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NEWS: Metrospaces Announces Record Net-Earning for 2nd Quarter of 2018Font size: A | A | A
5:30 AM ET 9/6/18 | GlobeNewswire
Metrospaces Announces Record Net-Earning for 2nd Quarter of 2018
NEW YORK, NY, Sept. 06, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Metrospaces, Inc. (OTC: MSPC) has a record net income for the 2Q quarter of 2018.
Mr. Brito stated: During the 2nd Quarterly earnings period, Etelix USA.com, our majority-owned subsidiary was sold to Puresnax International, a publicly listed company. As payment for the transaction, Puresnax International gave Metrospaces "Pay-in-kind" securities in the form of 6,136,840 shares of its publicly traded common stock. The publicly traded value of this payment was $14,421,593, as per the last trading day of the economic period ending in June 30, 2018. The Company acquired its stake in Etelix USA.com for the price of $2,040,000, thus the transaction nets the Company a net income, based on a balance net increase, of $12,181,456 for the quarter, adding approximately $0.0021 worth of net assets on a per share basis. As a result, our balance sheet increased from -$1,572,707 to $9,769,964 during this 3-month period. Nonetheless, our investment in Etelix is still in its infancy, and we think we will hold our position for the long-term.
Now that Company has set Etelix on an independent road, it will start focusing hard and strong on finding or creating a new opportunity like Etelix. The industries we are taking a stronger look at are cannabis-related real estate, including companies with assets and/or important revenue. Additionally, the boutique hotel is an industry we are looking at with a lot of interest. These transactions are still being reviewed, but with now management will put a stronger focus on a new acquisition. These deals usually take time since they require not just the right assets and/or business model, but also the right management team that we feel we can work together to create great companies together.
About Etelix.com USA, LLC
Etelix.com USA (http://www.etelix.com/) is a Miami-based, FCC-licensed voice, SMS and data/hosting operator. The company's main products and services are international voice wholesale, data and hosting services as well as residential and commercial triple-play provider. The company was founded in 2007 and has been profitable since inception.
About Metrospaces
Metrospaces www.metrospaces.com is a publicly traded private equity firm that invests in real estate development projects as well as
operating companies with strong real estate components. It is operated by an elite group of real estate and investment professionals and entrepreneurs located in New York City, Miami and Buenos Aires. Company shareholders have extensive careers in real estate and business financing worldwide, and have funded projects both in the America's and across Europe valued in excess of US $550Million.
Metrospaces' majority shareholders have partnered with Investors on Elite properties including The London BLVGARI 5 Star Hotel, and is currently involved in negotiations for the development of several Elite luxury properties in South America.
Among Metrospace partners are Architects, Real Estate Developers, Agents and Attorneys of the highest standing, with extensive experience in the global property market.
Metrospaces was originally founded by company President Oscar Brito.
Relevant Links:
http://metrospaces.com/
Safe Harbor Statement:
Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Metrospaces Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
Company Contact: Tel: (646) 630-0927
Investor Relations: investors@metrospaces.net
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