JAKARTA, Indonesia, Jan. 21, 2021 /PRNewswire/ -- KinerjaPay Corp (OTCQB: KPAY), a Delaware Corporation, a digital payment and e-commerce platform Company ("KinerjaPay" or the "Company") with its business operations based in Indonesia, today announced that the Company is currently planning for its first Steam Coal shipment from Muara Berau Anchorage at East Kalimantan. The loading schedule has been confirmed to begin from early February to completion on and before 28th February 2021, as stated as the Latest Date of Shipment on the Letter of Credit.
This shipment will mark as the first Steam Coal shipment by the Company to its Buyers. As the Company has yet to obtain the export license for this shipment, we work with local license holder, PT. Korindo Bara Energi, as the exporter of the coals. At the meantime, the Company has begun its preparation on the ground to source Coal Grade NAR 3,800 kcal/kg (ARB) for its first delivery, based on the latest quality update from the Customer. According to the Self-Trimming Bulk Carrier/Vessel capacity being booked, the Company shall load a maximum capacity of 70,000 Metric Tons, with an allowance of plus or minus ten percent (+/-10%) on such capacity.
The contract for the first shipment is worth US$2.1 million based on current the Coal Price Index of US$30.00 for the calorific value of NAR 3,800 kcal/kg. The Company is estimated to earn an estimated Gross Margin of 12% based on the contract value. Mr. Edwin W. Ng, the Company's CEO & Chairman, commented "Our coal business has officially kicked off. Once we deliver our first shipment, there will be plenty more orders coming in, each with different calorific value, depending on the buyer's request. Each destination will typically require different Calories level which depends on the product specifics from each power plant or buyer."
Mr. Ng further commented that "This shipment is part of our total target shipment of 2,000,000 MT within the year, with expected sales of US$103 million in 2021. It should be able to generate earnings at least US$10 million in Operating Profits once the contract has been fully delivered."
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.
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SOURCE KinerjaPay Corp.