Company Still in the Process of Completing PCAOB Audits for Last 2 Years
CHICAGO, IL , Aug. 17, 2018 (GLOBE NEWSWIRE) -- Alliance Creative Group, Inc. (AllianceCreativeGroup.com) (OTC: ACGX) is pleased to announce the results of Operations for the Three Months ended June 30, 2018.
Revenues for the quarter ending June 30, 2018 (“Q2 2018”) were $3,121,357
Gross Profits for the quarter ending June 30, 2018 (“Q2 2018”) were $667,400.
Net Incomes for the quarter ending June 30, 2018 (“Q2 2018”) were $(464,578)
The total assets on the Balance Sheet for the Alliance Creative Group as of 6/30/18 were $5,999,474.
The total outstanding common shares as of June 30, 2018 were 1,875,103,928 with 1,774,782,953 of those shares in the float - no new shares were issued during the three Months ended June 30, 2018.
Company ended the quarter with $236,532 cash in the bank.
During the three Months ended June 30, 2018, there were a number of non-recurring one-time expenses to allow for the trucking transaction to occur. Some of the parties involved in the transition also signed an agreement that would potentially repay Alliance Creative Group approximately $500,000 over the next few years to potentially offset all of the non-recurring expenses recognized during the three Months ended June 30, 2018. The parties are auditing the final numbers to determine the final amount that will be owed back to the Company.
The reduction in revenues was due to the discontinuance and transition of the original trucking business.
The full financial statement, balance sheet, cash flow statement, stockholder equity and information and disclosure statements are posted on the OTC Market Company website at www.OTCmarkets.com under the stock symbol ACGX in the section for filings and disclosure and on www.ACGX,us in the investor relations section.
The Company is still in the process of having their audits for the years ended 2017 and 2016 completed with the preparation help of Brio Financial and the PCAOB Auditing firm Ciro E. Adams, CPA, LLC.
Paul Sorkin, COO and General Counsel of the Alliance Creative Group, said “This Quarter included the full transition and discontinuance of the trucking business the way we had originally structure it. We had a number of non-recurring expenses this quarter to complete the transition and entered into an agreement to potentially get repaid approximately $500,000 over time, with the exact amount to be determined after the audits. We are still working on the 2 years of PCAOB audits for 2016 and 2017, and future 10Q filings, while we evaluate all of our options for a potential uplisting along with some different ways to raise capital to execute and expand our current and future business plans. PeopleVine (The SAAS CRM engagement platform) has made tremendous progress recently and we will update the public more as things progress with that investment. We believe the future quarters for ACG will include less overall expenses and will allow us to focus more on strengthening our core business and evaluate more synergistic opportunities as well as support and continue helping the growth of PeopleVine. After we complete the audits and file the appropriate registration statements we believe our ability to access capital to execute our business plans will improve tremendously.”
About Alliance Creative Group, Inc.
Alliance Creative Group, Inc. (Stock Symbol: ACGX) is a full-service product-development agency that since 1997 has been helping clients connect their products and services to their customers. ACG focuses on creative and design services, printing and packaging, brand and product development, fulfillment, logistics and transportation, strategic consulting, digital marketing and engagement, and software development. For more information, visit www.AllianceCreativeGroup.com or www.ACGX.us.
About PeopleVine
PeopleVine is a consolidated platform that allows businesses to build more personal relationships with their customers at scale. PeopleVine solves the problem businesses have creating and managing holistic relationships with their customers without using multiple products that only support a portion of the relationship building activities. PeopleVine seamlessly brings together the tools needed to market, sell, and operate a business with streamline efficiencies in a customer engagement suite and enables businesses to make data informed decisions to help generate revenue growth.
PeopleVine is becoming an industry leader in the growth market of incubators and coworking spaces. Our platform is used by the best in the industry, from 1871 and mHub, to Daymond John’s Blueprint + Co. These clients need a robust platform to manage and engage with their members and PeopleVine supports them in this effort. In addition to these incubators and coworking spaces, PeopleVine also works with United Airlines, Chick-fil- a, and Bosch.
We are committed to being the most essential and adaptive SaaS engagement platform for companies that take a customer centric approach to business.
For more information www.PeopleVine.com
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.