LAS VEGAS, Nov. 14, 2019 /PRNewswire/ -- Asia Broadband Inc. (OTC: AABB), through its wholly owned subsidiary Asia Metals Inc., announced today the posting of the Company's financial results for the third quarter ending September 30th, advocating the continued acceleration of its mining operations expansion activities in 2019. Based on the third quarter results and the facilities and resource expansion programs in progress, the Company is projecting its annual gross profit to exceed $6 Million.
Through the third quarter of 2019, the Company reported $4.5 million in gross profit, representing a 66% increase over the $2.7 million gross profit reported in the third quarter of 2018. In addition to the dramatic increase in gross profit, AABB reported $6.9 million in cash on the balance sheet in the third quarter of 2019. The Company is budgeting and planning for a large scale expansion of its production facilities funded by its cash reserves combined with the second investment payment of $9 million from its joint venture partner in the fourth quarter of 2019.
Asia Metal's strategic growth focus has allowed the Company to capitalize on a unique ability to connect mineral resources in Mexico with a high resource demand and abundant investment capital in Asia.
Asia Broadband Inc. (OTC: AABB), through its wholly owned subsidiary Asia Metals Inc., is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Guerrero, Mexico, to our client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of Asia Broadband and differentiates the Company to its shareholders.
Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.'s (the "Company") expected current beliefs about the Company's business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.
SOURCE Asia Broadband Inc.