CHARLOTTE, N.C., Aug. 17, 2021 (GLOBE NEWSWIRE) -- LiveToBeHappy, Inc. (OTC: CAVR)
The Company reported revenue of $2.7 million and $3.9million for the second quarter and first half of 2021, respectively.
“I am thrilled with our revenue performance this quarter. The Company also had positive adjusted EBITDA on a year-over-year basis – a significant improvement considering the lumber and building material inflationary pressure and the extensive investments we’ve made pursuing our acquisition strategy. The best news – as the extreme pricing pressure in building materials is starting to wane, we expect to see margins improve significantly. I continue to re-affirm our full-year guidance on revenue and earnings,” the Company’s Chief Executive Officer, Kevin Vincent Cox commented. Adjusted EBITDA is a non-GAAP number used by the Company to assess performance of its operating businesses.
The Company is also expected to, in the very near future, enter in the into a definitive agreement for the first of the seven pending acquisitions it currently has under Letters of Intent.
“We are excited about the progress we’ve been making within our technology platform with the Growing Together Academy (GTA) and know the market is ideal for this novel solution. Even with all of production, filming, and preparation work we’ve been engaged in, we remain focused on adding technologies and companies to our Technology Platform. We are close to closing on the first addition to the platform since we added GTA earlier this year,” said Bob Silver, the Company’s Executive Chairman
Grant Edwards, Chief Financial Officer, stated, “we continue to perform diligence work on the 7 companies we have under LOI, have engaged HoganTaylor as our audit partner as we prepare to up list our stock, and are implementing processes and procedures as we prepare to integrate these companies together in an effort to maximize shareholder value.”
LIVETOBEHAPPY, INC
LIVETOBEHAPPY is a cross platform holding company with a Real Estate Development Platform and Technology Platform. Within the Real Estate Development Platform LiveToBeHappy wholly owns Sinacori Builders. Within the Technology Platform LiveToBeHappy has launched Growing Together Academy – an on-line education program, the DRIP Climber – a patent pending climbing machine, and SOKU – an avatar based social media application. To learn more, visit www.livetobehappy.com.
A NOTE REGARDING THE NAME CHANGE
The Company, LiveToBeHappy, Inc., was renamed from CAVU Resources, Inc. on July 27, 2021. The Company has completed the legal requirements to assume the new name. However, the Company is currently pending approval from various financial oversight organizations. Therefore, the financials for the 2nd Quarter of 2021 were filed with the OTC under the name “CAVU Resources Inc.”
SINACORI BUILDERS
Sinacori Builders, a LiveToBeHappy company, is a technology-driven real estate company with more than 13 million dollars in assets and over 11 million dollars in secured contracts/closings in 2021. This wholly owned LiveToBeHappy subsidiary has a strong foothold in Charlotte, North Carolina, and is expanding its footprint throughout the Southeast. The Company plans on growing its brand and enhancing shareholder value by leveraging its connections with the country's top builders to become a national player. To learn more, visit www.sinacoribuilders.com.
NON-GAAP MEASUREMENTS
Management believes that certain non-GAAP financial measures may be useful in providing additional meaningful comparisons between current results and results in prior periods. In addition, within this release, reference is made to earnings before interest, taxes, depreciation and amortization (EBITDA). EBITDA is a metric used by management to evaluate performance and frequently used by the financial community which provides insight into an organization’s operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA is referenced by the Company as EBITDA before additional one-time non-recurring expenses.
FORWARD-LOOKING STATEMENTS:
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the expected closing of any acquisition or expected results of operations in the future. Any forward-looking statements contained herein are based on current expectations and are subject to a number of risks and uncertainties. These forward-looking statements are identified by the use of words such as "continue," "expect," "believe" and "expand," among others. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell its products; the consummation of acquisitions under LOI; the expected benefits and efficacy of the Company's products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; uncertainties relative to the COVID-19 pandemic and economic development, and, the Company's business, research, product development, marketing and distribution plans and strategies. The company disclaims any obligation to update these forward-looking statements, except as required by law.
COMPANY CONTACT - Kevin Vincent Cox
Investor Relations - LTBH@alpha-ir.com
