Hammer Fiber Optics Holdings Corp Announces Results of Quarter End, October 31, 2019
PISCATAWAY, N.J., Dec. 24, 2019 (GLOBE NEWSWIRE) -- Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the first quarter ended October 31, 2019. “Hammer continued to make significant progress during the period toward implementing its Everything Wireless strategy,” said Erik Levitt, Hammer’s CEO. Hammer completed the implementation of the first wireless point-of-presence in Freetown, Sierra Leone. It began the consolidation of its south-east data center assets into Huntsville, Alabama, in advance of the planned construction of the first wireless POP in the market, and furthered completion of its networks in the Caribbean markets. Hammer reorganized Endstream Communications to re-position its operations toward providing services in the key international markets where Hammer and its subsidiaries and partners have licenses and away from the toll free termination business.
Key results include:
-- Total revenues for the period ended October 31, 2019 and October 31, 2018 were $698,937 and $47,232 respectively, a 1,480% increase, -- As of November 1, 2019 Endstream Communications has exited the toll free termination business and is repositioning itself to provide voice services in Hammer’s markets in the Caribbean (including St. Vincent, Dominica, Jamaica and Barbados) as well as its direct routes to Guyana, Bermuda and Africa (including Nigeria and Kenya). -- During the period ended October 31, 2019 operating expenses increased to $835,162 compared to $484,680 from the same period ended October 31, 2018, an increase of 180%. The increase was due to the discontinuation of the operations of the Hammer Fiber Optics Investments, Ltd subsidiary in the Atlantic City, NJ market, and the addition of the operations of Endstream Communications, Open Data Centers and 1stPoint Communications and its subsidiaries. -- During the period ended October 31, 2019 the net loss from both continuing and discontinued operations decreased to $139,684 from $513,425, a decrease of 73%. The decrease in the net loss is due to the discontinuation of the operations of the Hammer Fiber Optics Investments, Ltd subsidiary in the Atlantic City, NJ market, and the addition of the operations of Endstream Communications, Open Data Centers and 1stPoint Communications and its subsidiaries. -- During the period Hammer closed on the acquisition of the assets of American Network, Inc., providing certain key interconnection agreements in the State of New York. -- Hammer signed a definitive agreement with Peak One Opportunity Fund, LP for an equity line of credit of up to $10,000,000.
“We have turned our attention to building the components of the Everything Wireless strategy and selling the OTT services that have already been developed,” added Levitt. “Our revenues are now primarily generated from our hosting businesses and the OTT technologies that have been developed as part of the foundation of Everything Wireless, including the SMS/testing business. We anticipate that we will begin to derive revenues from our Hammer Wireless business unit in the coming quarters as those networks complete their testing.”
About Hammer Hammer Fiber Optics Holdings Corp. (OTCQB:HMMR) is a telecommunications company investing in the future of wireless technology. Hammer’s “Everything Wireless” go to market strategy includes the development of high-speed fixed wireless service for residential and small businesses using its wireless fiber platform, Hammer Wireless® AIR, Over-the-Top services such as voice, SMS and video collaboration services, the construction of smart city networks and hosting services including cloud and colocation. For more information contact our Investor Relations Team at firstname.lastname@example.org.