JAKARTA, Indonesia, May 11, 2021 /PRNewswire/ -- KinerjaPay Corp (OTCPK: KPAY) a Payment Gateway and Ecommerce Company based in Indonesia with recent changes in its subsidiary Company, P.T. KinerjaPay Indonesia, to include mineral and commodity trading such as coal and other general commodities, today announced its completion of first shipment of Steam Coal to China. Subsequently the Company is also announcing its next shipment schedule within the month, for another cargo load of 45,000 MT.
The first shipment of steam coal from East Kalimantan to China has been completed with total load of 53,400 MT based on the Certificate of Weight being produced by the shipping agent. The Company has submitted the export documents to the Bank as per last week Friday for processing. The Company should receive payment within 4 business days.
The Company has estimated that the shipment of the first 53,400 MT steam coal to produce a minimum profit of US$170,000 after deduction of all payables to supplier, transhipment company, surveyor, documentations and export taxes. Based on the final sum of LC claim, which is rounded at US$1,602,000, the Company registered an estimated gross profit of 10.6%.
Subsequently, the Company is now progressing on the next shipment of 45,000 MT steam coal with Coal Grade NAR 3,800 kcal/kg (ARB) with specifications of Ash Content at 5% ADB Rate, Moisture max 38%, and Sulphur 0.3% ADB Rate. The mother vessel MV. YANGTZE QUANTUM – VOY 2101 has dropped anchor at Muara Berau East Kalimantan with estimated commended loading schedule on May 15th 2021.
Mr. Edwin Ng, CEO of KinerjaPay Corp said "Despite the recent inclement weather we delivered our first shipment of coal. The demand for Indonesian coal in China is rising rapidly. We have signed on several other orders. We continue to expect revenues well in excess of $100 million and profits of over $12 million over the next twelve months now that the shipments have started. The cash flow from the coal commodities trading business will be very significant this year. We believe that this is a long run sustainable business that identifies KinerjaPay Corp. as a leading investment vehicle on Indonesian economic growth."
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides an easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company's services are available through its mobile applications and on its website at www.kinerjapay.com.
Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements, about KPAY's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, KPAY or its representatives have made or may make forward-looking statements, orally or in writing.
Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by KPAY with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of KPAY's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause KPAY's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause KPAY 's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in KPAY 's filings with the SEC. In addition, KPAY operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. KPAY does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Please see the risk factors associated with an investment in our securities which are included in our Annual Report on Form 10-K as filed with the SEC on April 20, 2018 and most recently in our Registration Statement on Form S-1/A filed with the SEC on December 21, 2018, pursuant to which we are offering 300,000 Shares of 11% Series C Cumulative Redeemable Perpetual Preferred Stock at $25.00 Per Share.
For more information, please visit our website http://www.kinerjapay.co. There you will find access to all of our past press releases and SEC filings regarding the activities discussed in this release.
Email: [email protected]
SOURCE KinerjaPay Corp.