Integrated Ventures Completes A Financial
Turn Around And Moves Towards Reporting Revenues And
Profitability
Philadelphia, PA -- November 7, 2017 -- InvestorsHub NewsWire
-- Integrated Ventures, Inc., (OTCQB:
INTV) (“Company”) is pleased to announce the financial results
for the fiscal year 2018's first quarter and to provide the
following Financial Highlights:
Integrated Ventures had strengthened its cash position as of
September 30, 2017 with $90,193 cash compared to cash of $15,691 at
June 30, 2017. The increase in cash resulted primarily from
the successful conversion of Promissory Notes Receivable into
common shares of Viva Entertainment Group, Inc., (“OTTV”) which
were sold into the market for total net proceeds of approximately
$605,000 through September 30, 2017. In addition, the
Company's cash position was further enhanced with $160,000 proceeds
from a private placement of the Company's Preferred B Class shares
in November, 2017.
As of September 30, 2017, the Company is holding a total of
55,555,555 common shares of OTTV, recorded at market value of
$112,901. These shares will be eligible for sale in early
January, 2018, and the Company believes that the successful
liquidation of these shares will provide an additional working
capital to fund an expansion of our digital asset mining
operations.
During the quarter ended September 30, 2017, Integrated Ventures
has improved liquidity through continued reduction in our
Convertible Debt. As of September 30, 2017, the Company's
Convertible Notes Payable Balance, before any debt discount, was at
$47,617 compared to $88,776 as of June 30, 2017. Through two
conversions, subsequent to September 30, 2017, an additional
$10,209 of the Convertible Notes payable was extinguished. In
addition, both note holders had executed a 60 day lock-up period
agreements with option to extend.
Primarily as a result of our increased cash position, the
Company's investment in OTTV shares combined with investment in
digital asset mining equipment, the Company's total assets had
reached $490,551 as of September 30, 2017. All assets have
acquired without incurring any debt. During the last quarter, the
Company had purchased and fully paid, approximately $281,000 of
digital asset mining and related equipment - an initial and most
important phase in the Integrated Venture's execution of the
business plan to launch the digital assets mining operations
through the deployment of ASIC and GPU based processors in two
facilities located in the State of Pennsylvania.
Steve Rubakh, CEO of Integrated Ventures, Inc adds: ”This timely
filed financial report validates our financial turnaround and
confirms that the Company is in solid financial position to enter
the phase of an exponential growth during the balance of 2017 and
beyond. Between launching of digital asset mining operations,
equipment manufacturing along with blockchain applications
development and commercial sales of our own brand of the mining
equipment, investors and shareholders shall expect a predictable
revenue growth in the very near future.”
About Integrated Ventures, Inc: The
Company is focused on acquiring, launching and operating
companies, primarily in the mobile technologies, ride share
transportation and crypto currency sector consisting of digital
asset mining, hosting, pooling, mining equipment
manufacturing and the development of blockchain based
applications for financial markets.
More details about Integrated Ventures, Inc is available at
www.integratedventuresinc.com
More details about BitcoLab is available at www.bitcolab.io
Certain statements in this release constitute forward-looking
statements. These statements include the capabilities and success
of the Company's business and any of its products, services or
solutions. The words "believe," "forecast," "project," "intend,"
"expect," "plan," "should," "would," and similar expressions and
all statements, which are not historical facts, are intended to
identify forward-looking statements. These forward-looking
statements involve and are subject to known and unknown risks,
uncertainties and other factors, any of which could cause the
Company to not achieve some or all of its goals or the Company's
previously reported actual results, performance (finance or
operating) to change or differ from future results, performance
(financing and operating) or achievements, including those
expressed or implied by such forward-looking statements. More
detailed information about the Company and the risk factors that
may affect the realization of forward-looking statements is set
forth in the Company's filings with the SEC, copies of which may be
obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby
disclaims any, obligation to update the forward-looking statements
contained in this press release.
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