Oliveda International Inc (OLVI)

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Oliveda International, Inc. Reports Increased Revenues, Profits; Projects Additional 2019 Financial GrowthPress Release | 04/02/2019

Posted 2018 Year-End Financials Show Double-Digit Increases in Revenue and Profits, Reduction in Operating Expenses, While Projecting an Additional 80% Revenue Growth in 2019

SANTA MONICA, CA, April 02, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Oliveda International, Inc. (OTC Pink: OLVI), a leading international natural cosmetics and wearable beauty and health technology innovator, today commented on its 2018 financial results made public yesterday, including a 27% revenue increase from operations and a 35% increase in gross profit – all while achieving a reduction of operating expenses. Further, the company is projecting 80% additional revenue growth in 2019 with new products, growth in current markets, and expansion into new territories.

The financial results were included in the company’s 2018 annual report posted yesterday to the OTC Markets Group website at https://www.otcmarkets.com/stock/OLVI/disclosure. Posting of the financial reports within the required period continues OLVI’s commitment to maintain timely disclosure for stockholders and investors.

Income for the year-ended 2018 increased to $3,479,278, up from $2,733,180 for the year-ended 2017. Gross profit rose to $2,518,583, as compared to $1,865,145 for the corresponding 2017 period. The profit increase is attributable to both increased revenues and a reduction of over $200,000 in operating expenses.

“While 2018 operations growth was strong in virtually all categories, our expectations for 2019 are even greater,” said Chairman and CEO Thomas Lommel. “We have exciting new products preparing to launch, both in the natural cosmetics and wearable beauty and health technology sectors, and the company is currently laying the groundwork for expansion into new markets, including North America and Asia. Our stockholders should expect to hear more about these activities in the coming weeks and months.”

Concurrently, Oliveda International is moving forward in its efforts to advance in the U.S. public markets with an audit of its completed 2017 and 2018 financial statements. The audit will help the company meet the requirements to file with the Securities and Exchange Commission as well as to potentially upgrade on the OTC Markets Group platform. The company has retained Pinnacle Accountancy Group, a dba of Heaton & Company, PLLC, to perform a two-year audit. OLVI’s legal representatives are expected to begin preparing the informational filings required to become an SEC-reporting company during the second quarter of 2019.