Titan Global Holdings Announces Update on 10QSB and Record First Quarter Revenues...
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Titan Global Holdings Announces Update on 10QSB and Record First Quarter Revenues of $122 Million
Company's First Quarterly Report for 2008 to Reflect Continued
Integration of Several High-Growth Acquisitions Completed in Fiscal
2007
RICHARDSON, Texas--(Business Wire)--Titan Global Holdings, Inc. (OTCBB:TTGL), a high growth
diversified holding company, today announced that it will report
record revenues of $122 million for the first quarter ending November
30, 2007, representing a $92 million or 307% increase from the
Company's $30 million in revenues for the same period the previous
year.
The Company attributes its record revenues to the completion of
three significant and business-changing acquisitions during its first
fiscal quarter. Additionally, Titan announced that it will delay the
filing of its Form 10QSB report for the three months ended November
30, 2007, pending the completion of its initial purchase accounting
work associated with its recent acquisitions completed in the first
quarter. Titan expects to complete its filing for its first quarter of
fiscal year 2007 within the extension deadline allotted by the
Securities and Exchange Commission.
"We are near completion of the purchase accounting work for our
acquisitions and reporting our first quarter of 2008," said Bryan
Chance, President and Chief Executive Officer of Titan Global
Holdings. "Titan has transformed into a diversified holding company in
the first quarter of fiscal year 2008 with over 74% of our revenues
now being generated in the vibrant energy sector."
Titan completed its acquisition of Appalachian Oil Company
("Appco") on September 17, 2007. Appco is the first acquisition of the
Company's recently announced Titan Global Energy division, which was
formed to aggregate energy assets that can provide significant
opportunities for revenue and earnings growth, such as the continued
vertical integration of the supply chain, as well as future
acquisitions to complement Appco's existing retail and wholesale
distribution footprint.
"Our team is focused on the completion of the financial
integration of our acquisitions," said Scott Hensell, Chief Financial
Officer of Titan Global Holdings. "The transformation of the company
will be apparent to our shareholders after we file the first quarter
results."
About Titan Global Holdings
Titan Global Holdings is a diversified holding company with a
dynamic portfolio of subsidiaries spanning international
telecommunications, electronics and homeland security, consumer
products and energy resources. The Company takes advantage of valuable
synergies between its subsidiaries to maximize revenue growth,
internal development and strategic acquisitions. In fiscal 2007 Titan
generated in excess of $111 million in revenues on a consolidated
basis and projects fiscal 2008 revenues up to $747 million.
Titan's operating divisions include the following:
Titan's Telecommunications Division addresses a range of
high-growth markets in the telecommunications, wireless and mobile
segments. Companies include Oblio Telecom, Inc. the second largest
publicly-owned company focused on the international prepaid
telecommunications segment, StartTalk, Inc., Pinless, Inc., Titan
Wireless Communications, Inc. and Ready Mobile.
The Titan Global Energy Division aggregates traditional and
next-generation energy and fuel assets that can provide significant
opportunities for growth in one of the world's largest and most
critical markets.
Titan Global Brands integrates, protects and expands brand
management capabilities to leverage and optimize growth across Titan's
worldwide distribution channels. We own or manage more than 100 brands
that are distributed through efficient, overlapping and expansive
distribution channels.
Titan Card Services capitalizes on the burgeoning multibillion
dollar international prepaid money transfer sector. The Card Services
division provides a seamless brand extension for Titan's growing
family of prepaid products, currently sold through a nationwide
network of more than 86,000 retailers.
Titan's Electronics and Homeland Security Division includes Titan
PCB East, Inc. and Titan PCB West, Inc. These companies specialize in
the manufacture of advanced circuit boards and other electronic
products for classified military and defense department customers, and
other high-tech clients.
For more information, please visit: www.titanglobalholdings.com.
For investor-specific information and resources, visit
http://www.trilogy-capital.com/tcp/titan/ or
http://www.b2i.us/irpass.asp?BzID=1314&to=ea&s=0.
To view current news, visit
http://www.trilogy-capital.com/tcp/titan/quote.html. To view an
investor fact sheet about the company, visit
http://www.trilogy-capital.com/tcp/titan/factsheet.html.
Forward-Looking Statements
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995 -- With the exception of historical information,
the matters discussed in this press release are forward-looking
statements that involve a number of risks and uncertainties. The
actual future results of TTGL could differ significantly from those
statements. Factors that could cause actual results to differ
materially include risks and uncertainties such as the inability to
finance the company's operations or expansion, inability to hire and
retain qualified personnel, changes in the general economic climate,
including rising interest rates and unanticipated events such as
terrorist activities. In some cases, you can identify forward-looking
statements by terminology such as "may," "will," "should," "expect,"
"plan," "anticipate," "believe," "estimate," "predict," "potential" or
"continue," the negative of such terms, or other comparable
terminology. These statements are only predictions. Although we
believe that the expectations reflected in the forward-looking
statements are reasonable, such statements should not be regarded as a
representation by the Company, or any other person, that such
forward-looking statements will be achieved. We undertake no duty to
update any of the forward-looking statements, whether as a result of
new information, future events or otherwise. In light of the
foregoing, readers are cautioned not to place undue reliance on such
forward-looking statements. For further risk factors see the risk
factors associated with our Company, review our SEC filings.
Trilogy Capital Partners
Financial Communications
Ryon Harms, Toll-free: 800-592-6067
ryon@trilogy-capital.com
Copyright Business Wire 2008
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