Third Quarter 2018 Financial Results and Operational Highlights Released by UnitedCorp Company Continues To Grow its Revenue...
November 21 2018 - 9:30AM
InvestorsHub NewsWire
Third Quarter 2018 Financial
Results and Operational Highlights
Released by UnitedCorp
Company Continues To
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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