BELIZE CITY, Belize, Oct. 19, 2015 /PRNewswire/ -- The directors and management of N1 Technologies Inc. (OTC PINK: NTCHF) today reported results for the fiscal 2015 third quarter ended September 30, 2015. Net sales for the fiscal 2015 third quarter were $347,599 compared to $65,540 for the same quarter of fiscal 2014. "We have made great progress in executing our transformation agenda. Our solid first three quarters of 2015 position us well to deliver our full year 2015 outlook and 2016 margin targets," commented Steve Lovern, President & CEO. "Our focus on productivity, cost reduction and overall restructuring have placed us in a good environment to drive strong margin expansion and earnings growth. Our continued investment in our established brands, supply chain, sales and distribution capabilities continue to improve. This builds on our abilities to drive sustainable revenue and earnings growth." On a reported basis, net revenues were $347,599 up 533 percent over the 3rd quarter from the previous year."
N1Technologies Inc. Q3 Financial Results here: http://www.otcmarkets.com/financialReportViewer?symbol=NTCHF&id=145636
N1 Technologies Inc. is a Global leader in the Research & Development of high technology innovations, in the fields of nanotechnology, green energy, Batteries, and plastics. The company has evolved since 2013 into a pure R&D enterprise. Originally the company manufactured a small number of its patented products and marketed them to a worldwide consumer base. Over the last 2 years the company began licensing it's patents to companies and selling ownership directly to individuals. This has resulted in a large portfolio of newly patented products. The management and directors have agreed to seek out public merger targets for some of these products as way of unlocking the financial potential for the patent owners and shareholders. "Our restructuring efforts have now molded the company into a pure Intellectual Property play, going forward all manufacturing and marketing will be done outside of the company by stand alone public companies that we invest our patents and capital into. This will provide the best opportunity for these new discoveries to be monetized over the long run. This also allows N1 Technologies to focus on its R&D efforts and the licensing of our patent portfolio," states Steve Lovern CEO. The company is currently seeking out partners to acquire its patents, manufacturing and marketing structures. "We see this new strategy as a unique and exciting way to quickly monetize our R&D efforts and create value and great potential for our shareholders," says Mr. Lovern.
For 2015, the company continues to expect Organic Net Revenue growth of at least 20 percent, Adjusted Operating Income margin of approximately 14 percent. "Our continued effort to grow our Sales Force and create new relationships with retailers, distributors and corporate partners is expected to double by Q4 2015, as compared with 2014," stated CEO Steve Lovern.
The company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP" or referred to herein as "Reported"). However, management believes that certain non-GAAP financial measures should be considered when assessing the company's ongoing performance to provide more complete information on the factors and trends affecting the company's business. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the company's performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's Reported results prepared in accordance with GAAP. In addition, the non-GAAP measures the company uses may differ from non-GAAP measures used by other companies. Because GAAP financial measures on a forward-looking basis are neither accessible nor deemed to be significantly different from the non-GAAP financial measures, and reconciling information is not available without unreasonable effort, the company has not provided that information with regard to the non-GAAP financial measures in the company's Outlook.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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SOURCE N1 Technologies Inc.