Altitude
International Issues CEO Update
Port St. Lucie, FL --
November 29, 2021 -- InvestorsHub NewsWire -- Altitude
International Holdings, Inc. (OTCQB:
"ALTD") has released the following business update from its
CEO, Greg Breunich.
"After posting our
first 10Q since ALTD's acquisition of BHI Holdings, I believe it is
important to provide some background and context to our financial
statements as well as our operations and new initiatives moving
forward:
Financial
Discussion:
We
reported a
43.7% increase in revenues for the acquired BHI subsidiaries for
the three months in 2021 compared to 3 months 2020 ($1,472,194
versus $828,107) and a 25.9% increase in these revenues for the 9
months 2021 versus 2020 ($5,522,499 versus $4,091,315). ALTD had
virtually no revenues for the comparable 3- and 9-month periods in
2020.
The loss for 9 months
of $4,281,791 was due a one-time stock-based compensation of
$3,063,185 in Altitude International Holdings, Inc and a one-time
impairment expense of $978,795. We also had a sharp increase in
professional fees that were related directly to the BHI
acquisition.
Revenue from the sale
of our Altitude Chamber to the Orlando Magic will not be recognized
until installation which will occur in the first quarter of
2022.
Revenue from the sale
of our Atmospheric Water Generators that were delivered in October
2021 will be recognized in the fourth quarter of 2021.
Operational
Discussion:
Altitude Academies
recently finalized its Sportsync recruiting
relationship. The firm is already processing
customers for the spring semester. We anticipate a significant
increase of activity from Sportsync with full-time enrollment for
the 2022-2023 school season and beyond.
We have successfully
soft-launched Altitude Online Learning with the first two students
attending from Spain. Altitude Online provides student/athletes
with another Altitude Academy option, both for students around the
world and for US students wanting a distance learning
option.
There has been a surge
in both full-time and short-time inquiries for all our
Academies.
New inquiries for pro
soccer teams are coming from many countries including Canada,
Ecuador, Mexico, Haiti and USA MLS. We anticipate a revived surge
European pro-team increase in inquiries for the months of May,
June, and July.
We are in continuing
negotiations with a soccer group that would enable us to fast track
our current plan for club consolidation. The two parties share significant
synergy where combining initiatives would provide an amazing
scalable platform.
Altitude Wellness has
begun operations with the setup of our first facility in Sugarland
TX being managed by Dr. Kenneth Lee and his management team. The
high-performance wellness revenues will be generated by medical
rehab and spa deliverables that utilize the latest equipment and
products in the industry, as well as by franchise fees, and revenue
sharing from our soon-to-be-launched franchise program.
We have lined up
significant new boots on the ground for our Water to Africa
initiative. Luol Deng is prepared to re-join forces with his
long-time teammate, Joakim Noah and bring their two foundations
together to quickly mobilize our planned "water hubs" across
Cameroon, South Sudan, and Ghana, as well as build a pathway to
American diplomas for Luol's and Joakim's African Academy
students.
Altitude Water is in
final purchase negotiations with companies representing oil
platform supply and housing ships that are desirous of purchasing
our Atmospheric Water Generators. In addition, we are receiving
inquiries from numerous new potential customers in countries that
are severely affected by their lack of clean drinking
water.
ALTD is also in
discussions with a notable Investment Banking firm to raise the
capital necessary to expand operations and a potential NASDAQ
up-listing.
In the 4 months since
we completed the Share Exchange Agreement with BHI Holdings we have
been busy re-branding all our subsidiaries with the Altitude Brand.
We believe we are now positioned to rapidly build brand
recognition, public awareness, and revenues for all our brands and
charitable initiatives through strategic media buys and public
relations efforts. We are currently in the planning stages for a
press conference that will introduce ALTD's All-Star team and our
Water to Africa initiative to the international news, business, and
sports media.
SAFE
HARBOR STATEMENT
This press
release contains certain "forward-looking statements," as defined
in the United States Private Securities Litigation Reform Act of
1995, that involve a number of risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and
the actual results and future events could differ materially from
management's current expectations. The economic, competitive,
governmental, technological and other factors identified in the
Company's previous filings with the Securities and Exchange
Commission may cause actual results or events to differ materially
from those described in the forward-looking statements in this
press release. The Company undertakes no obligation to publicly
update or revise any forward-looking statements whether as a result
of new information future events or otherwise.
Media contact:
Karla Hernandez 561-750-9800; karla@transmediagroup.com.