HQP, Inc. Announces 2018 Audited Results
Moss Landing, California--(Newsfile Corp. - April 15, 2019) - HQP, Inc. ("HQP" or the "Company") is pleased to announce that it has completed its audited financial results for the period from inception (June 2018) for the six-month ended December 31, 2018 and as of December 31, 2018. In 2018, the Company recognized revenues of $5,216,000 with gross profit $1,430,000 (GP% 27.42%) and net income after all applicable taxes of $360,000. The Company has audited total assets of $6,079,000 and shareholders equity of $3,040,000 as of December 31, 2018.
The Company is expected to generate $26,000,000 in revenues for year ended 2019, which is a 260% year over year growth and will be profitable. First quarter revenue is expected to beat management's estimates and the Company continues to identify acquisition targets to grow HQP vertically and horizontally and reinvesting profits into the business to foster organic growth.
"HQP has taken various steps in achieving our plan and we are very excited to continue the growth and expansion opportunities," - Ernie Pascua, Chief Executive Officer.
"Based on our core business, we believe HQP is an undervalued arbitrage opportunity for investors that are interested in the cannabis industry," from Patrick Womack, Executive Vice President and Director.
The Company is currently raising capital under a private placement for $14,880,000 to further expand its operations. The Company intends to use the proceeds from the sale of the common shares for general working capital purposes and for other general corporate purposes, including but not limited to, general and administrative expenses, cannabis-facilities acquisition costs, legal and accounting expenses, licensing expenses, debt service, facilities improvements and cultivation, processing, distribution licenses and marketing expenses.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold to persons in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About HQP, Inc.
HQP is a private company based in Moss Landing, California. We are an early stage company that was organized to cultivate, process, distribute and market cannabis products. Our goal is to become one of the leading companies known for its high-quality California-influenced cannabis products. Our principal investment objectives will be to achieve current income and capital appreciation potential for the Company by taking advantage of the opportunities that we believe exist in the cannabis industry. HQP is an approved state-licensed cultivator and distributor of cannabis within a 100,000 square foot production facility.
Statements in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those regarding the proposed offering of securities and the anticipated use of proceeds therefrom. These forward-looking statements are made only as of the date of this press release and are based on HQP's current intent, beliefs, plans and expectations. They involve risks and uncertainties that could cause actual future results, performance or developments to differ materially from those described in or implied by such forward-looking statements. HQP undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, other than as required by law.
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