Chill Brands Group PLC (LSE:CHLL, OTCQB:CHBRF) said ahead of Monday’s annual general meeting that it is pressing on with plans to complete an audit review and launch new products.
Having secured new banking provisions, Chill Brands said Monday that it was looking to complete the audit process this year after previous delays.
This follows Callum Sommerton’s reinstatement as chief executive after being cleared of using inside information earlier in the year.
Plans to develop new alternative vaping products ahead of an expected ban on disposables in the UK were also in place, the company updated, with its zero nicotine line still said to be leading the market.
Such products are set to include e-liquids as an expected shift back towards refillable products looms with the government’s anticipated new Tobacco and Vapes Bill.
“There is a significant opportunity to leverage its brand in the e-liquid segment,” Chill said, adding this was “less exposed to regulatory volatility surrounding vaping hardware”.
Chill added sales of its zero nicotine products had remained stable in the US as retailers continued to roll out the devices, while progress had been made to recover its chill.com domain name.
Sommerton commented that there was “cause for cautious optimism” despite previous hurdles throughout the year.
“We continue to add products and brands to the chill.com website, develop new proprietary products, and prepare for exciting distribution opportunities with our retail partners.”