Hammer Fiber Optics Holdings Corp Announces Fiscal Year Ended July 31 2022 and First Quarter Financial Results

New York, New York--(Newsfile Corp. - February 13, 2023) - Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the year ended July 31, 2022 and the first quarter ended October 31, 2022. During the fiscal year the company added its new financial technologies business unit, making substantial improvements to its flagship product, HammerPay. The company experienced strong growth in the telecommunications business unit, particularly in the over-the-top services segment as it prepared to launch its suite of mobility products.

Key results include:

• Total revenues for the fiscal year ended July 31, 2022 were $2,602,115 a 18.32% increase versus the prior fiscal 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.

• Total revenues for the quarter ended October 31, 2022 were $799,699, a 27.27% increase versus the same period in the prior fiscal year.

• Operating loss for the fiscal year ended July 31, 2022 increased to ($547,725) due to expenses associated with the startup of the financial technologies business unit and the acquisition of HammerPay [USA], Ltd. Operating loss for the quarter ended October 31, 2022 increased to ($142,173), also due to expenses associated with the operations of the company's financial technologies business unit.

• The company entered into a Share Exchange Agreement with Telecom Financial Services, Ltd ("TFS") in January 2022. This included the international remittance application now part of the company's flagship HammerPay suite.

• During the second, third and fourth quarters of the fiscal year ended July 31, 2022 (FYE 2021) and the first quarter ended October 31, 2022, the company introduced a custom built merchant application that integrates the remittance application with the recipient's banking institution, which allows customers to purchase goods directly from the merchant and cash-in funds back to their bank accounts when desired.

• The telecommunications segment continued to improve its position as a leading messaging services provider in its "over the top" services segment, assisting other mobile operators in the delivery of messaging in the complex United States messaging ecosystem.

• The company's telecommunications unit began the rollout of its first Gigabit Fixed Wireless access in its Northern Alabama market and enhanced its mobile operations in preparation for a rollout of additional mobility services.

"We continued to improve our operations in the telecommunications business segment as we develop a diversified portfolio," said Erik Levitt, Hammer's Principal Financial Officer and CEO of the telecommunications business segment.

"These achievements represent a significant milestone in the developing world, where the unbanked now become the banked, all by way of a simple mobile handset," said Michael Cothill, Hammer's Chairman. "Funds flow becomes far more safe and secure in that this method promotes digital settlement between the parties and virtually eliminates the need to carry physical cash around," added Cothill.

Following these developments, the company announced a non-binding letter of intent to acquire a controlling interest in Mobile Finance Group Ltd ("The Wallet Factory"), a provider of digital finance services and enterprise-grade e-Wallet platforms.

About HammerPay

HammerPay (USA) Ltd, a wholly owned subsidiary and brand operated by Hammer Technology Holdings, is a mobile-first digital technology product, powering stored-value digital services for businesses and consumers, including those previously left outside the digital revolution. HammerPay was developed to scale a highly attractive digital cash/cashless solution to be deployed along with partners around the world, delivering expertise for both developed and developing economies. HammerPay connects mobile consumers to cashless purchasing and bill payments, instantly enabling consumer broad adoption. For more information, contact Investor Relations at info@hammerpay.com

About Hammer

Hammer Technology Holdings ["Hammer Fiber Optics Holdings Corp."] (OTCQB: HMMR) 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 highspeed fixed wireless service for residential and small business, Hammer has entered the Fintech industry which is rapidly becoming the mainstream technology powering today's telecommunication applications. For more information contact Investor Relations at info@hammerfiber.com.

Forward Looking Statements 

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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