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Company Maintains Profitability over $1 Million Despite Effects of COVID
New Company Superstores on Target for Completion in 2021
Over the Next 12 Months, Company Expects to Add $5 Million in Revenue and Over $500,000 in Operating Profits from New Stores
MIAMI, FL / ACCESSWIRE / July 20, 2021 / OneMart grocery and retail stores, and Builders Depot, in the Caribbean today announced its results for the third quarter, which ended on May 31, 2021.
Although government pandemic regulations were put into effect during the first quarter, OMHI retained all employees and was able to fully-service all customers, either in-store or via delivery, and provide them with the high-quality goods and services they expect from OneMart.
The company greatly expanded its marketing initiatives during the third quarter and nine months ended May 31, 2021 and is already seeing increases in its business from these programs, especially in the charter boat and luxury yacht market; historically, this is the largest expansion program undertaken by the company.
During the nine months ended May 31, 2021, OMHI announced the construction of two new stores in the British Virgin Islands; in addition to these new stores, management is considering four additional sites for new superstores. With its new technology subsidiary, Rydeum Caribbean, Inc., and its new stores, the nine months ended May 31, 2021, has seen the largest expansion program in company history. Management anticipates increased revenue from these activities by the end of the fiscal 2022.
THIRD QUARTER/NINE MONTHS RESULTS
The company's nine months sales performance compared to fiscal year ended August 31, 2020, was lower by 4% despite the negative effects of Covid-19 pandemic on the economy during the nine months reporting period. The third quarter reflected less than 1% difference. This demonstrates the resilient nature of the business even during such a pandemic.
For the third quarter ended May 31, 2021, sales revenue reached $7,361,292 as compared to $7,421,909 for the same prior year period; for the nine months ended May 31, 2021, revenue reached $20,629,528 as compared to $21,493,749 for the same prior year period.
The net Income for nine months which exceeded $1 million, reflected a 5% decrease over the previous year because of the COVID pandemic effect.
For the nine months ended May 31, 2021, shares were 47,101,422, as compared to 44,400,596 the same prior year period.
Significant progress has been made at both new stores under construction. The construction of OMHI's new 34,000 square foot supermarket in Fat Hogs Bay (East End) British Virgin Islands (BVI) is expected to be completed by the end of 2021. The store will be similar to the company's first store, but larger so it can offer even more goods, including food, clothing, appliances, furniture, electronics and general household items - everything shoppers need for one stop shopping. It will provide adequate parking compared to its competitors in the area.
The company's new store concept, OM Builders Depot, will be in Port Purcell, near the main port and the capital Road Town on Tortola, BVI. OM Builders Depot will comprise 15,000 square feet and will provide building materials, hardware and tools, home appliances, cement, paint and plumbing supplies to builders and contractors. White sand, gravel, rebars, blocks and lumber will be available for purchase outside the building.
OMHI has signed a long-term lease on an acre of property for the Builders Depot store - its land costs are minimal, and the company expects significant profits and growth from this store. Builders Depot is 200 feet from the first OneMart and several miles from the new store, where construction is underway. OM Builders Depot building, and inventory will cost $3 million. This store is expected to add $5 million in sales to the OMHI Group in the first 9 months (December 2021 - August 2022) and over $500,000 dollars in operating profits.
Rydeum Caribbean, Inc. has a regional exclusive software license and IT managed services agreement with Rydeum Technologies, Inc., based in Atlanta, GA. These exclusive agreements allow Rydeum Caribbean, Inc. to efficiently launch LODE-TECH in Jamaica and in 27 additional Caribbean countries. Rydeum Technologies, Inc. is in the process of applying for three U.S. patents for a novel decentralized architecture which will have the ability to power multiple Local On-Demand Economies, allowing local businesses to easily onboard and enable customers to obtain transportation, delivery, and professional services via a single mobile app.
OMHI will vertically integrate Local-On-Demand Economy (LODE) technologies to power the purchase and delivery of retail merchandise and services for all customers throughout the Caribbean. Via Rydeum's DoGetGo app, customers will be able to shop at the company's stores from their smartphones have their purchases delivered; the app also enables both residents and visitors to get around the island by car. On July 12, 2021, OMHI announced Rydeum Caribbean Inc. has signed a five-year contract with the Jamaican Union of Travelers Association (JUTA) and its 12,000 members.
"In spite of the pandemic, which severely hurt the Caribbean economy, our results demonstrate our team's ability to maintain the provision of our premier service to all of our customers," said Mark Vanderpool President & CEO of OM Holdings International, Inc. "With our new marketing and buying initiatives, we anticipate improved results by year-end."
"We are launching DoGetGo in Jamaica, and we expect to roll the app out throughout the Caribbean," Mr. Vanterpool continued. "We are confident the mobile app will significantly increase business from our current customers and from new customers, and we expect to see additional B2B and B2C transactions. The technology agreement, DoGetGo, the JUTA contract, and the opening and operation of our new stores should make fiscal 2022 the beginning of dramatic growth for OMHI for years to come."
About OM Holdings International, Inc.
OM Holdings International, Inc. (OTC PINK:OMHI), founded in 1986 in the British Virgin Islands (BVI) by Mark Vanterpool, operates delivery services and grocery stores in the Caribbean, with a mobile application delivery platform that provides an expedient, contactless option for the transportation of people and essential goods. The company's storefront, OneMart, is the second-largest grocery store in the BVI. OHMI's delivery subsidiary, Rydeum, founded by Mark Hannah in 2019, has partnered with Jamacia's largest taxicab union to provide an Uber Eats delivery service model to Jamaican consumers. The company also provides lumber and other construction supplies to contractors throughout the Caribbean. For more information, please visit https://omholdingsinc.com/.
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: OM HOLDINGS INTERNATIONAL, INC.
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