Reseller Agreement Secured with Fortress
Sydney, Nov 24, 2020 AEST (ABN Newswire) - Digital health and fitness company OliveX Holdings Limited (
NSX:OLX) is pleased to advise that it has secured a reseller agreement with prominent Hong Kong-based retailer, FORTRESS (www.fortress.com.hk.en) for the sale of the Company's KARA Smart Fitness mirror.
FORTRESS, part of the A.S. Watson Group, is one of Hong Kong's leading consumer electronics and home appliance retailers. FORTRESS has significant market reach with over 70 stores in Hong Kong and Macau together with a market-leading online presence.
Under the reseller agreement entered into between OliveX and FORTRESS, OliveX will derive a commission on KARA Smart Mirrors and accessories sold by FORTRESS through its existing online sales channels. The commission is in line with that agreed with other channel partners.
The reseller agreement is intended to broaden the Company's footprint throughout Asia.
Discussions with other key retailers are ongoing and management looks forward to updating shareholders on new developments as these discussions progress.
Management commentary:
OliveX CEO Keith Rumjahn, said: "This agreement marks a milestone for OliveX and unlocks new sales channels for the Company. We anticipate first sales will provide further validation of our product, which is beginning to gain traction with consumers throughout Asia.
"Discussions with other retail groups in Hong Kong are progressing well and the Company is undertaking a number of initiatives to provide its products to other businesses including hotels and health clubs across Hong Kong and the region. We look forward to updating shareholders on progress in the coming months."
About KARA Smart Fitness
KARA Smart Fitness is OliveX's recently launched flagship digital app that delivers premium, on demand and live health and fitness-related content and classes from celebrity trainers and wellness influencers across the globe. The app complements the KARA Mirror, the complete hardware and software solution, harnessing artificial intelligence technology for at-home fitness.
For more information, please visit www.karasmartfitness.com
About OliveX Holdings Limited
OliveX (NSX:OLX) is a digital health and fitness company selling innovative products and applications to deliver a unique user experience using artificial intelligence, gamification and premium content. With its flagship product the KARA Smart Fitness Mirror and associated subscription-based applications, OliveX provides a platform that links and engages consumers with brands, influencers and fitness coaches and that enables any space to become a personal fitness studio. OliveX has a market reach that spans over 170 countries.
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