Revenue reduction due to discontinued trucking business
CHICAGO, May 14, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Alliance Creative Group, Inc., (http://www.AllianceCreativeGroup.com) (ACGX) is pleased to announce the results of Operations for the Three Months Ending March 31, 2019 and the 2019 Quarterly Financials.
Revenues for the quarter ending March 31, 2019 (“Q1 2019”) were $2,535,734
Gross Profits for the quarter ending March 31, 2019 (“Q1 2019”) were $727,768
Net Income for the quarter ending March 31, 2019 (“Q1 2019”) were 32,340
The total assets on the Balance Sheet for the Alliance Creative Group as of 3/31/19 were $7,158,344.
The total outstanding common shares as of March 31, 2019 were 2,193,538,213 with 2,098,651,682 of those shares in the float.
The Company ended the quarter with $109,418 in the bank.
Total Stockholder Equity as of 3/31/19 was $4,094,585
The full financial statement, balance sheet, statement of operations, cash flow statement, and disclosure statements are posted on the OTC Market Company website at www.OTCmarkets.com under the stock symbol ACGX in the section for filings and disclosure and on www.ACGX.us in the investor relations section. The reduction in total revenues in Q1 2019 compared to Q1 2018 is due to the transitioning and discontinuing of the Primary Trucking and Rapid Freight Solutions services.
The Company is still in the process of completing PCAOB audits of prior periods and will disclose the report information to the public when it is completed.
Paul Sorkin, COO and General Counsel of the Alliance Creative Group, Inc., said: “This quarter represented a significant step in our continued transition to reduce our trucking business and increase our focus on fulfillment and packaging services. The revenue was reduced due to the discontinued trucking business but so were the expenses. We improved our gross profit and general expense ratios and are positioning ourselves to actively pursue the growth and expansion of our core competency and more focused value proposition. As we continue to evaluate all our future options we have put a higher priority on reducing our future risks and expenses. We are also trying to improve our cash flows to become more desirable for potential future lenders or investors. We understand we are progressing slower than we originally planned however we are making progress overall and hope to improve our future opportunities for everyone and will share updates as they become available.”
About Alliance Creative Group, Inc.
Alliance Creative Group, Inc. (ACGX) is a Packaging Solutions Company focused on Retail Packaging and Packaging Management. ACG helps its clients from initial concept and packaging development through final production and managed inventory solutions. The core business has been around since 1997. ACG currently focuses mostly on providing solutions for flexible and clear packaging, folding cartons, vendor managed inventory supply chain services and fulfillment. Additional services include but are not limited to corrugated boxes, commercial printing, labels, and other products and services related to the printing or packaging of consumer products. ACG’s team includes experts to provide high-quality packaging and printed products. The ACG experience includes very hands-on operational support out of 8 different warehouse locations and several national and international manufacturing partners. ACG provides customer support during the entire product process or cycle including but not limited to creating, warehousing, delivering, and replenishing their packaging products. For more information, visit www.AllianceCreativeGroup.com or www.ACGX.us.
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This news release contains forward-looking statements as defined by the bespeaks-caution doctrine. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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