Carson City, NV & Hong Kong, Nov. 15, 2017 (GLOBE NEWSWIRE) -- 12 ReTech Corporation (OTC: RETC), announces that for the three months of the third quarter FY2017 ending September 30, 2017, the Company posted revenues of $34,645 and a GAAP net loss of $8,081,528. Excluding a onetime, noncash good will impairment expense of $7,811,650, the non-GAAP net loss was $269,878 for the three-month period. The impairment expense was the result of the acquisition of 12 Japan, Limited in July 2017.
Angelo Ponzetta, 12 ReTech's CEO commented, "I am pleased with the progress of the Company which is occurring on several fronts, which should result in growth and profitability during FY2018. First, our pending acquisition of Active Fashion Group and our efforts to build their B2C sales channels is showing progress and we are optimistic that the resulting organic increase in sales and higher gross margins, will produce additional positive net cash flow for us.”
“Second, in recent meetings with a number of retailers in both North America and Europe, we have received positive indications of interest to move forward with the deployment of our 12 Technology Suite. It seems that they all have a common denominator, which is the need for an Omni-channel approach that gets them in front of new customers and gives them the ability to pursue these customers through multiple channels to make a sale, whether it be in the store or via e-commerce or mobile commerce channels. Retailers in general want to provide better sales environments and excellent customer service and 12 ReTech gives them the tools to do so.”
“Third, we are getting positive indications from additional consumer product brands who we are speaking to about our brand roll up strategy. We are working on several opportunities and expect to be able to make some interesting announcements in the very near future.”
Daniele Monteverde, 12 ReTech's Chief Financial Officer commented, “So far, we have frugally managed the expense side of our business, and believe that we will be in an excellent position to produce meaningful positive cash flow in FY2018 as the opportunities in front of us come to fruition.”
About 12 ReTech Corporation:
12 Retech Corporation (OTC: RETC) is a publicly listed holding company whose operating subsidiaries develop, improve, acquire and/or license technologies designed to bridge the convergence between real world "Brick and Mortar" stores with effective Online retailing, creating a new, fun and exciting way of transacting Commerce. For Retailers, our products bring more Consumers into physical and/or online stores, encouraging them to purchase more by improving their overall shopping experiences while lowering both the Retailer's costs of customer acquisition and the costs of employee training. This is Empowered Shopping. We enhance shareholder value by acquiring Micro-Brands that can greatly increase revenue and earnings by applying and using our proprietary technologies. These Micro-Brands give us access to sell our technologies to Major Retailers around the globe. We are the Retail Solution: throughout history 12 is a "symbolic number" and ReTech stands for "Retail Technology". Our subsidiaries 12 Japan Limited and 12 Europe, A.G. operate under the guidance of our main technology subsidiary 12 Hong Kong Limited. Our Micro-Brands operate under the leadership of our U.S. based subsidiary 12 Retail Corporation. For more information about our products, technologies and/or Micro-Brands visit our website at: http://www.12retech.com
12 ReTech Corporation is publicly traded in the United States on the OTC Markets under the symbol: RETC.
Safe Harbor: This document 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, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement its turnaround strategy, changes in costs of raw materials, labor, and employee benefits, as well as general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this letter will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. In assessing forward-looking statements included herein, readers are urged to carefully read those statements. When used in the Annual Report on Form 10-K, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements.