Torque Lifestyle Brands Inc (OTCMKTS:TQLB), which is fast emerging as a major player in the sports nutrition space, announced today that it entered into a manufacturing joint venture with the contract manufacturing firm Zero Day Nutrition.
The announcement has come as a major positive trigger for the Torque Lifestyle stock, which has jumped by 10% so far. It should be noted that Torque is going to have 51% ownership of the joint venture partnership with Zero Day Nutrition.
The company is going to provide the capital to the joint venture for the purposes of expenses related to machinery and other sundry reasons. On the other hand, Zero Day is going to provide the manufacturing expertise and the sales push by way of its list of existing as well as future clients. It is necessary to remember that at this point Zero Day counts such well known brands as Glaxon among its clients. The company expects total sales to amount to multimillion dollars on an annual basis.
Market Reaction
TQLB stock gained 9.55% to $0.2900 with more than 854K shares traded hands, well above its average volume of 100K shares.
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