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Tucson, Arizona, June 30, 2022 (GLOBE NEWSWIRE) -- Publicly traded Titan NRG, Inc. (OTC Pink: TTNN) ("Titan NRG") operating as a downstream energy and transportation holding company through its wholly-owned subsidiaries, releases annual report for the fiscal year ending March 31st, 2022.
“We’re excited to release the financial info for a portion of the last quarter due to merger timing. So far, 2022’s first quarter is outpacing the first quarter of 2021 by a decent margin and we’re still seeing opportunities for continued organic growth due to tightness in the specialized trucking market. Merging the four companies and consolidating the data has taken some time to complete, and I’m happy that we’ve completed the task.” said Alex Majalca Jr., Titan NRG’s President and CEO. “A lot of time and work has gone into merging everything and cleaning up our share structure from previous management. The whole team stepped up to the challenge and performed well. I think this is a true testament to why we’ve been successful and will continue to do so. I feel like we’re in front of the economic headwinds and we continue to make real-time adjustments as needed. I couldn't be prouder of the results delivered by the whole team at Titan NRG and I’m looking forward to 2022”
Fourth Quarter Fiscal 2021 Highlights (56 days of revenue due to merger timing)
$1,930,940 in total revenue from February 4, 2022 to March 31, 2022
$583,501 in gross profits
$723,240 in Accounts Receivable
$655,164 in Inventory as relates to gallons of Liquefied Petroleum Gas on hand
$1,824,839 in original price capital assets(before depreciation and book value)
Legal Fees and transfer agent fees were higher than normal due to the merger
Annual Report - Fiscal year ended March 31, 2022, can be seen on the OTC website
Q&A with CEO Alex Majalca Jr. and Secretary/Treasurer Henry Varga can be seen here. https://youtu.be/twSagRWpNGQ
Alex R. Majalca Jr.
President/Chief Executive Officer
Titan NRG, Inc.
About Titan NRG Inc.:
Titan NRG is a holding company that operates as a downstream energy and transportation company through its wholly owned subsidiaries. NRG Dynamics currently has 25+ transports operating in 9 states. APE Fuels offers retail and commercial propane serving southern AZ with 1500+ leased tanks and 2500+ customers. Vespene with wholesale purchasing and sales of LPG products. NRG Rail has a long-term lease on a new 18 car rail facility in Tucson with approved 1.2mm gallons of propane/butane storage.
We're focused on vertical integration while expanding our operations to cover everything from the refinery to retail. This business model is a win for our customers, company, and shareholders. Additionally, this model can be replicated in other regions.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's reports and filings at https://www.otcmarkets.com/stock/TTNN/profile. Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties, and other factors, which may cause actual results, performance, or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should, and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with OTC Markets. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.