Hammer Fiber Optics Holdings Corp Announces First Quarter Results and Improves Operating Results
New York, New York--(Newsfile Corp. - December 15, 2021) - Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) soon to be known as Hammer Technology Holdings announced operating and financial results for the first quarter ended October 31, 2021, continuing to improve its balance sheet, the operations of its telecommunications business unit and made significant announcements regarding its financial services technology business unit.
Key results include:
- Total revenues for the current quarter ended October 31 2021 increased to $626,335 from $484,842 in the quarter ended October 31, 2020, a 29.59% increase versus the same period in the prior year. The increase was due to very strong performance in the OTT ("Over the Top") market segment which includes its SMS messaging practice, wholesale voice as well as the hosting business.
- EBITDA (non-GAAP) for the current quarter ended October 31 2021 increased to $4,280. EBITDA loss was $15,573 for the quarter ended October 31, 2020. The increase was primarily due to strong performance in the OTT market segment.
- The company began adding customers to its wireless network in Huntsville, AL.
- During the period the company entered into a definitive agreement to acquire 100% of the equity of Telecom Financial Services, Ltd., a developer of digital financial solutions and cross-border remittance products. The partnerships secured in this transaction paves the way for the company to deployed and develop its own solutions under the brand name of HammerPay. HammerPay will provide a broad array of new financial products that adopt architectures such as blockchain, securely leveraging the latest technologies to deliver best-in-class services, dramatically driving down transaction costs while unlocking new business opportunities for financial institutions, banks, telecommunications service providers, merchants, and more.
"In adding financial technology services to our portfolio, we are diversifying our assets and substantially improving shareholder value for the Hammer Group," commented Michael Cothill, Hammer's Chairman. "We want to provide our investors as many accretive opportunities as possible. HammerPay is a revolutionary service bringing financial services to markets where little to no digital services existed before."
"Hammer continues to improve its operations and make progress on its balance sheet," said Erik Levitt, Hammer's Principal Financial Officer and CEO of the telecommunications business segment. "During the period we began adding clients to our wireless network in Huntsville and initiated discussions with developers and owners of multi-dwelling units to provide high speed services via both fixed wireless and fiber," added Levitt.
"During the quarter Hammer made many enhancements to its OTT portfolio, including adding functionality to its HammerCall video conferencing platform as well as adding universal MMS (multimedia messaging service) to its SMS capabilities," said Kristen Vasicek, Hammer's Chief Operating Officer. "These improvements will continue to unlock short term revenue opportunities in the market," added Vasicek.
Hammer Fiber Optics Holdings Corp. (OTCQB: HMMR) soon to be known as Hammer Technology Holdings, is a company investing in the future of technology. Hammer has broadened its strategy to focus on the rapidly evolving world of innovative technology and in an effort to keep pace, has restructured the group to allow for the creation of several related verticals. In addition to its "Everything Wireless" strategy which includes the deployment of high-speed fixed wireless service for residential and small business, Hammer seeks to enter into the Fintech industry which is rapidly becoming the mainstream technology powering today's telecommunication applications. For more information, contact Investor Relations at email@example.com.
This press release contains projections and other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.
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