Third Quarter 2018 Financial Results and Operational Highlights Released by UnitedCorp Company Continues To Grow its Revenue...

Date : 11/21/2018 @ 2:30PM
Source :InvestorsHub NewsWire
Stock : United American Corp. (PC) (UAMA)
Quote : 0.098  0.0 (0.00%) @ 9:03PM

Third Quarter 2018 Financial Results and Operational Highlights Released by UnitedCorp Company Continues To Grow its Revenue...

Third Quarter 2018 Financial Results and Operational Highlights Released by UnitedCorp

Company Continues T
o Grow its Revenue and Reports Positive EBITDA and Net Income

Miami, FL -- November 21, 2018 -- InvestorsHub NewsWire --  Miami-based United American Corp ("UnitedCorp") (OTC: UAMA) released yesterday, its third quarter financial results and provided a corporate update from management related to its three strategic areas; data centers/BlockchainDomes, fixed and wireless telecommunications, and intellectual property related to social media and blockchain technology.

While the Company actively continues to develop its business plan in all three areas, operations for the third quarter continue to focus primarily on the implementation of BlockchainDomes. Current reported revenues reflect operations from UnitedCorp's first BlockchainDome, which was operational for the entire quarter as well as 2 weeks of a second BlockchainDome, which was completed in mid-September. Since the end of the September 30th quarter, two more BlockchainDomes have been completed and are operational for a total of four, collectively hosting 5,000 mining servers.

"We are steadily increasing our revenue and continue to show increases in positive net income and EBITDA while at the same time building on our tangible asset base," stated UnitedCorp CEO Benoit Laliberte. "In a short period of time we have proven that our unique BlockchainDome technology works as anticipated. The first site with four BlockchainDomes was built on time and we are now planning for the next site development while maintaining all our strategic telecom and intellectual property rights assets."

Quarterly Highlights
(all figures in US dollars) 

  • Generated quarterly revenue of $362,8851 for BlockchainDome for hosting, management and power over a 5 month period of operation with a gross profit of $278,4482
  • Quarterly net earnings of $52,293
  • EBITDA for the period was $73,5603
  • Increase in tangible assets to $2,439,475
  • Cash at the end of the period was $132,343
  • 2,500 miners in service as of September 30, 2018 and 5,000 as of November 13, 2018

1Revenue is based on approximately 5 months of progressive deployment of 2,500 miners as of September 30th
2 Gross profit consist of total BlockchainDome billings less direct costs (mainly electricity) and is a non-IFRS measure. Since the Company bills in advance for services and pays its main direct costs in arrears, gross profit as a percentage of revenue may be higher during the current growth cycle.
3 EBITDA is a non-IFRS measure

 

Financial Review

 

 

Quarter Ending

(US$)

Sept 30, 2018

Jun 30, 2018

Mar 31, 2018

Total Revenue

$ 360,247

257,656

-

Cost of Revenue

193,243

148,850

-

Gross Profit

167,004

108,807

-

General Expenses

94,023

71,636

64,243

Financial Expenses

7,366

3,766

1,535

Depreciation

13,901

3,862

381

Net Income

52,293

29,543

 (66,159)

EBITDA

73,560

37,171

(64,243)

 

 Financial Statements

 The Company's financial statements are available on www.otcmarkets.com under UnitedCorp's profile.

  

About United American Corp

Established in 1992, United American Corp is a Florida-based development and management company focusing on telecommunications and information technologies. The company currently holds the rights to manage a portfolio of patents and proprietary technology in telecommunications, social media and Blockchain technology, and owns and operates the BlockchainDomes which are designed to provide heat for agricultural operations using computer equipment in naturally cooled data centers where efficiency and low-cost operations are a priority.


About the BlockchainDome

The UnitedCorp BlockchainDome was designed to provide heat for agricultural operations using ASIC (application-specific integrated circuit chip) mining operations where efficiency and low-cost operations are a priority. The BlockchainDomes, which utilize a proprietary passive cooling ground-coupled heat-exchanger technology, are particularly suited for situations where rapid cluster deployment is required as they can be erected and commissioned in a matter of weeks rather than up to a year using the traditional "Bricks and Mortar" approach. BlockchainDomes can be configured in a wide range of sizes to service any type of greenhouse operation.

 How BlockchainDomes work can be seen at: https://www.youtube.com/watch?v=YDmhhaJKHLg

 

Campus and Interior Views of UnitedCorp BlockchainDomes and Rendering of Adjacent Greenhouses

 

This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management's expectations or opinions change.

 

Source:
United American Corp
Contact:
Jenna Trevor-Deutsch
Investor Relations

investorrelations@unitedcorp.com
604 398 5000 ext: 109

 

 

 

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