Hammer Fiber Optics Holdings Corp Announces Third Quarter Financial Results
PISCATAWAY, N.J., June 23, 2020 (GLOBE NEWSWIRE) -- Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the third quarter ended April 30, 2020. “This is a challenging time for the entirety of the globe,” said Erik Levitt, Hammer’s CEO. “The novel coronavirus has changed the way we interact, work, play, and communicate. It has changed everything in our daily lives. The impact on our way of life, and on the infrastructure that we need to support that new way of life is unprecedented.”
Due to global conditions there were delays in projects in Huntsville and Dominica, but both projects have now resumed. Hammer increased the reach of its SMS network, announcing a partnership with Telefonica and continued to build out its mobile origination footprint which now includes California, Texas, Florida, New York and Mississippi. Hammer’s management anticipates that these services will make a more substantial contribution to revenue in future quarters.
The company advanced its “Over-the-Top” (“OTT”) infrastructure by developing a suite of services to enhance remote workforce and video conferencing capabilities as well as products targeting consumer privacy by leveraging its status as a mobile network operator. The first applications are already in final tests and announcements on the full breadth and scope of the application suite will be forthcoming.
During the period Hammer discontinued the operations of its subsidiary Open Data Centers, LLC, which operated a data center facility in Piscataway, NJ, resulting in more streamlined financial operations.
Key financial results include:
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 firstname.lastname@example.org.
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