Real Estate Sales and Increase in Proprietary Trading Revenue Drive Record Growth
TORRANCE, CA , April 14, 2021 (GLOBE NEWSWIRE) -- Video River Networks , Inc. (OTC PINK:NIHK) (the "Company"), an Electric Vehicles and Battery Technology holding company, is pleased to announce completion of its annual audit by PCAOB-registered Auditors, and record revenue growth of $1,628,136 for the year ended December 31, 2020. This is a first for the Company in the last 11 years. The result was mainly due to the Company pivot to Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics assets in its cash management portfolio.
The result was contained in the Company’s 2020 Annual Report under Form 10-K, which was filed with the SEC this morning, April 14, 2020.
"I am excited about our timely pivot into EV, Ai, Machine-Learning and Robotics in the third quarter of 2020. That prescient strategic shift of business focus has started to yield fruits across our business lines. Our cash management portfolio briskly capitalized on the technological wave to generate needed alphas to carry us to the finish line, stated Frank I Igwealor, Video River Networks’ Chief Executive Officer. "Our revenue for the year ended December 31, 2020 was $1,628,136, a first for the Company that had recorded zero revenue in each of the last 11 years. Our successful entry into the EV sector was pivotal to our overall portfolio and assets management, which has also placed us into great position for further growth in 2021 and beyond." Furthermore, a successful completion of the annual audit will open many doors for the Company as it try to execute its business plan and roll out its EV SPAC in the coming months.
About Video River Networks, Inc.
Video River Networks, Inc. is an Electric Vehicles and Battery Technology holding company that operates and manages a portfolio of Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics ("EV-AI-ML-R") assets, businesses and operations in North America. The Company's current and target portfolio businesses and assets include operations that design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices mostly engineered through Artificial Intelligence, Machine Learning and Robotic technologies NIHK's current technology-focused business model is a result of our board resolution on September 15, 2020 to spin-in/off our specialty real estate holding business to an operating subsidiary and then pivot back to being a technology company. The Company has now returned back to its original technology-focused businesses of Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
CONTACT:
Video River Networks, Inc.
370 Amapola Ave., Suite 200A
Torrance, CA 90501
contact@videorivernetworks.net