New York, New York – (Newsfile Corp. – October 29, 2021) – Hammer Fiber Optics Holdings Corp (OTCQB: HMMR), soon to be Hammer Technology Holdings, announced its operating and financial results for the year ended July 31, 2021 “Hammer continues to evolve as a company,” said Erik Levitt, Hammer’s senior CFO and CEO of the telecommunications business unit. “During the year, the company achieved its goals in the telecommunications segment with the construction of its new wireless network in Huntsville, completing the deployment of its HammerCall conferencing application and significantly increasing the reach of its messaging network. .
In the first quarter of the new fiscal year, Hammer diversified its operations to include FinTech services. “HammerPay is a converged product offering that allows traditional banking institutions to partner with FinTech providers to deliver financial services to a much larger and more inclusive audience than traditional banking,” said Michael Cothill, executive chairman of Hammer.
The company has made substantial progress in simplifying its balance sheet. Liabilities on the balance sheet were reduced by $ 8.06 million due to settlements with several creditors of discontinued operations and a settlement of $ 5.272 million with a related party at $ 3 / share of HMMR common stock. “This transaction was indicative of the board’s confidence in our company’s strategy,” added Levitt.
The main results include:
Total revenues for the year from continuing operations increased 23.75% to $ 2,199,167 from $ 1,781,139 the previous year. This increase is mainly due to the growth of the OTT, or “Over-the-Top” business practice, which includes SMS / texting.
The EBITDA loss (non-GAAP) decreased 72.72%, from – $ 233,211 to $ 63,619, with most of the EBITDA loss in the first two quarters of the period.
Liabilities on the balance sheet decreased 76.91%, from $ 10,482,774 to $ 2,420,318.
During this time, the company successfully deployed its wireless network in Huntsville, Alabama, and that network is now operational.
Hammer Fiber Optics Holdings Corp. (OTCQB: HMMR), soon to be known as Hammer Technology Holdings, is a company that invests in the future of technology. Hammer broadened its strategy to focus on the rapidly changing world of innovative technologies and, in an effort to keep pace, restructured the group to enable the creation of several related verticals. In addition to its “Everything Wireless” strategy which includes the deployment of a high-speed fixed wireless service for individuals and small businesses, Hammer seeks to enter the fintech industry which is rapidly becoming the dominant technology powering the applications of telecommunications today. For more information, contact Investor Relations at [email protected]
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