Earnings Out: Revenues Increased 594%
Hammer Fiber Optics Holdings Corp Announces Results for Year Ended July 31, 2019
PISCATAWAY, N.J., Nov. 15, 2019 (GLOBE NEWSWIRE) -- Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the fiscal year ended July 31, 2019. “This was a transformative year for Hammer,” said Erik Levitt, Hammer’s CEO. “During the period we integrated a number of companies into the portfolio and set the stage for organic growth in the fixed wireless and mobility business units.”
Key results include:
Total revenues for the fiscal year increased to $2,706,851 from $455,609, a 594% increase.
The net loss from operations for the year decreased to $468,366 from $5,515,083, an 84.5% decrease.
1stPoint Communications, Endstream Communications, Open Data Centers and Shelcomm are consolidated in Hammer’s results.
Due to the termination of a lease on the 28Ghz spectrum it was using in the Atlantic City, NJ market by Verizon Communications, Hammer discontinued the operations of its fixed wireless network in that market.
The announcement of fixed wireless deployments in Huntsville, AL, Sierra Leone and various Caribbean markets.
The first point-of-presence in Sierra Leone has been completed and work on the wholesale voice deployment in Dominica is ongoing.
The deployment of wholesale voice services in other Caribbean markets is imminent.
Significant enhancements have been made in the underlying SMS/text messaging infrastructure including the substantial increase in global coverage and the addition of several key customers to the network.
Subsequent to the year end, Hammer has closed on the acquisition of the assets of American Network, Inc and has signed a definitive agreement with Peak One Opportunity Fund, LP for an equity line of credit.
“In the coming quarters we will focus on adding subscribers to both our retail and wholesale networks as we expand our fixed wireless networks, continue to build our wholesale voice and wholesale SMS coverage and begin construction on our Huntsville, Alabama network,” added Levitt.
“We are committed to building on our Everything Wireless strategy,” said Kristen Vasicek, Hammer’s COO. The strategy consists of four pillars: high speed fixed wireless technology using the patented AIR™ technology (“wireless fiber”), mobility, OTT technology including SMS messaging, and Smart City. The underlying platform of “Everything Wireless” is Hammer’s wholesale voice and wholesale SMS networks as well as it’s data center hosting facilities.
Hammer Fiber Optics Holdings Corp. (OTCQB:HMMR) is a telecommunications company investing in the future of wireless technology. Hammer’s “Everything Wireless” go to market strategy includes the development of high-speed fixed wireless service for residential and small businesses using its wireless fiber platform, Hammer Wireless® AIR, Over-the-Top services such as voice, SMS and video collaboration services, the construction of smart city networks and hosting services including cloud and colocation. For more information contact our Investor Relations Team at email@example.com.