VANCOUVER, BC / ACCESSWIRE / January 7, 2021 / LeanLife Health Inc. (CSE:LLP)(FSE:LL1)(OTC PINK:LNLHF) (the "Company") is pleased to announce that the Company has submitted nine Temporary Market Authorizations ("TMA") to the Canadian Government's Canadian Food Inspection Agency ("CFIA").
Currently, all caffeinated beverages sold in Canada require a TMA. The nine applications for TMA submitted by the Company include all 3 flavors in all three sizes of Iron Energy.
The approval process takes many months, and Mr. Gavin Mah, the Company's Chief Operating Officer, will be focused on helping navigate the regulatory approval process as quickly as possible
Stan Lis, CEO and Director of LeanLife, states: "Our first sales in the coming months will be from the United States, where we are lining up major retailers and have key partners facilitating our entry into this market. The Company will be able to build upon our American brand awareness and market strength and aggressively launch sales in Canada after the Company meets the CFIA's TMA requirements."
Gavin Mah, COO states: "I have extensive experience working with CFIA and Canadian regulators, and this will help facilitate our application and review process by the CFIA."
About LeanLife Health and its Competitive Positioning in Energy Drinks
FoodCare Group, the supplier and manufacturer of Iron Drinks, is one of the leaders in Poland's energy drink market and has also grown Iron Energy into the leading brand in the Middle East. It believes the product will appeal to North American consumers as well.
The annual value of the combined US and Canadian energy drink markets is estimated at over US$14 billion. Red Bull is the market leader, followed by Monster and Bang. Red Bull is the market leader and pursues a premium price strategy; LeanLife aims to be aggressively positioned in this market category. According to Allied Market Research, the Compound Annual Growth Rate (CAGR) of the global energy drink market is 7.20% and will reach US $86.01 by 2026.
Driving the strong growth in the energy drinks market is increased consumer awareness of health and wellness products. As well, this product is particular attractive among youth and teenage consumers.
Customers in Europe, where the product was first launched, are attracted to Iron Energy, which is a market share leader in numerous markets, because it offers a compelling branded product with taste and energy benefits.
For more information, please contact:
Stan Lis, CEO
Forward Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control including, the Company's ability to compete with large food companies; sales of any potential products developed will be profitable; the ability to complete sales under the sales agreement. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
THE CSE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: LeanLife Health Inc.