Carson City, NV & Hong Kong, May 14, 2018 (GLOBE NEWSWIRE) -- 12 ReTech Corporation (OTC: RETC), announced for the three months of the first quarter FY2018 ended March 31, 2018, the Company posted revenues of $8,942 and a GAAP Net Loss of $870,230.
The Company’s activities in the first quarter of FY2018 were designed to prepare for our future growth in the areas of technology research and development and brand marketing for both our technology business and our consumer products business. Of the $870,230 Net Loss, we expended cash of $515,006 in G&A expenses which was provided by our first quarter cash raises and existing cash balances.
Angelo Ponzetta, 12 ReTech's CEO commented, "Our Company is making progress on the execution of our business plan in a number of areas. In the first quarter of 2018, we invested in Research and Development projects that are producing technology that we are in the process of deploying. Our 12Sconti product development began in January, 2018. In short order, we are going to activate this product in Switzerland and already have merchant clients signed up to utilize it to improve their daily sales operations.”
CEO Ponzetta, continued, “We have also invested into the further development of our 12 Technology Suite and are about to deploy the improved versions of these products in Switzerland and Japan. Soon thereafter, we will be actively selling a new and improved set of these products in Asia, Europe and North America.”
"Our subsidiary, 12 Retail's microbrand acquisition strategy has begun to gain traction as well. With the recently completed acquisition of Emotion Apparel, the Company now has a platform to make future acquisitions, reduce manufacturing and distribution costs, and provide fresh fashion products to sell on our online sales channel which will create customer engagement. As Emotion Apparel completes its move from Los Angeles to Salt Lake City we will then be able to ramp up revenues from this operation alone. While our three previously announced Letters of Intent are still in process, we are getting inquiries from additional consumer product brands who we are speaking to us 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. It is interesting to me, that a number of these opportunities are coming to us from the west coast of the U.S.A.”
CEO Ponzetta, continued “I am pleased with the progress that we are making on all of our various business activities. Each separate business activity will provide us with a foundation to produce revenues and earnings for our shareholders in the future. We continue to work towards a successful future in executing our business plan.”
CEO Ponzetta, concluded “Recently, there have some new partnerships that have been brought to us that are very exciting and could get us noticed in the retail world that are about incorporating next generation PCI compliant credit card equipment into our offerings and offering consumers a white labeled 12 Credit product More to come on these important topics later.”
The figures referenced above are unaudited, Readers are advised to consider these figures along with footnotes and any other accompanying information that is contained in the Company’s Form 10-Q as well as additional filings that the Company has previously filed with the Securities and Exchange Commission.
About 12 ReTech Corporation:
At our core, we are a software company whose technology allows retailers to combat the dual threats of Walmart and Amazon — both online and in physical stores. Our microbrand rollup acquisition strategy allows us to demonstrate the effectiveness of our software, devise and test new products, while providing shareholder value through immediate revenue and earnings growth. The Company operates through our subsidiaries on three continents: 12 Hong Kong, Ltd., 12 Japan, Ltd., 12 Europe A.G., 12 Retail Corporation (and its subsidiary in North America, E-Motion Apparel, Inc.). For more information please visit our website at www.12ReTech.com.
12 ReTech Corporation is publicly listed 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.