Montvale, NJ, September 26, 2013 - (Accesswire) -
Beneficial Holdings Inc. (OTCPink: BFHJ) today announced the
results of operations for the second quarter ended June 30, 2013
(pending the completion of its previously-announced acquisitions
and FINRA approval of a previously-announced reverse split of its
common stock to accommodate the acquisitions).
The Company recorded $70,000 of revenue for the three months
ended June 30, 2013. The net loss for the period was $145,490
(nil per share before the effects of the Company's announced 1:5000
reverse split of its common shares) and a loss of $0.01 per share
after considering the aforementioned reverse split).
At June 30, 2013 there were 4,099,999,952 common shares
outstanding (820,000 after considering the effects of the reverse
split); and the Company's Series B Preferred Stock was convertible
into 4,267,346,889 common shares (2,000,000 after considering the
effects of the reverse split). The weighted average number of
fully diluted common shares for the three months ended June 30,
2013 was 8,367,346,841 before the aforementioned reverse split and
22,081,633 after considering the effects of the reverse
split.
For the six months ended June 30, 2013 the Company recorded
$120,000 of revenue and a net loss for the six month period
$211,066 (nil per share before the effects of the Company's
announced 1:5000 reverse split of its common shares and a loss of
$0.01 per share after considering the aforementioned reverse
split). The weighted average number of fully diluted common
shares for the six months ended June 30, 2013 was 8,367,346,841
before the aforementioned reverse split and 22,081,633 after
considering the effects of the reverse split.
All such reported results and share counts are unaudited.
Operating results for the comparable periods in 2012 are not
relevant due to the previously-announced discontinuance of certain
operations and changes in accounting methods. Due to the
material nature of the effects of the Company's previously
announced 1:5,000 reverse split of its common shares, management
was advised to report financial results for the three and six month
periods ended June 30, 2013 only when the transactions requiring
the consummation of the reverse split were able to be
disclosed. There were no common shares or equity-related
securities issued by the Company during the second quarter or the
first half of 2013. Additionally, no member of management or
their beneficiaries has engaged in any sale or purchase of the
Company’s common shares or equity-related securities during the six
months ended June 30, 2013.
These financial results DO NOT include the operations of the
Company's previously-announced pending acquisitions. However,
they do include the effects of the Company’s previously- announced
1:5,000 reverse split of its common shares, which is pending FINRA
approval.
Revenues for the three- and six-month periods were generated
from the Company’s asset management assignments. No revenue
was generated from the Company's development assignments, due to
such projects not yet commencing billable activities. While
the Company offers no earnings guidance at this time, management
expects to record revenue from development activities in the third
quarter of 2013.
Summing up year-to-date activity, Gregory N. Senkevitch,
Beneficial’s Chairman, President and CEO said: "Our Project
Solutions business is on track with expectations. Our recent
announcement of the proposed acquisitions of 50% of Green RG
Holdings, LLC and 100% of Green Econometrics is a game changer for
our Company. Assuming the successful completion of due
diligence, we expect to close these transactions shortly upon FINRA
approval of our previously-announced 1:5,000 share reverse
split. Our management team is presently working with the
management of both our pending acquisitions to complete due
diligence procedures and to ensure an orderly integration of our
operations once the transactions are closed," Senkevitch pointed
out.
Senkevitch continued, "As previously discussed, management is
reporting its second quarter 2013 results with regard to the
material impact of the Company's previously-announced 1:5,000
reverse split of its common shares, which is pending FINRA
approval. Beneficial is not a fully-reporting company per SEC
regulations. Management was advised, and deemed prudent; to
only report the Company's operating results when it was able to
fully disclose all aspects of its significant transactions, which
required the approvals of numerous parties."
"We are striving to create a corporate skill base that should
enable us to offer services to owners and users of commercial and
institutional properties and infrastructure well beyond those
provided by traditional real estate service providers. We are
'Creating Value from Market Knowledge’ every day," Senkevitch
concluded.
ABOUT BENEFICIAL HOLDINGS, INC.
Beneficial
Holdings, Inc. is a holding company currently operating in the real
estate services sector. The Company is seeking to acquire and
invest in operating service-oriented businesses in the real estate,
financial services and energy management sectors. For more
information on the Company please visit our web site at
http://www.beneficial-holdings.net/.
FORWARD-LOOKING STATEMENTS
This news release
may contain 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. As a general matter,
forward-looking statements reflect our current expectations and
projections relating to our financial condition, results of
operations, plans, objectives, future performance and business.
These statements may be identified by the use of forward-looking
terminology such as "may," "will," "expects," "plans," "estimates,"
"anticipates," "projects," "intends," "believes," "outlook" and
similar expressions.
The forward-looking statements contained in this news release
are based upon our historical performance, current plans,
estimates, expectations and other factors we believe are
appropriate under the circumstances. The inclusion of this
forward-looking information is inherently subject to risks and
uncertainties, many of which cannot be predicted with accuracy and
some of which might not even be anticipated. Future events
and actual results, financial and otherwise, may differ materially
from the results discussed in the forward-looking statements.
Statements regarding the following subjects, among others, may be
forward-looking: our business and investment strategy; our
projected operating results; estimates relating to our ability to
make distributions to our stockholders in the future and economic
trends and economic recoveries.
All information in this release is as of September 26,
2013. The Company does not undertake a duty to update
forward-looking statements, including its projected operating
results. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this news release.
CONTACT:
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
(310) 804-7037
greg@gregmcandrews.com
SOURCE Beneficial Holdings, Inc.
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