$ISWH ISW Holdings Releases Financial and Operational Performance Highlights for Quarter Ended March 31, 2021
Press Release | 05/18/2021
LAS VEGAS, NV, May 18, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company with commercial operations in Telehealth and Cryptocurrency Mining, is pleased to announce the filing of the Company’s financial performance data for the three months ended March 31, 2021.
“Results this quarter reflect a deficit in payment collections in our Telehealth and Home Healthcare segment, which have fallen significantly behind schedule,” commented Alonzo Pierce, President and Chairman of ISW Holdings. “We have seen a net increase in total cases, but the bulk of those results will appear predominantly as accounts receivable. Q2 is on track for strong gains in both year-over-year and sequential terms. That said, our overriding focus now is on driving big results in our renewable energy cryptocurrency mining operations, which will show tangible results for the first time in our upcoming Q2 data.”
Financial Highlights for Three Months Ended Mar 31, 2021
· Net Cash increased 2,679% on a sequential quarterly basis to $2,394,585
· Accounts Receivable increased 73% on a sequential quarterly basis to $67,420
· Total Current Assets increased 1,105% on a sequential quarterly basis to $2,564,247
Operational Highlights for Three Months Ended Mar 31, 2021
Signed comprehensive Hosting and Maintenance Agreement with Scrubgrass Generating Company, LLP and Bit5ive, LLC
Successfully tripled active cryptocurrency mining fleet with the addition of two (2) new POD5IVE datacenters
Paid off and cancelled major $363k convertible debt note
Beneficially restructured relationship Paradigm Home Health agreement terms, increasing revenue share from related operations by up to 40%
The first quarter of 2021 was a period of transition that paves the way for monetization of prior investments in both of the Company’s major operating segments: Telehealth and Home Healthcare and Renewable Energy Cryptocurrency Mining.
In its Telehealth and Home Healthcare segment, while total net sales for the three months ended March 31, 2021, fell below levels recorded in prior periods, total operations expanded, pushing official recognition of sales from Q1 into the Q2 operating period, pending collection. In addition, the Company has seen growth in clientele so far in Q2.
The Company’s Renewable Energy Cryptocurrency Mining segment should show its first tangible results in Q2 after significant investments over the past three quarters.
Pierce added, “Our current focus is on implementation of a renewable energy sourcing plan that will get our mining operations closer to the 0% carbon emission standard. We support the current technology industry roadmap of implementing and sourcing only renewable energy resources, and we believe this will enhance our net profitability over the long term. This was always our end game, which should be clear given our initial mining launch at the Pennsylvania renewable energy mining project. We are committed to a brighter, healthier, and cleaner future.”
About ISW Holdings
ISW Holdings, Inc. (ISWH), based in Nevada, is a diversified portfolio company comprised of essential business lines that serve consumer product demands. Our expertise lies in strategic brand development, early growth facilitation, as well as brand identity through our proprietary procurement process. Together, with our partners, we seek to provide a structure that meets large scalability demands, as well as anticipated marketplace needs. We are able to meet these needs through a variety of strategic innovative processes. ISWH is creating and managing brands across a spectrum of disruptive industries. It maneuvers its proprietary companies through critical stages of market development, which includes conceptualization, go-to-market strategies, engineering, product integration, and distribution efficiency. The company has also partnered with a well-known software development and consulting company, Bengala Technologies LLC, which is developing significant enhancements in the supply chain management space; and the partnership has a vitally needed patent now pending.
For more information, visit www.iswholdings.com
Forward Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could", "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with OTC Markets (www.otcmarkets.com).
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