It was just a couple of weeks ago that we were last discussing Metrospaces, Inc. (OTCMKTS: MSPC) on Street Register, and we wanted to provide updates to our readers on the company as well as the performance of the stock itself. We were mentioning that one of the things that we found attractive about the company was the diversity in its real estate portfolio.
We outlined the company’s Lodge and Wine property, its joint hotel ventures in South America, interest in the cannabis space, its Brooklyn based condos, and last but certainly not least, its majority-owned EtelixUSA.com.
Etelix was actually the subject of a recent press statement by .Metrospaces, Inc. (OTCMKTS: MSPC) Founder and CFO Oscar Brito, who recently announced that Etelix continues on a record setting pace in early 2018.
“After an incredible year in 2017, Etelix started very strong with January 2018 revenue of $642,548. This compares with $585,874 in January 2017, representing a 10% growth. We are projecting to reach a level of $1,000,000 in monthly revenue by the second half of this year, allowing us to reach a base-case projected $10.2M-12M in revenue for 2018. This would represent a 30-40% YOY revenue growth.”
Mr. Brito continued by saying: “The opening of our Spain office has made our sales effort in Asia very productive by bringing in new clients and enhancing our existing relationship with major Asian carriers such as Reliance Communications and Axistel. We are currently in the process of sourcing new debt financing, as our business growth is very capital intensive. We believe that if we are able to conclude the optimist range of amount regarding a few business debt lines of credit we are in current negotiations with, our revenue growth rate could be closer to 60-65% % for 2018.
In 2017 management, thanks in part to 3rd party business lines of credit obtained, was able to achieve the optimistic forecast. We have a lot of work to do with respect to execution, but we 2017 was proof that we are able to meet our most optimistic case scenarios. We look for 2018 to be a repeat performance of 2017. With these results, the company would potentially be able to position itself for an eventual uptick to the NASDAQ Small Cap or OTCQX.”
In even more recent news, MSPC moved to cancel 1.6 billion common shares held by management. Mr. Silva, Metrospaces CEO, stated: “On Friday, March 2, 2018 Metrospaces held a board meeting that resolved the cancelation of 1.6 billion of common stock previously held by CEO, Daniel Silva, and CFO, Oscar Brito. This will bring our total issued and outstanding shares down from 5,389,941,887 outstanding as of February 22, 2018 to a total of 3,789,941,887.”
That’s big news for the stock itself, which we mentioned we’d go over. At the time of our most recent article on MSPC, we stated: “What the company needs now, is to focus on building its shareholder base, and building up the price of its stock to a more attractive level… at the very least, we can call it a speculative play with real potential.“
This share reduction is a very good step toward building up its base and share price, and that has shown through in the amazing PPS increase between our last article and this one. We have observed an increase of more than one thousand percent (.0001-.0012) and will be eager to continue to track its progress. We’ll stay up on any further developments with MSPC and pass them along to you! Stay locked on StreetRegister.com and be sure you’re signed up for our 100% free smallcap newsletter. It’s as easy as that! Simply submit your primary active email address in the box below. Subscribe now!
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 MSPC stock, short or long.