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MicroHoldings US, Inc. Releases Preliminary Financials on First Quarter 2007SAN DIEGO --(Business Wire)-- MicroHoldings US (OTC:MHUI) today released preliminary unaudited financials for the period of January 1, 2007 to March 31, 2007. Management expects to release full financial statements on the company within the next two weeks. For the first quarter of 2007, MHUI reported $88,086 in sales revenues from its video store subsidiary and $68,792 in gross profits. Net losses for the period totaled $129,656. The Company also reports that it reduced its debt by more than $382,000 during the period. The Company recently announced that it divested its video store subsidiary the sale of that company to a third party effective July 1, 2007. Since March 2007, the company has been dedicated to building its telecom and international carrier services businesses. On March 30, 2007 MHUI acquired XchangeTel, Inc, a provider of international services and on May 30, 2007 the company acquired GDS Global Destination Services GmbH, a Swiss based provider of telecom services. Stated Jeffrey Flannery, CEO of MicroHoldings US, "We are pleased to have continued to reduce the Company's long term debt and other liabilities, further strengthening the Company. We hope to have completed financials available to the public soon, including the 2nd quarter 10-Q which will state the revenues of our acquisitions and further progress in our debt reduction. We expect there to be a significant change in how MHUI looks beginning in the 2nd quarter of 2007 from a financial and business standpoint as during this time we completed the acquisitions of XchangeTel and GDS, which combined are generating more than $500,000 a month in revenues." More information on MicroHoldings US, Inc. can be found at www.microholdings-us.com. Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of MHUI are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future MHUI actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and MHUI has no specific intention to update these statements. |
