Xalles Has Streamlined Its Operations and the 2022 Results are Available in the Published Annual Report
WASHINGTON, D.C., Feb. 06, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Xalles Holdings Inc. (OTC: XALL), a fintech holding company providing technology and financial services solutions, today announced changes in late January to position the company for increased revenues in 2023 while streamlining operations.
The changes made to the organizational structure will assist the management team with further growth in 2023. The 2022 Annual Report and Financial Statements have been published and key results from last year include record revenues and profits since Xalles became a public entity. The 2022 annual revenue was $5.9 million while the net profit was approximately $1.1 million. Growth was achieved in Q4 with revenues and profits more than doubling from the Q3 results.
Xalles Holdings continues to operate using its three main group companies, namely Xalles Capital, Xalles Financial Services and Xalles Technology. Within that structure there have been changes made to the operating subsidiaries. As of January 31, 2023, Private Loyalty Club Inc., which was under Xalles Financial Services has been divested, and Vigor Crypto Holdings, LLC, which was under Xalles Capital Inc., has also been divested. GioBot Inc., the joint venture project linked to trading bots, has been made inactive. Xalles was not yielding the results it expected from these entities in 2022 and will focus on the higher yielding subsidiaries and projects moving forward.
“Our core business relates to creating revenue streams linked to payment and financial reconciliation solutions. While this is supplemented by IT staffing and a couple of other business units, the largest opportunities for Xalles remain in the areas of having recurring revenue streams linked to technology, such as payment systems and artificial intelligence solutions,” stated Xalles Holdings CEO Thomas Nash.
2023 results are expected to build on the foundation developed in 2022, while achieving further growth through completion of acquisitions and organic growth through new client projects.
About Xalles Holdings Inc. (OTC: XALL)
Xalles Holdings Inc. is a holding company that focuses on direct investments in disruptive fintech companies. The company actively seeks acquisition targets in which it can invest and accelerate growth, targeting companies with solid management teams and business models, large total attainable markets (TAM), and lucrative exit opportunities. The company places emphasis on leveraging blockchain and other technologies to provide industry-leading financial reconciliation and auditing solutions, which, over time, will allow for the capture of recurring revenue streams. For more information visit: Xalles.com
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