y. Y.
Creation of a world-class brand advisory council comprised of proven brand manufacturers.
The Annual Revenue
The fourth-quarter net income of $ 5,158 was 70% higher than the third quarter of $ 3,027. This brought the total net profit for 2017 to $ 8,185. (The comparisons with the 2016 results are not relevant since the company was inactive and restructured before mid-2017. Revenues under the new business model only started in the second half of 2017.) The business in 2017 consisted of royalties from the sale of TSG’s Breathe products and represented the first operating result in the new business model.
Operating expenses of the MyWegmansConnect were $ 251,713 in the fourth quarter and $ 690,667 for the full year. Fourth-quarter net loss was $ 225,092, or $ 0.08 per diluted share. Throughout the year, the net loss was $ 728,403, or $ 0.47 per diluted share. Adjusted EBITDA was $ 246,555 in the fourth quarter and $ 677,014 for the full year. See the guidelines below under “Using Non-GAAP Financial Information”.
We are beginning 2017 with a MyWegmansConnect ambitious program to completely rework and renovate the company with new products as part of a new business model. I am pleased to inform you that we have completed the restructuring and that the end of the year is one that has achieved impressive momentum.” said the CEO of Starco Brands. Ross Sklar. With Breathe, the first of many innovative products we develop, we have brought together a world-class group of manufacturers and distributors of proven brands and laid the foundation for an exciting year of growth in 2018.”