AABB Upgrades Annual Gross Profit Target To $14M On Historic High Q3 Production And COVID Impact On Gold
September 24 2020 - 9:01AM
InvestorsHub NewsWire
LAS VEGAS, NV -- September 24, 2020 -- InvestorsHub
NewsWire -- Asia Broadband Inc. (OTC
: AABB), through its wholly owned subsidiary Asia Metals Inc.,
confirmed today that the Company is in the process of scheduling,
finalizing and booking the production and financial results for the
upcoming third quarter ending September 30, 2020, with the
expectation of recording a historic high quarter. Utilizing the new
production facilities that began operating early this year, Q3 will
be the first full quarter of production to capitalize on the new
higher daily throughput levels and metals extraction efficiencies.
AABB is anticipating a three-fold increase in gold production
levels in 2020 from the Company’s added operational capacity.
Furthermore, recent economic conditions have created strong and
unprecedented fundamentals for gold producer equities. The economic
volatility, uncertainty and inflationary effects of the Coronavirus
pandemic have launched gold and gold producers into a significant
growth phase. Additionally, the recent decline of the oil market
has elevated the gold-to-oil ratio to all time highs indicating
lower production costs and increased profit margins for gold
producers. Based on the preliminary results being finalized for the
3rd quarter of 2020, AABB is updating its annual
gross profit budget and is projecting it to exceed $14 million in
2020.
Asia Broadband Inc. (OTC
: AABB), through its wholly owned subsidiary Asia Metals Inc.,
is a resource company focused on the production, supply and sale of
precious and base metals, primarily to Asian markets. The Company
utilizes its specific geographic expertise, experience and
extensive industry contacts to facilitate its innovative
distribution process from the production and supply of precious and
base metals in Guerrero, Mexico, to our client sales networks in
Asia. This vertical integration approach to sales transactions is
the unique strength of Asia Broadband and differentiates the
Company to its shareholders.
Contact the Company at:
Forward-Looking Statements are contained in this press
release within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on the Asia
Broadband Inc.’s (the “Company”) expected current beliefs about the
Company’s business, which are subject to uncertainty and change.
The operations and results of the Company could materially differ
from what is expressed or implied by the statements made above when
industry, regulatory, market and competitive circumstances change.
Further information about these risks can be found in the annual
and quarterly disclosures the Company has published on the OTC
Markets website. The Company is under no obligation to update or
alter its forward-looking statements as future circumstances,
events and information may change.
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