PLACERVILLE, CA, May 23, 2017 /PRNewswire/ - iMD Companies, Inc. (ICBU) Board of Directors announced today that the company's subsidiary KRSNA Minerals reported revenues of $5,923,093 with gross profits of $2,461,617 for the first quarter 2017. These numbers do not include revenues from the 66 million dollar contract with China for Chrome Powder as contract was signed during first quarter. The company continues to expand its work on its claims to meet demands for new contracts. The company is also finishing up negotiation on acquiring a second mine to meet demands for minerals.
The company completed its acquisition of KRSNA Minerals back in October 2016. KRSNA Minerals is a producing mine in India with over 600 acres of mining claims, which are producing manganese and Iron ore metals. KRSNA Minerals has major contracts with the Chinese government to supply manganese and Iron ore to China.
Richard Wilson CEO of ICBU stated, "We are pleased with solid revenues and profits for the first quarter and expect much higher going forward with new contracts. We also feel our shareholder value is undervalued and expect it to better reflect our valuation once audited financials are completed as we expect a positive earnings per share and book value per GAAP financials numbers.
About iMD Companies, Inc. www.imdcompaniesinc.com
IMD Companies, Inc., (ICBU) is a Florida corporation, engaged in the manufacturing, extraction and distribution in mining, hydroponics industries, and asset accumulations of revenue producing companies. The company is positioned to be a holding company for acquisitions in the medical, mining and hydroponics industries. Acquisitions in those areas are R-Quest Hydroponics from Anything Technologies Media (EXMT). The company and the principals of the management team have extensive backgrounds in finance, manufacturing, marketing and distribution. ICBU's goal is to create and increase shareholder value by tactically growing our business while strategically seeking to acquire new business and create other business alliances, which generate increased revenues and earnings.
About KRSNA Minerals:
KRSNA MINERALS currently has contracts with the Chinese government to supply manganese and Iron ore to China. The recoverable asset values are in excess of 700 million dollars for the total claims owned by KRSNA MINERALS. The Current Claims mined produced revenues in excess of 30 million dollars in 2016 KRSNA MINERALS plans to dramatically increase the number of claims being mined in 2017 to increase revenues exponentially for the company. KRSNA MINERALS is now a wholly owned subsidiary of ICBU and all financials of KRSNA MINERALS will be represented into ICBU financials statements.
Safe Harbor Statement:
Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements.