Sugarmade Fiscal 2016 Results – Revenues Grow to $4.35 million from $2.9 million – Prepares to Rollout Out Sriracha Seaso...

Sugarmade Fiscal 2016 Results Revenues Grow to $4.35 million from $2.9 million Prepares to Rollout Out Sriracha Seasoning Stix

City of Industry, CA -- October 17, 2016 -- InvestorsHub NewsWire -- Sugarmade, Inc. (OTC:SGMD), today announces results for the 2016 fiscal year of $4.35 million in revenue versus $2.9 million for the previous fiscal year. Gross margins for the 2016 fiscal year were 35%, up from 30% during the previous year. During Fiscal 2015, the Company began an aggressive restructuring program that included a significant acquisition, alignments of staffing positions, streamlining of the product offers and the entrance into new product areas. With this restructuring complete, the Company is planning a series of new product introductions designed to continue to grow its revenue base.

 

We are very happy to inform our shareholders of the huge progress we have made over the past year, commented, Mr. Jimmy Chan, CEO. We have restructured our main business unit allowing it to produce much more robust gross margins and we have stemmed the operating units losses. As we have previously announced, we are planning a major product rollout of our Sriracha Seasoning Stix product over the coming weeks, based on our license agreement with Huy Fong Foods, Inc, which will be supported by a national and online advertising campaign. Additionally, we are preparing to announce additional new products over the coming weeks. We are certainly excited about our future.

 

About Sugarmade, Inc. (OTC:SGMD)

Sugarmade, Inc. is a product and brand marketing company investing in products and brands with disruptive potential. The Company is an official licensee of Irwindale, California-based Huy Fong Foods, Inc., the maker of Sriracha Hot Chili Sauce. Sugarmades other brands include Sriracha Seasoning Stix, CarryOutSupplies.com, Sugarmade Tree Free Paper and the FreeHand ThumbTray. For more information on the Company's products, please visit www.Sugarmade.com.

 

For inquiries please contact the Company at [phone] or [e-mail].