- SHRG shareholders have elected John “JT” Thatch, Keith R. Halls and Kip H. Allison to the company’s board
- Thatch is SHRG’s CEO, Halls is Elepreneurs’ president and Allison is Elepreneurs’ CEO
- Shareholders also ratified the appointment of Ankit Consulting Services, CPA, as SHRG’s accounting firm
At its August 29 annual board meeting, Sharing Services Global Corporation (OTCQB: SHRG) shareholders elected previously announced board members John “JT” Thatch, Keith R. Halls and Kip H. Allison. Thatch, SHRG’s CEO, was elected as a board member through the company’s annual meeting in 2022, Allison was elected through the 2021 annual meeting and Halls was elected through the annual meeting of 2020 (http://nnw.fm/Y9ONV).
Additionally, shareholders voted to ratify the board’s naming of Ankit Consulting Services Inc., CPA, as the company’s independent, registered public accounting firm for the fiscal year ending April 30, 2020.
In an earlier 10-K SEC filing, SHRG reported record sales of $85.9 million for its fiscal year ended April 30, 2019 (http://nnw.fm/H3rwX). This represents a nine-fold increase, or $77.5 million jump, from the company’s revenues of $8.4 million in FY2018. Sharing Services is focused on continuing its international expansion plans during the remainder of 2019, the filing noted.
“Our 2019 revenues are continued proof that our ‘Blue Ocean Strategy’ is being implemented and accepted in the direct-selling marketplace,” Thatch stated in a news release (http://nnw.fm/9sNVj). “We continue at a record-breaking pace as our dedicated and highly talented Elepreneurs continue to execute on the mission to change the direct-selling industry with best-in-class products and services.”
SHRG’s achievements in sales are attracting market attention, in part because of the direct-selling industry’s competitive landscape. Despite contending with leading network marketing companies like Amway Corporation, Avon Products, Herbalife, Mary Kay and NuSkin Enterprises, which “have a longer operating history, higher visibility, name recognition and more financial resources,” SHRG continues to realize impressive financials (http://nnw.fm/5CLgo).
In its 10-K filing, SHRG reported that for its fiscal year ended April 30, 2019, some 97 percent of its consolidated net sales were generated by its Elevate health and wellness product line. Economies of scale and selective price increases helped SHRG grow its consolidated gross profit to $57.1 million, up from $4.4 million for the period from May 5, 2017 (inception), to April 30, 2018. The company’s consolidated gross margin rose to 66.5 percent for the fiscal year ended April 30, 2019, compared to 52.3 percent from the previous year (http://nnw.fm/H3rwX).
Additionally, SHRG reported cumulative $94-plus million sales since the launch of products via its Elepreneurs and Elevacity Global subsidiaries. Thatch noted that Elevacity Global has consistently increased its sales of health and wellness products. Since the product launch in late 2017, SHRG has supported the expansion with several initiatives, including establishing a new corporate headquarters to accommodate growth, bringing in experienced industry talent and pursuing global expansion plans (http://nnw.fm/9sNVj).
SHRG is a Plano, Texas-based diversified holdings company that owns, operates or controls a variety of companies engaged in direct selling by utilizing independent sales contractors. Sharing Services also offers services such as energy, technology and insurance. Its divisions include Elevacity Global LLC and Elepreneur LLC.
For more information, visit the company’s website at www.SHRGInc.com
NOTE TO INVESTORS: The latest news and updates relating to SHRG are available in the company’s newsroom at http://nnw.fm/SHRG
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