San Francisco, CA, Feb. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Simlatus Corporation and Satel Group Inc. (OTC Pink: SIML) (“Simlatus” or the “Company”), announced today that its internet business projects an increase of $12M in new revenue contracts over the next 24 months.
The growth in new business revenue is projected at over 120% increase per year over prior year’s revenue. The increase in revenue will be driven by a more strategic sales strategy, increase in quality customer service, and through mergers of other smaller companies in the same space.
Satel currently services 19,000 living units within 170 building complexes in Metropolitan San Francisco and Oakland. Satel is quickly booking another additional 1,000 living units by end of second quarter. Management has their eye on the greater San Francisco Bay Area and is focused to increase up to 240,000 living units by the end of 2022 through an aggressive marketing strategy using new technology, the addition of OTT (Over-The-Top) programming, high-speed internet and competitive pricing.
Global data statistics indicate that Northern California has the fastest growing area in the world for this industry with revenue growth increasing up to $83.4B by 2022, an increase of 13 times the revenue of $6.1B in 2010. Satel has established strong relationships and credibility in the San Francisco area, along with its relationship with DirecTV. With a foot in the door, and a 20 year history, Richard Hylen, the Chairman and CEO, is the driving force behind the growth of this public company. His broad experience and successful years with Viacom and Turner Broadcasting combined with strong support from DirecTV, gives him an advantage to continue growing Satel.
Satel plans to expand operations beyond the metro-San Francisco area into the entire Bay Area, the 6th largest economy in the world. San Francisco-Oakland-Hayward and San Jose-Sunnyvale-Santa Clara are ranked as having the best economies in the country. These two metros are in and around Silicon Valley, considered the center of the tech world. Thanks to companies like Apple, Google, Cisco, and Tesla, Silicon Valley is nearly a $3 billion neighborhood today. The San Jose metro area holds the top position among the 40 largest regions in three of our five metrics with an average weekly wage of $2,297, GDP growth rate of 5.9%, and GDP per capita of $126,820.
Safe Harbor for Forward-Looking Statements: This news release includes forward-looking statements. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are and will be set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.