Revenues Increase 33.3 Percent, Net Income Turns Positive,
Gross Profit Increases 47.7 Percent
Company Expects to Open Three New Stores in 2022
DoGetGo Mobile App Scheduled to Launch in February
MIAMI, Jan. 20, 2022 (GLOBE NEWSWIRE) — OM Holdings International Inc. (OTCQX: 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, with its DoGetGo mobile app, today announced its financial results for the first quarter ended November 30, 2021.
For the first quarter of fiscal year 2022 ended November 30, 2021, OMHI reported net income of $155,381, compared to a loss of $51,462 for the period ended November 30, 2020. Revenue for the first quarter of fiscal year 2022 increased 33.3 percent to $8,002,587, compared to $6,002,894 for the three months ended November 30, 2020.
“We had an excellent quarter. With a break in the Covid lockdown and more people traveling, we saw an increase in revenue from food service thanks to the reopening of restaurants, and BVI residents continue to support our supermarkets,” said OM Holdings International CEO Mark Vanterpool. “Our staff returned to a 40-hour week, and we made some additional hires for our new stores. We also saw an increase in deliveries, even though the government lifted restrictions.”
“We continue our commitment to serving our customers and our community throughout these difficult times,” Mr. Vanterpool added. “Additionally, since November we have seen a significant rise in tourism, which gives us increased assurance that this year will be another record one for our company. We also expect significant growth from the three new stores we will open this year, as well as from the launch of our mobile app DoGetGo in Jamaica in several weeks. I am confident fiscal 2022 will be a pivotal year for our goal of becoming a major economic force in the Caribbean retail and mobile app delivery marketplace.”
Summary of the first quarter ended November 30, 2021 (unaudited):
|Total Operating Expenses||$363,947||$40,425|
|Income from Operations||$168,889||$(44,545)|
|Income (loss) per share||$0.00||($0.00)|
|Weighted average shares outstanding||52,200,596||44,400,596|
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.