Latest news with #StephenLoftus
Miami Herald
18-06-2025
- Business
- Miami Herald
Interactive Strength Inc. (Nasdaq:TRNR) Expects to Complete Wattbike Acquisition Imminently After Receiving UK Regulatory Approval
Regulatory Approval by the UK Financial Conduct Authority was Key Requirement for Transaction Timing Minimal Conditions Remain for Deal Completion; Closing Expected in July, 2025 AUSTIN, TX AND NOTTINGHAM, UK / ACCESS Newswire / June 18, 2025 / Interactive Strength Inc. (NASDAQ:TRNR) ("TRNR" or the "Company") today announced that it has received formal approval from the UK Financial Conduct Authority ("FCA") for its previously-announced acquisition of Wattbike, the UK-based, omni-channel, connected, indoor-performance bike business, and that it expects to complete the acquisition in July, 2025. The FCA's approval satisfies a key condition for the closing of the acquisition, which is expected to significantly expand Interactive Strength Inc.'s presence in the global fitness market, particularly in the UK, and enhance its product offerings with a leading indoor-performance bike offering. This strategic acquisition is anticipated to be immediately accretive to TRNR's results and accelerate growth, especially in key markets like the US and Germany, leveraging TRNR's global distribution network. Wattbike delivered over $15 million in 2024 revenue and has built on its prestigious elite-sport base - including Olympic teams, Premier League clubs, major US sports teams and elite fitness facilities - to debut a much broader product portfolio that will allow its footprint to scale internationally as well as in the UK, its home market. "We have been waiting to secure FCA approval in order to finalize the Wattbike deal and now we will push to completion quickly," said Trent Ward, Founder & CEO of Interactive Strength. "This regulatory hurdle was the main closing requirement the timing of which we did not control. The remaining steps are largely administrative. We're already well underway integrating and collaborating with Wattbike, and we look forward to accelerating from here. Wattbike's elite heritage, combined with TRNR's Nasdaq listing, US distribution reach, and marketing muscle, positions us to drive meaningful growth across the UK, US, and Germany." "We remain thrilled to become part of the TRNR family," added Stephen Loftus, CEO of Wattbike. "With FCA approval secured, we're on the road to fully leverage TRNR's global platform to accelerate our consumer and commercial expansion and bring premium, data-driven indoor cycling to new audiences." Wattbike is renowned for its high-performance connected indoor bikes, with deep penetration into leading UK gyms and an expanding direct-to-consumer customer base. The acquisition consideration is structured as an all-stock transaction for 100% of Wattbike, and there is an earn-out component to align the business' financial performance with TRNR valuation. Further details regarding the financial impact of the acquisition will be provided in our upcoming filings with the U.S. Securities and Exchange Commission. TRNR Media Contact john@ TRNR Investor Contact ir@ About Interactive Strength Inc.: Interactive Strength Inc. produces innovative specialty fitness equipment and digital fitness services under two main brands: 1) CLMBR and 2) FORME. Interactive Strength Inc. is listed on NASDAQ (symbol: TRNR). CLMBR is a vertical climbing machine that offers an efficient and effective full-body strength and cardio workout. CLMBR's design is compact and easy to move - making it perfect for commercial or in-home use. With its low impact and ergonomic movement, CLMBR is safe for most ages and levels of ability and can be found at gyms and fitness studios, hotels, and physical therapy facilities, as well as available for consumers at home. FORME is a digital fitness platform that combines premium smart gyms with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. FORME delivers an immersive and dynamic fitness experience through two connected hardware products: 1) The FORME Studio Lift (fitness mirror and cable-based digital resistance) and 2) The FORME Studio (fitness mirror). In addition to the company's connected fitness hardware products, FORME offers expert personal training and health coaching in different formats and price points through Video On-Demand, Custom Training, and Live 1:1 virtual personal training. Forward Looking Statements: This press release includes certain statements that are "forward-looking statements" for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management's assumptions, views, plans, objectives and projections about the future. Forward-looking statements generally are accompanied by words such as "believe", "project", "expect", "anticipate", "estimate", "intend", "strategy", "future", "opportunity", "plan", "may", "should", "will", "would", "will be", "will continue", "will likely result" or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the possibility of completing this acquisition in July or at all, the business being accretive to earnings, accelerating growth in the UK, US or Germany. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company. Risks and uncertainties include but are not limited to: whether ATW Partners and / or DWF Labs will invest further amounts, other US publicly listed companies' crypto strategies, and the price of $FET tokens. A further list and descriptions of these risks, uncertainties and other factors can be found in filings with the Securities and Exchange Commission. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements. # # # SOURCE: Interactive Strength Inc.
CTV News
17-06-2025
- Business
- CTV News
Barrie's business community mourns sudden death of respected leader, innovator
Barrie's business community is mourning the death of Stephen Loftus, a long-time pillar in the community. Barrie's business community is mourning the sudden death of a long-time pillar in the community who passed away late last week. Stephen Loftus, regarded as a respected leader, innovator and supporter of the community, the Barrie Chamber of Commerce stated in a press release issued Monday. "Through his work with Innovative Automation, Steve helped put Barrie on the map as a centre for advanced manufacturing and automation. However it was the way he led, with integrity, generosity and a strong sense of responsibility to his community, that truly set him apart," Paul Markle wrote, chief executive officer with the chamber. Loftus was a founding partner and board member of Barrie-based manufacturer Innovative Automation. "He believed in giving back, supported local education, economic development and was a proud supporter of the Chamber and the City of Barrie. His leadership and presence will be deeply missed," Markle continued. Loftus was 67. The cause of his death has not been released. A visitation is being held in Elmvale Tuesday and Wednesday, with a funeral mass to be held Thursday in Phelpston.
CTV News
17-06-2025
- Business
- CTV News
Barrie innovator and philanthropist dead at 67
Barrie's business community is mourning the death of Stephen Loftus, a long-time pillar in the community.
Miami Herald
23-05-2025
- Business
- Miami Herald
Interactive Strength Inc. (Nasdaq:TRNR) Shares New CEO Q&A Update Featuring TRNR and Wattbike CEO's
Top-to-Top Conversation Details Further Integration Planning Following Strong Q1 Earnings Report AUSTIN, TEXAS / ACCESS Newswire / May 23, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ("TRNR" or the "Company"), maker of innovative specialty fitness equipment under the CLMBR and FORME brands and pending acquirer of Sportstech and Wattbike, today announced the publication of a shareholder update and Q&A conversation with TRNR Founder & CEO Trent Ward and Wattbike CEO Stephen Loftus. The candid discussion - now available on the Company's investor website - provides new details on the companies' integration progress, how Wattbike and Sportstech will collaborate on go-to-market planning in the UK and US, tech and data advantages that both bring to each other and TRNR, and cross-channel selling including on Amazon. "Leading up to the formal completion of our transformational acquisitions, investors should continue to have confidence in our growth, success and potential as a company," said Mr. Ward. "This update provides further concrete confirmation in the immediate, specific business initiatives underway right now across all three companies that we expect will create shareholder value." Read the full update on our investor website. TRNR Investor Contactir@ TRNR Media Contactjohn@
Associated Press
23-05-2025
- Business
- Associated Press
Interactive Strength Inc. (Nasdaq:TRNR) Shares New CEO Q&A Update Featuring TRNR and Wattbike CEO's
Top-to-Top Conversation Details Further Integration Planning Following Strong Q1 Earnings Report AUSTIN, TEXAS / ACCESS Newswire / May 23, 2025 / Interactive Strength Inc. (Nasdaq:TRNR) ('TRNR' or the 'Company'), maker of innovative specialty fitness equipment under the CLMBR and FORME brands and pending acquirer of Sportstech and Wattbike, today announced the publication of a shareholder update and Q&A conversation with TRNR Founder & CEO Trent Ward and Wattbike CEO Stephen Loftus. The candid discussion - now available on the Company's investor website - provides new details on the companies' integration progress, how Wattbike and Sportstech will collaborate on go-to-market planning in the UK and US, tech and data advantages that both bring to each other and TRNR, and cross-channel selling including on Amazon. 'Leading up to the formal completion of our transformational acquisitions, investors should continue to have confidence in our growth, success and potential as a company,' said Mr. Ward. 'This update provides further concrete confirmation in the immediate, specific business initiatives underway right now across all three companies that we expect will create shareholder value.' Read the full update on our investor website. TRNR Investor Contact [email protected] TRNR Media Contact [email protected] About Interactive Strength Inc.:Interactive Strength Inc. produces innovative specialty fitness equipment and digital fitness services under two main brands: 1) CLMBR and 2) FORME. Interactive Strength Inc. is listed on NASDAQ (symbol:TRNR).CLMBR is a vertical climbing machine that offers an efficient and effective full-body strength and cardio workout. CLMBR's design is compact and easy to move - making it perfect for commercial or in-home use. With its low impact and ergonomic movement, CLMBR is safe for most ages and levels of ability and can be found at gyms and fitness studios, hotels, and physical therapy facilities, as well as available for consumers at home. .FORME is a digital fitness platform that combines premium smart gyms with live virtual personal training and coaching to deliver an immersive experience and better outcomes for both consumers and trainers. FORME delivers an immersive and dynamic fitness experience through two connected hardware products: 1) The FORME Studio Lift (fitness mirror and cable-based digital resistance) and 2) The FORME Studio (fitness mirror). In addition to the company's connected fitness hardware products, FORME offers expert personal training and health coaching in different formats and price points through Video On-Demand, Custom Training, and Live 1:1 virtual personal training. .Forward Looking Statements: This press release includes certain statements that are 'forward-looking statements' for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or current facts and reflect management's assumptions, views, plans, objectives and projections about the future. Forward-looking statements generally are accompanied by words such as 'believe', 'project', 'expect', 'anticipate', 'estimate', 'intend', 'strategy', 'future', 'opportunity', 'plan', 'may', 'should', 'will', 'would', 'will be', 'will continue', 'will likely result' or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the possibility of completing the Sportstech or Wattbike transactions in a timely manner or at all, the synergies from these transactions as well as the financial performance of Sportstech through April 2025 as the financial metrics have not been audited or independently verified by the Company. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the Company. Risks and uncertainties include but are not limited to: demand for our products; competition, including technological advances made by and new products released by our competitors; our ability to accurately forecast consumer demand for our products and adequately maintain our inventory; and our reliance on a limited number of suppliers and distributors for our products. A further list and descriptions of these risks, uncertainties and other factors can be found in filings with the Securities and Exchange Commission. To the extent permitted under applicable law, the Company assumes no obligation to update any forward-looking statements.# # #SOURCE: Interactive Strength Inc. press release
