KinerjaPay Corp. Updates Coal Shipment Progress: Company has started loading the first boat; Foresees over $100 million in revenue over the next 12 months
2021-03-24 08:00 ET - News Release
JAKARTA, Indonesia, March 24, 2021 /PRNewswire/ -- KinerjaPay Corp (OTCPK: KPAY) a Payment Gateway and Ecommerce Company based in Indonesia with recent changes in its subsidiary Company, P.T. KinerjaPay Indonesia, to include mineral and commodity trading such as coal and other general commodities, today posted an update about its coal shipments to its buyer in China.
The Company has started the loading of 55,000 MT of coal to the mother vessel at East Kalimantan in the last week. The loading process was slightly delayed from February 2021 due to the slight delay of Mother Vessel's arrival and Quality Assurance processes by the quality inspection team of the buyer. As of today, the Company has started to load the coal to the barge vessel which could load up to 7,500 MT per boat.
The Company has started the loading the first of seven barges, all of which will take up to two weeks to complete. Upon completion of loading the first vessel, the Company shall be able to claim payment from the buyer by submitting all shipping documents to the Bank.
Mr. Edwin Ng, CEO of KinerjaPay Corp said, "Despite the slight delay in the arrival of the Mother Vessel, we are now on schedule for monthly deliveries to our buyer. We anticipate revenues over the next 12 months to be in excess of $100 million with profits of excess of $12 million. We continue to seek out other buyers for the Indonesian coal as well. We are excited to have this business get off the ground."
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