REDONDO BEACH, Calif., March 15, 2005 (PRIMEZONE) -- CorpHQ, Inc. (PinkSheets:COHQ) today reported that it has posted its 2004 Annual Report containing independently reviewed financial statements at http://www.pinksheets.com/quote/finance.jsp?symbol=COHQ.
The information highlighted in this press release is contained in and qualified in its entirety by the full text of, the Voluntary Report referenced above, and all readers are encouraged to consult the full report which includes, among other things, risk factors and other information necessary for a complete understanding of the company.
During the twelve month period ending December 31, 2004, total assets increased by 30% to $3,563,853 from $2,745,291 at December 31, 2003.
During the twelve month period ending December 31, 2004, total equity increased by 13% to $3,033,410 from $2,691,607 at December 31, 2003.
Revenue in the year ended December 31, 2004 increased by 44% to $1,798,507 from $1,251,028 in the year ended December 31, 2003. CorpHQ had net income of $757,119 for the year ended December 31, 2004 compared to net income of $730,077 for the year ended December 31, 2002, a 4% increase.
Steve Crane, co-founder and CEO of CorpHQ Inc. stated, "Our business is rather complex at times, but our goals for the future are straightforward: (1) generate asset growth and cashflow by building solid companies that increase in value; (2) create awareness of CorpHQ in the capital markets to obtain a reasonable valuation for CorpHQ; (3) Enhance the scope and scale of our operations; (4) become a principal investor by creating our own venture fund; and (5) Qualify for a NASDAQ or American Stock Exchange listing. I believe our performance during the last three years shows that we have already made significant progress towards reaching these goals."
Crane added, "While these goals are ambitious, each and every member of our team strongly believes that they are within our reach. As we continue with our work to meet these goals, as always, we proudly commit ourselves to sound corporate governance, timely disclosure and above all, strong corporate principles and ethics."
About CorpHQ, Inc.
CorpHQ Inc. operates as a holding company and business incubator; we organize, invest in, and provide comprehensive management support and a variety of resources to high-potential companies. CorpHQ also acquires interests in and provides consultation to selected companies that are synergistic with its portfolio companies.
Forward-Looking Statements
"Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results of the specific items described in this release, and the company's operations generally, to differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. Although we believe that the expectations reflected in the forward looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such statements, and we disclaim any obligation to update information contained in any forward-looking statement."
This press release is available at www.corphq.com and http://www.pinksheets.com/quote/quote.jsp?symbol=COHQ.