Sunstock Inc. Announces FY 2020 Revenue Growth of 40%
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SACRAMENTO, Calif., April 19, 2021 (GLOBE NEWSWIRE) -- Sunstock Inc. (OTC: SSOK), involved in the buying, selling and distribution of precious metals, today announces its revenues for the 12 months ended Dec. 31, 2020, and issues an update on its sales and marketing strategy.
Revenues for the full year ended Dec. 31, 2020, were $10.1 million, an increase of approximately 40% over the year prior. The Company attributes this increase primarily to discounts to large purchasers of coins and to increasing investor confidence in coins as safe haven amid Covid-19 and political uncertainty.
Sunstock also grew its inventory of gold and silver assets to more than $1 million.
Sunstock pursues a “ground-to-coin” strategy based on the acquisition and sale of mining assets, as well as rights to purchase mining production, primarily through retail channels. Management’s broader goal is to provide to shareholders an opportunity to capture value in the precious metals sector without incurring many of the costs and risks associated with actual mining operations.
Sunstock currently operates Mom’s Silver Shop, a leading precious metals retail store located in Sacramento, Calif., where it sells its inventory to investors and customers. The Company is exploring options for a second location on the East Coast and intends to purchase up to 100,000 ounces of silver as initial inventory for its new retail shop.
“Our vision is to achieve vertical integration within the precious metal industry,” stated Sunstock CEO Jason Chang. “We plan to do this by expanding our retail presence, growing our inventory, and acquiring mineral rights and assets to complement our precious metal business. We believe the growth and debt-free status achieved in 2020 demonstrates our commitment to this vision and to shareholder value.”
About Sunstock Inc.:
Sunstock Inc. (OTC PINK: SSOK) is involved in the distribution of precious metals, primarily gold. The Company pursues a “ground to coin” strategy, whereby uses its wholesale and retail channels to sell these precious metals. For more information, visit the Company’s website at www.SunstockInc.com
In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause
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