Company Remains profitable with a Net Income of $1.7M
Company Increases Net Income by 10% Earning Higher Margins
Company Expects OTCQX Uplisting to be Announced within Days
MIAMI, Dec. 06, 2021 (GLOBE NEWSWIRE) — OM Holdings International Inc. (OTC Pink: OMHI) an owner and operator of OneMart super merchandising stores and Builders Depot in the British Virgin Islands and the parent of its technology subsidiary, Rydeum Caribbean, Inc. today announced its financial results for the fiscal year ended August 31,2021.
Year End Results and Milestones (As compared to year-end August 31, 2020):
For the fiscal year ended August 31, 2021, OMHI reported a 10 percent increase in net income of $1,710,179, versus $1,555,051 for the year ended August 31, 2020. The company’s operating expenses increased year over year due to a planned acceleration of the opening of additional stores. OMHI also saw an increase in professional fees, security and new employees.
In September 2021, OMHI obtained exclusive rights to Rydeum’s DoGetGo mobile app for 20 years and signed an agreement with the Jamaican Union of Travelers Association (JUTA). The company is currently training JUTA members on the administration and the use of the app. The company expects to launch this month as cruise ships return to Montego Bay.
“We benefited incredibly from our staff this year, especially in this ongoing COVID environment. Their unyielding commitment serving our customers and our community made a substantial difference during a very trying time,” said Mark Vanterpool, President and CEO of OM Holdings International. “Our online and yacht provisioning business increased dramatically in the latter half of the year. The sales in this department along with our food service division is expected to continue to dramatically increase during the 2022 financial year,” Mr. Vanterpool added.
“The current global supply chain issues have delayed our new store openings until the middle of 2022, but even with these delays we anticipate a significant increase in our net income,” added Mr. Vanterpool. “We are intently focused on launching our technology platform in Jamaica and other islands, which we anticipate will substantially increase our net margins and our bottom line. We expect 2022 to be a highly rewarding year for our customers and shareholders,” concluded Mark Vanterpool, President and CEO of OM Holdings International, Inc.
Summary for the Year Ended August 31 (Audited)
|Total Operating Expense:||$7,127,229.00||$6,981,446.00|
|Income from Operations:||$1,775,461.00||$1,560,851.00|
|Income per Share:||$0.04||$0.04|
About OM Holdings International, Inc.
OM Holdings International, Inc. (OTC: OMHI), founded in 1986 in the British Virgin Islands (BVI) by Mark Vanterpool, operates delivery services and grocery stores in the Caribbean, with a mobile application delivery platform that provides an expedient, contactless option for the transportation of people and essential goods. The company’s storefront, OneMart, is the second-largest grocery store in the BVI. OHMI’s delivery subsidiary, Rydeum, founded by Mark Hannah in 2019, has partnered with Jamacia’s largest taxicab union, JUTA. The company also provides lumber and other construction supplies to contractors throughout the Caribbean. For more information, please visit https://omholdingsinc.com/.
With the exception of the historical information contained in this news release, the matters described herein, may contain 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. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company’s ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company’s business, operations and the economy in general, and the Company’s ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.