Interactive Strength Inc. (Nasdaq:TRNR) Drives CLMBR Growth in Saudi Arabia With Multiple Installations Across Armah Sports Group's B_FIT brand
Armah Sports Group is a leading operator in Saudi Arabia, with twelve locations across two brands and additional concepts in development
CLMBRs are being installed in three of Armah Sports Group's B_FIT nine locations, with a further roll out being planned in the portfolio
The Saudi Arabia fitness market has doubled since 2017 and is expected to double again by 2027
AUSTIN, TX / ACCESSWIRE / November 19, 2024 / Interactive Strength Inc. (NASDAQ:TRNR) ("TRNR" or "the Company"), maker of innovative specialty fitness equipment under the CLMBR and FORME brands, today announced that, Armah Sports Group's B_FIT is installing CLMBRs across three of the brand's nine locations in Saudi Arabia.
Trent Ward, Co-Founder and CEO of TRNR, said: "Armah Sports Group and the Al Hagbani family are pioneers of the fitness market in Saudi Arabia, and we are honored that that they have selected to install CLMBRs in key B_FIT locations. In the five years since Fahad Al Hagbani founded Armah, they have already opened twelve locations across their two brands and we are excited to grow with them."
"Saudi has a great potential, the fitness market has doubled since 2017 and is expected to double again by 2027. There are so many drivers behind this growth," said Mr. Al Hagbani, Armah Sports Group's Co-Founder and CEO.
Armah Sports Group is growing two brands, premium brand, B_Fit, and high-end concept, Optimo, with another couple of concepts in the works. The Saudi-listed firm secured a $48 million credit facility earlier this month to fund further club expansion in key cities.
Fahad Al Hagbani co-founded Fitness Time and grew it to the largest chain in the Middle East and the 15th worldwide with 150 clubs by 2018 when he moved on and then founded Armah Sports Group.
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About Armah Sports Group:
Armah Sports Group has launched two main brands since it was founded in 2019 - high-end concept Optimo and premium brand, B_FIT, with another couple of concepts in the works. The Al Hagbani family listed the company in Saudi Arabia in 2023, having already listed Fitness Time, the largest chain in the Middle East with 150 clubs in 2018.
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. www.clmbr.com.
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. www.formelife.com.
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 Armah Sports Group installing additional CLMBRs, the growth of Armah Sports Group or the Saudi Arabia fitness market or the Company participating in this growth by selling additional CLMBR devices. 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.
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