SANTA ANA, Calif., May 29, 2013 /PRNewswire/ -- Latteno Food Corp. (OTCPink: LATF) filed its Q1 Financial Statements and Disclosure with OTCMarkets today, reporting Q1 Revenue of $3,615,018 compared to $67,865 in Q1 2012. Net Profit also increased to $286,869, reversing a loss of $21,842 for Q1 2012.
The substantial turnaround is due to the integration and aggressive marketing initiatives of the Company's wholly owned subsidiary, GTG, Inc. The Company expects further growth initiative its growth plans for Green Cannabis Collective and Mekonza Corp., both acquired in Q2 2013.
Green Cannabis Collective Inc. is a Southern Californian licensed medical marijuana cultivator, dispensary and transporting.
Mekonza Corp., a seafood importer from Southern California has strong ties and business connection in Vietnam and Southeast Asia.
Complete Financial Statements and Disclosure can be found @ http://www.otcmarkets.com/stock/LATF/filings.
The Company has moved quickly with the implementation of its new initiatives through strategic acquisitions, innovative product development projects and tactical licensing arrangements and has substantially grown and strengthened its revenue projections and asset valuation. Also, Latteno has been approached by several small cap hedge funds and boutique investment houses about a near term private placement and cash infusion to fund its growth and acquisitions.
"We are very pleased with our Q1 results and look forward to reporting the results in Q2 as our next two acquisitions come on stream," stated Thu Le, Chief Executive Officer. "Even though the consolidation of operations and financial reporting took slightly longer than anticipated, we are very pleased that our operational initiatives have had such an immediate and sustainable impact."
About Latteno Food Corp. (www.Latteno.com)
Latteno Food Corp. is an investment portfolio company that acquires food products, medical marijuana edibles and related products/services to enhance their growth and development. The company builds revenues and asset value through a model of continuous growth, income from or sale of its portfolio holdings, and product licensing or distribution agreements.
About Green Cannabis Collective Inc. (www.Green-Cannabis.com)
A Southern California-owned and licensed medical marijuana dispensary and transporting. The specific purpose of this corporation is to collectively facilitate medical marijuana cultivation and transactions by and between qualified patient members of this corporation and/or primary caregiver members who have the oral or written approval or recommendation of a licensed physician, as permitted and authorized by the Compassionate Use Act of 1996 (Health and Safety Code section 11362.5) and the Medical Marijuana Program Act (Health and Safety Code sections 11362.7 – 11362.83).
About Mekonza Corp. (Mekonza-corp.com)
Headquartered in Southern California since 2006, Global Trading Group (GTG) started out as a luxury/exotic car exporter and eventually branched out into seafood importing which came about Mekonza Seafood. The variety of seafood products we offer has allowed us to be an innovator in product development. The diversity of our products allows us to be the next force-to-be-reckon-with in the seafood industry. Mekonza has grown from a small one-man operation to one of the West Coast's most innovative and well-equipped seafood importing and processing companies. With outstanding customer service as our secret sauce and key ingredient, we're on our way to be the industry's leader committed to achieve the highest possible standards in quality, service to our clients, suppliers and investors.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
Contact: Investor Relations (714) 426-2955
SOURCE Latteno Food Corp.