Invicta Group Increases Fourth Quarter Revenue in 2009 by Over $2,000,000 From Fourth Quarter in 2008
2010-02-16 09:00 ET - News Release
CHICAGO, IL -- (MARKET WIRE) -- 02/16/10
Invicta Group Inc., (http://www.ivitgroup.com) (PINKSHEETS: IVIT) is pleased to announce the results of Operations for the Three Months Ended December 31, 2009 Compared to the Three Months Ended December 31, 2008.
Revenues for the three months ended December 31, 2009 ("Fourth Quarter 2009") were $2,344,960 compared with $277,897 for the three months ended December 31, 2008 ("Fourth Quarter 2008").
This represents an increase of $2,067,063 or a 744% increase from the revenues recorded in the Fourth Quarter 2008. The increase is due primarily to our efforts in bringing in new projects and adding on additional products and services which helped increase our overall revenue.
The total assets of the Invicta Group as of 12/31/09 were $2,781,010 compared to $116,602 as of 12/31/08. This represents an increase of $2,664,408 in assets.
The net profit for the Fourth Quarter 2009 was $17,867 compared with a net loss of $88,315 for the Fourth Quarter 2008, which represents an improvement of $106,182. The improvement is the result of management's efforts to evaluate and adjust the business plans and projects.
CEO of the Invicta Group, Paul Sorkin, said, "We are very pleased with the financial results for the Fourth Quarter. I am proud of our team's efforts and execution. We have made a number of substantial changes and completed some great additions during the last year. We have improved the quality of our team tremendously, built a solid foundation, and have positioned ourselves to continue to add more projects and potential revenues to improve our overall numbers. We have completely turned things around and are actively seeking acquisitions of businesses that are synergistic with our business plan and, at this time, we are in negotiations with several companies that we have targeted for acquisition or joint ventures. We will continue to evaluate all current and future opportunities to allow us to grow and improve our bottom-line and the shareholder value. Our philosophy is to share as many resources as possible and utilize the economies of scale to help improve our efficiencies and overall numbers as we grow. Our shareholders are the lifeblood of our Company and we want to explore every avenue to build our Company and maximize the shareholder's value."
About Invicta Group, Inc.
INVICTA GROUP, Inc. (PINKSHEETS: IVIT) is a full service multimedia management and marketing company. The Invicta Group is a conglomerate that utilizes shared resources to create synergies between their projects and companies and creates a lower cost of entry into the marketplace and almost instant start up capabilities for new products, services, and clients. www.IVITgroup.com
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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