- Outline business outlook for 2018
- To extend sales to India
Atlanta, GA., April 23, 2018 Bemax Inc. (OTC:BMXC), a growing global distributor of Disposable Baby Diapers, announced its financial results for the three months ended February 28, 2018 and outlined business outlook for full year 2018.
"Our third quarter financial results highlight the progress we are making across our business and demonstrate further success with both new and existing customers," said Taiwo Aimasiko, Bemax president and CEO."We are now positioned to deliver higher 2018 annual revenue based on ongoing expansion of our distribution network and continue increase in demand for our private label brands. This positions us well to accelerate our growth in 2018 as we introduce new and complimentary private label products."
Recent Business Highlights
Secured new purchase order totaling $620,000, and completing negotiations on new purchase orders from existing and prospective customers
Extending sales network to the Indian market.
Completing the process of introducing new complementary private label products.
Q3 2017 Results
Operating expenses totaled $5,001 and $0 for the three months ended February 28, 2018 and 2017, respectively. The increase can be attributed to the recognition of expense for stock for services issued.
Revenue for the three months ended February 28, 2018 and 2017 was $102,090 and $24,960, respectively, an increase of $77,130, or 309%, in the current period. The increase is due to sales recorded in January 2018.
General and administrative expense was $46,786 and $68,858 for the three months ended February 28, 2018 and 2017, respectively, a decrease of $22,072, or 32.1%, in the current period. The decrease in 2018 can be attributed to decreased operational costs.
Professional fees were $2,925 and $9,200 for the three months ended February 28, 2018 and 2017, respectively, a decrease of $6,275, or 68.2%, in 2018. The decrease in 2018, as compared to 2017, can be largely attributed to decreased audit and accounting fees related to required SEC quarterly filings.
Business Outlook - Fourth Quarter and Full Year 2018
The following statements are based on Bemax's current expectations for the fiscal year 2017 and full year 2018. These statements are forward-looking and actual results may differ materially.
About Bemax Inc.
Bemax Inc. distributes private label Disposable Baby diapers to local distributors in London, South, East and West Africa and other emerging markets. We also source from manufacturers from Asia and distribute to other growing markets. Bemax focuses on an extensive and far-reaching global network among wholesalers, large discounting retailers and supermarkets as well as entry into the ecommerce arena to reach households directly through subscription orders. We focus to supply our clients with disposable baby diapers from manufacturers in North America where quality is superior. Please visit the company website at www.bemaxinc.com.
Safe Harbor Statement
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
For information, please contact:
1100 Peachtree Street NE
Atlanta, GA 30309