Petrone Worldwide Inc(OTCMKTS:PFWI) is new to our reports here on Street Register, and it caught our eye after noticing a big pickup in price action and liquidity this week.
The company is engaged in the hospitality industry with global operations capabilities. Now providing third party logistics for overseas manufacturing companies attempting to sell their goods in North America, PFWI sells and markets products under its own proprietary name and acts as distributor for a wide variety of companies to the hospitality trade.
This week’s rise in Petrone Worldwide Inc(OTCMKTS:PFWI) has been given further strength after the company released its financial results for the second quarter and six months ended June 30, 2017, beginning with a list of recent highlights.
- Total revenues for the three months ended June 30, 2017 increased by 98% compared to the corresponding period of 2016.
- Reported results include approximately $90,516 in non-recurring expenses related to professional fees incurred
- On June 14, 2017, the Company Purchases Inventory to Satisfy the Increased Demand in the European and India Marketplace to strategically transition the Company and accelerate the Company’s growth and expansion plans and subsequent to the three month period ended June 30, 2017, the Company has consummated a multi-million dollar forecasts for insights-driven transactions with large brands under exclusive agreement.
Victor Petrone, Petrone Worldwide’s Chief Executive Officer commented, “My clear mission as CEO is to drive long-term growth and unlock sustainable value for all our shareholders. Since the end of June, the new focus has begun by implementing new initiatives that leverage the full capabilities of our innovative platform with the goal of differentiating us within the hospitality and retail industry. The key element of our new strategy is the leveraging of our unique geographical footprints and slated e-commerce website platform assembled to help brands drive more effective campaigns.”
“Petrone Worldwide’s relationships and know-how to properly market a data-driven offering will guide our repositioning and the focus on large dollar transactions that are syndicated over multiple years with recurring revenues. Over the long-term, these larger, multi-year deals will provide us with a more stable foundation to accelerate growth and drive increased visibility into future revenues,” Petrone concluded. “In the near term, as we advance our strategic transition efforts, we will be focused on securing new business. The announcement of new customers and larger deals will be the most effective way to track our progress and based on our bookings to date, we expect quarterly revenues to increase year-over-year and be sequentially higher than the second quarter, and our operating and net losses should narrow in the absence of non-recurring costs related to activities that occurred and concluded in the second quarter.”
On September 05, 2017, and subsequent to the end of the second quarter, the Company completed the retirement of $175,000 of toxic debt in an effort to pay outstanding principal, accrued and unpaid interest with respect to the Company’s indebtedness of convertible debt loans. The company currently trades on the OTCQB Venture Market and has plans on up-listing to the OTCQX Market by year end; December 31, 2017. (Source: Globe Newswire)
All things considered, PFWI could end up being a pretty good ground-floor opportunity, and we’ll be interested in tracking its progress toward an eventual uplisting and more stringent reporting standards. Stay locked to Street Register for updates, and we’ll deliver important developments on PFWI as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in PFWI stock, short or long.