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AAJ Capital 2 Corp. Announces the Appointment of Chief Revenue Officer to TUT Fitness Group Limited


Further Strengthening TUT’s Ability to Make Home Gym Training More Affordable and Accessible

VANCOUVER, BCJan. 20, 2021 /CNW/ – AAJ Capital 2 Corp. (TSX-V: AAJC.P) (“AAJ” or the “Company“) is pleased to announce that TUT Fitness Group Limited (“TUT Fitness“) has appointed RJ Wafer to the position of Chief Revenue Officer, overseeing TUT Fitness’ Go-To-Market (GTM) strategy including, revenue operations, direct sales and affiliate programs, strategic partnerships, channel planning and strategic relationships with technology, content, community providers and further development of TUT’s OEM licensing revenue streams.

RJ Wafer has spent the better part of his career working at the forefront of emerging technologies, and successfully scaling consumer hardware and software platform companies by leading their go-to-market initiatives. Before joining TUT, Wafer led the successful build-out and global distribution sales efforts for several successful consumer hardware businesses, including the legendary 3D printing startup, MakerBot Industries (sold in 2013 for $604M USD to Stratasys), and Double Robotics telepresence robots, the world leaders in mobile telepresence for the booming remote work marketplace.

TUT Fitness President, Rob Smith, commented “RJ is a world-class executive and we are very fortunate to have him join our senior leadership team at a time where the connected Home Gym and Fit Tech hardware space is experiencing unprecedented growth. His intimate consumer hardware knowledge, technology experience, track record of engaging and developing new markets, global sales and distribution channels for partners, will further drive our revenue development and wider consumer adoption of the TUT Home Gym and Rower.”

“I am excited to be a part of the TUT Fitness Group’s go-to-market team. TUT combines high-level engineering and effectiveness with affordability and ease of use, while the roadmap will expand our role within the fitness community as a whole. We have a high bar and strong expectations for where we are going, and I think folks are going to be excited about how we get there. Personally, I’ve incorporated the TUT into my own fitness journey, and I would not be here unless I saw the true potential for us to be a leader in the marketplace,” noted Wafer.

AAJ also wishes to announce that Satnam Brar has been appointed to the role of AAJ’s Corporate Secretary.

AAJ will issue additional news releases related to the final legal structure and terms of the previously announced transaction with TUT Fitness (the “Transaction“), capitalization of TUT and the Resulting Issuer and TUT financing terms, financial information regarding TUT, the names and background of insiders of the Resulting Issuer and other material information as it becomes available.

The trading in the shares of AAJ is presently halted and will remain so until the Transaction is completed and approved by the TSX Venture Exchange.

About TUT Fitness Group Limited

TUT is a private British Columbia based company that has designed, patented and manufactured one of the world’s smallest and most affordable high-performance home gyms. Incorporated in 2018, TUT is an emerging player in the connected Home Gym and Fit Tech hardware space, targeting the US$9.4B Global Home Exercise Equipment Market1 and Online Fitness Market, expected to be US$30B by 20262. At 32 pounds, TUT’s flagship products, the TUT TrainerTM and Rower are lightweight and more affordable than other alternatives. TUT’s proprietary “Time Under Tension” technology creates more load on the muscles than conventional training and cardio machines, while placing less pressure on joints and tendons. The net result is a higher caloric burn and a better workout than comparable machines.

Visit www.thetuttrainer.com for more information.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements in this release are forward-looking statements or information, which include completion of the proposed Transaction, TUT’s Go-To-Market strategy, development of technologies, future plans, regulatory approvals and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, security threats, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, litigation, increase in operating costs, the impact of COVID-19 or other viruses and diseases on the Company’s ability to operate, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.

There can be no assurance that the proposed Transaction will be completed or, if completed, will be successful.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

  1.  Source: ReportLinker – https://www.globenewswire.com/news-release/2020/07/30/2070103/0/en/Home-Fitness-Equipment-Global-Market-Report-2020-30-Covid-19-Implications-and-Growth.html
  2. Source: Global Market Insights, Inc. (https://www.globenewswire.com/news-release/2020/09/24/2098446/0/en/Online-Fitness-Market-growth-predicted-at-30-through-2026-Global-Market-Insights-Inc.html)