Naples Soap Co. Completes Reverse Merger with GNS Group, Inc.
July 20, 2021
NAPLES, Fla.–(BUSINESS WIRE)–Naples Soap Company, a pioneer in the high-quality skin and hair care industry, has completed its reverse merger with GNS Group, Inc. (OTC: GNSG). GNSG acquired 100% of Naples Soap Company’s shares in exchange for a controlling interest in the shares of GNSG. Founder and CEO of Naples Soap Company, Deanna Wallin, becomes the CEO and largest shareholder of GNSG.
“Naples Soap Company is now a wholly owned subsidiary of GNSG. This is an exciting new chapter for our company with opportunities for growth and expansion,” said Deanna Wallin, founder and CEO of Naples Soap Company. “We’ve seen strong growth in sales over the last two years through our retail stores, e-commerce channel and wholesale division. Store sales have increased more than 40% through the first six months of 2021 compared to the first six months of 2019 and more than doubled compared to the first six months of 2020. Our e-commerce is also strong. Through the first six months of 2021, our online orders are up 3% over 2020 and 253% over 2019.”
“Our next step is to update the publicly available financials at www.otcmarkets.com with a goal of getting to Yield Sign this quarter,” said Wallin. “Then, this fall, we will look at a potential name change for the publicly traded parent company and seek to get to Pink Current reporting status. We have a lot to do but are excited by the upside potential of being publicly traded.”
About The GNS Group, Inc. and Naples Soap Company
Founded in 2009 by Deanna Wallin, Naples Soap Company is a producer of more than 250 bath, body and personal care products that are made in the USA. Products are sold at the company’s 10 retail locations along Florida’s west coast, central Florida and the panhandle. Naples Soap Company products are sold online from the company’s website at naplessoap.com, through other DTC (direct-to-consumer) channels such as Amazon.com and over 300 boutiques, spas and stores throughout the United States via the company’s wholesale division. For more information about Naples Soap Company, visit NaplesSoap.com. Naples Soap Company is a wholly owned subsidiary of publicly traded The GNS Group, Inc. (OTC: GNSG).
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are subject to uncertainty and may not come to fruition. Readers are cautioned not to place undue reliance on any forward-looking statement including statements that list numbers and dates.