Queensland, Australia, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Rayont Inc. (“Rayont” or the “Company”) (OTC PINK: RAYT), an expanding private equity company that focus on healthcare services, education and technology industries in Australia, today reported financial results for the three-month ended December 31, 2020.
Business Highlights Within the Quarter:
- Acquired Prema Life Pty Ltd, an Australian company (“Prema Life”). Prema Life is a HACCP certified manufacturer and supplier of functional foods and supplements, and of practitioner only naturopathic and homeopathic medicines. The Company produces an extensive range of products including proteins, green blends, sports nutrition, weight management and maintenance, and health and wellness products.
- Acquired GGLG Properties Pty LTD, an Australian company (“GGLG”). GGLG is the owner and operator of 11 Aldinga Street, Brendale, Queensland, 4500, Australia. The facility has an area of 21,000 square feet with single floor buildings and is leased to Prema Life. The immediate plan is to build a double story building of 37,673 square feet for office, production and logistical support of Prema Life. The design and planning for this are in process at present. The expanded facility will enable Prema Life to significantly increase production capacity and expand the scope of its product range and service offering in line with future growth strategies.
Haydn Erbs, Director of Corporate Development and Strategy, said, “We are delighted to welcome Prema Life and GGLG to the group. Completion of these acquisitions marks the commencement of substantial growth initiatives including the imminent development of an optimised production facility, subject to local council approval of design and development. The proposed development is expected to yield increased efficiencies across new and existing product lines and better position the business to take advantage of new market opportunities”.
Three-month Ending December 31, 2020 Financial Results:
| Three Months Ended December 31, | ||||||||
| 2020 | 2019 | |||||||
| Revenues | $ | 457,865 | $ | 401,316 | ||||
| Net Income (loss) | $ | 146,526 | $ | (276,864 | ) | |||
Improved Balance Sheet Results
| December 31, 2020 | September 30, 2020 | |||||||
| Cash | $ | 144,320 | $ | 191,676 | ||||
| Total Assets | $ | 4,376,008 | $ | 4,249,849 | ||||
| Total Liabilities | $ | 785,135 | $ | 3,407,398 |
Marshini Thulkanam, President and CEO of Rayont Inc stated, “During the quarter ended 31 December 2020, we increased our revenue, and total assets portfolio, as well as decreasing the total liabilities. We reduced the cash balance by approximately 30%, to purchase Prema Life Pty Ltd, and this current quarter we will focus of putting strong controls in place to optimise current operations and increase cash reserves.”
About Rayont Inc.
Rayont, Inc. (RAYT) is incorporated in Nevada s in 2011. As an expanding Private Equity firm, Rayont focuses on biotechnology, education and technology industries globally. The firm has made significant investments in the biotechnology and life sciences sectors by acquiring assets to operate cancer treatment technologies.
In addition to having plans to grow its biotechnology portfolio by identifying, acquiring and integrating other assets within the healthcare area, the firm has investments in technology and education assets that offer remote education, artificial intelligence (AI), augmented reality (AR), remote learning solutions, end-to-end employee engagement platforms, and cloud-based platform technologies.
For further information, please visit www.rayont.com
SAFE HARBOR
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, are subject to Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbors created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
| Company Contact: Investor Relations ir@rayont.com |