Fortran Announces Filing of its 2021 Audited Annual Financial Statements
CONOVER, NC, May 03, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Fortran Corporation (OTC: FRTN), an emerging telecommunications technology systems integrator, is pleased to announce that it has filed its audited annual financial statements with the OTC Markets Group Inc. for the financial years ended December 31, 2021 and 2020.
Full Year 2021 Operational and Other Financial Highlights
Revenues were $1,243,000.00. Gross profit for 2021 was 28.8%; Loss from operations in 2021 decreased by 39% from 2020. Total net loss in 2021 decreased by 41% from 2020. Loss per share for 2021 decreased to (.03) per share.
OUTLOOK: “We believe our financial results for 2021 were a significant improvement compared to the previous 12 months of 2020. We believe Fortran is now positioned to become a profitable company based on our two most recent acquisitions in 2022 of Comconexx, LLC, and M & B Communication, LLC,” stated Fortran President Glenn Withers.
“Moving forward, we expect 2022 to be a successful year and I look forward to accomplishing numerous milestones for our shareholders,” added Withers.
About Fortran Corporation: Fortran Corporation is a telecommunications system integrator dedicated to designing, implementing and maintaining complex communications solutions. Fortran is comprised of engineering and design, network service, sales, remote monitoring, and on-site services.
Fortran’s subsidiary companies include Comconexx, LLC, M & B Communication, LLC, B and L Telephone, and Fortran Communications. Each of our subsidiary companies is in the process of converting their historical and traditional telecom business models to a TaaS model. The TaaS model that our subsidiary companies offer is comprised of design, network service, technical certifications, remote monitoring, and on-site service, with dedicated sales and engineering.
With our subsidiaries’ ability to offer these modern telecommunication technologies, we believe that companies and organizations requiring upgrades, expansion, or replacement of existing equipment will be able to realize significant savings compared to aging copper or wired digital infrastructures.
Companies can now integrate their voice platform with data network technology to improve collaboration and usability. Our subsidiary companies offer one-stop service and products to provide organizations with the very best in both value and quality for communications and data network services.
For more information contact us at: info@fortrancorp.com. Visit us at www.fortrancorp.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Statements and information contained in this communication that refer to or include Fortran’s estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Fortran’s current perspective of existing trends and information as of the date of the communication. Forward looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements that Fortran believes its financial results for 2021 were a significant improvement compared to the previous 12 months of 2020; that Fortranbelieves it is now positioned to become a profitable company based on its two most recent acquisitions in 2022 of Comconexx, LLC, and M & B Communication, LLC; and that moving forward Fortran expects 2022 to be a successful year and that it looks forward to accomplishing numerous milestones for its shareholders. It is important to note that Fortran’s plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Fortran’s current expectations depending upon a number of factors affecting Fortran’s business. Factors that could cause or contribute to such differences include, but are not limited to, fluctuation in operating results, the ability of Fortran to compete successfully and other events. These factors also include, among others, the risks associated with the COVID-19 pandemic and related public health measures on its business, customers, markets and the worldwide economy; the inherent uncertainty associated with financial and other projections; the anticipated size of the markets and continued demand for Fortran’s products; the impact of competitive products and pricing; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Fortran’s facilities, products and/or businesses; changes in laws, regulations and governmental policies; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Fortran Corporation’s filings with the OTC Markets Group Inc. including, specifically, those factors set forth in any “Risk Factors” section contained in such fillings.
Contact: Glenn Withers Tel: 828-324-4611 Gwithers@fortrancorp.com
