OLCG 0003 x 0004 News acquisition expected read just out Revenue 383,562 up form 342,453 in 2016
* OCLG filed Form 15 with the SEC to disclose unaudited financial reports via OTC
Markets. This action will save approximately $150,000 annually from corporate overhead
expenses relating to accounting and filing requirements.
• OCLG remains cash flow positive from operations prior to debt servicing.
• A reduction in cash basis general and administrative expenses, from $1.43 million in fiscal
2015 to $762 thousand in fiscal 2017.
• Deferral in officer and manager salaries now total $973,000 as of August 31, 2017.
• Continued reduction in corporate and subsidiary operating and overhead expenses.
Michael Kramarz, CEO stated, “We are pleased to release our annual report for the fiscal year
ended August 31, 2017. We have made continued efforts to reduce all outstanding debts to improve
the holding company’s net equity. This required difficult decisions in our expense and cost cutting
measures with two of our three subsidiaries. At Esteemcare, due to reimbursement reductions via
the Medicare Competitive Bid Process and loss of profitability, we closed our daily operations and
released six (6) employees. We disposed of obsolete inventories and we are currently in the final
process of collecting our remaining Medicare account receivables. At Amian Angels, we released
an additional three (3) administrative employees, reduced monthly rents, while also adding eleven
(11) new clients and reducing account payables. In addition, all company Officers, Directors and
Managers will continue to defer a large portion of their salaries to support the company’s
operations. With these decisions, we have stabilized all business operations and anticipate our
operations to remain profitable. We have identified two (2) acquisition candidates that are a
synergistic fit into our business model and we continually seek credible and viable investors with
capital that can support our on-going strategies for the acquisitions and operating capital for
organic growth”.
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