True 2 Beauty, Inc. (TRTB.PK) Announces 2010 Year End Profits

By @ibtimes on

True 2 Beauty, Inc. was pleased to announce this morning the release of financial statements for its fiscal year ending October 31, 2010, which also reports sales of Libigrow and Libigirl following the asset purchase agreement of the Libi brand in September, 2010. Gross sales totaled $665,423 with an operating profit of $51,991, substantiating the company’s belief that the Libi brand is poised for significant growth as its distribution model matures.

“Considering the hurdles involved in beginning the sales process of the Libi products through True 2 Beauty, Inc. after the Asset Purchase Agreement, including a planned slowdown as a result of the necessity to dispose of existing packaging styles in preparation for the move to a single distribution partner in Kretek International, we are extremely pleased to see these results,” stated Alex Hbaiu, CEO.

“Although it took some time to consummate the relationship with Kretek International and create new packaging SKUS during the first quarter of our fiscal year 2011, we are continuing to see a strong demand for our products as Kretek promotes our products through their distribution channels,” Mr. Hbaiu continued. “This past week our products were featured by Kretek at two major industry trade shows in Las Vegas and the results were phenomenal. The market has adopted the new SKUS very well giving the Company and Kretek positive feedback and substantial orders. Sales and profits for the 1st quarter 2011 appear to be in line with our expectations and the Company is working diligently to file its 2011 first quarter results soon.”

As previously discussed in the company’s recent investor conference call, management is committed to the long term strategy of significantly increasing marketing, including television advertising, and focusing more strongly on online sales, including a soon to be announced partnership for an online affiliate program. The management team is moving forward with financial reporting to become as transparent as possible in all activities required by the current listing exchange.

“We are very excited about executing on our strategy. Our team is committed to building shareholder value and increasing awareness for our Libi brands,” concluded Mr. Hbaiu.

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