Q4 FY2019 Revenues Are 545.7% Better Than The Prior Quarter!
Year over Year Q4 Revenues Are 5,503.4% Better!
Las Vegas, NV & Hong Kong, Jan. 15, 2020 (GLOBE NEWSWIRE) -- 12 ReTech Corporation (OTC: RETC) announced today that it has achieved the best quarterly revenue performance in the Company’s history. Fourth Quarter FY2019 revenues are in excess of $1 million dollars.
The Company today is releasing limited preliminary financial results of operations for the 4th quarter of 2019. Full financial results will not be published until the completion of the FY2019 year end audit which will be reported on the Company’s Form 10-K that is due by March 31, 2020. Due to the four acquisitions completed in 2019, associated third party purchase accounting valuations and derivative calculations that are required, the Company will need to complete its year end audit before additional and complete information can be provided.
As a result of the four acquisitions completed in 2019 the Company will report revenues of $1,070,534 for the 4th quarter ended December 31, 2019 versus revenue of $19,105 for the same period in 2018. This represents an increase of $1,051,429 or 5,503.4%.
When comparing quarter over quarter revenues the Company posted $1,070,534 for the 3 months ended December 31, 2019 versus $176,826 for the 3 months ended September 30, 2019.
Gross Margins for the 3 months ended December 31, 2019 vs the 3 months ended September 30, 2019 were 50.4% vs 31.8% and increase of 18.6% in Gross Margin Percentage. As the Company did not have significant consumer products to sell in 2018, it would not be instructive to investors to compare the gross margin changes year over year.
Angelo Ponzetta the Company’s CEO commented, “I’m proud of our team for completing these acquisitions and generating our fourth quarter revenue and gross margin results. These milestone results demonstrate the tremendous progress our company has made in 2019. We still have challenges to overcome such as; further consolidating the acquisitions we have made to reduce costs and increase revenue, reducing the amount and type of debt that the Company has outstanding, deploying our technology to re-engineer retail, and continuing to grow our company through additional larger and synergistic acquisitions. We remain focused on all these initiatives. I will look forward to discussing upcoming progress in the evolution and growth of our Company.”
The figures referenced above are not audited and are subject to change as our year end audit is being worked on. Readers are advised to consider these announced preliminary results alongside the footnotes and any other accompanying information that is contained in the Company’s previously published Form 10-Q(s) and Form 10-K(s) as well as all of the filings that the Company has previously filed with the U.S. Securities and Exchange Commission.
About 12 ReTech Corporation:
“RETAIL REINVENTED”
12 ReTech Corporation has REINVENTED RETAIL for both our own retail outlets and other merchants who would want to license our cutting-edge retail software to experientially engage with consumers, increase revenues, reduce expenses and provide superior service to their customers. In addition to our software licensing business, the company operates nine retail outlets that sell electronics and travel-related products at premium U.S.A. airport and casino locations under our Bluwire brand. We create and sell fashionable apparel under our Rune NYC, Social Sunday, Emotion Fashion & Lexi-Lu brands. We produce clothing and travel accessories at our Red Wire Group operation.
As a vertically integrated omni channel retailer, 12 ReTech’s technology team truly understands and develops what merchants need in order to thrive in today’s demanding retail environment. We give our retailer clients the abilities and tools that enable them to compete effectively with the likes of Amazon, Walmart and others.
For more information about our Company visit us at www.12ReTech.com. To have your products carried in our stores visit www.shopbluwire.com. To learn about our apparel manufacturing capabilities, contact us at sales@redwiregroup.com or visit www.redwiregroup.com. To shop our brands please visit www.runenyc.com, www.lexiludancewear.com and www.socialsunday.com. For retailers who would like to learn more about our cutting-edge software, contact us in the U.S.A at (530) 539 4329 or write to us at solutions@12Retech.com.
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.
Investors Relations Contacts:
Mark Gilbert
Magellan FIN, LLC
mgilbert@magellanfin.com
317-361-2392 (USA)
Corporate Headquarters
investors@12ReTech.com