HENDERSON, Nev.--(BUSINESS WIRE)-- California Grapes International, Inc. (OTC: CAGR) announces today that it has filed “Fiscal Year End” Financial Statements and “Company Disclosure/Information Statement” ending September 30th, 2012.
The company’s filings will now satisfy the OTCMarket requirements to bring the current status of “stop” to “yield”. As the Company’s corporate attorney is reviewing all documentation and operations to render his legal opinion, with respect to current information, this legal opinion will immediately put the company in “current” status with the OTCMarket meeting all filing requirements.
As a result of the change in our corporate “year end” from December 31st to September 30th, the financial statements only reflect 9 months of operation for this reporting cycle. The decision for the change in the company’s “year end” is to have the ability to account for the entire holiday sales season that runs from November through February, to be reported in a single operating year.
Fiscal 2012 Financial Highlights:
- Inventory increased by 328% to $992,648 from $302,906 in 2011
- Total Assets increased by 209% to $1,837,008 from $877,123 in 2011
- Total Sales increased by 113% to $583,525 from $517,757 for the same period 2011
With the opening of the Beijing “CGI” Retail Shop in September 2012, the company now has over 300 unique wines to offer consumers. The events and promotions that have been held over the past few weeks are setting the stage for a very exciting holiday season. The establishment of a California Wine selection, as offered by “CGI”, ensures we have the right product for every buying criterion and will provide the foundation for direct to venue sales and additional distribution opportunities. The retail shop will be very busy in the coming weeks and months as the purchasing managers begin to make selections for the upcoming seasons and the reservation requests for VIP tasting events have already begun.
“We have come a long way over the past few months and now that the operation is fully deployed, we can focus on the execution and success of what has been established!” – Jeffrey Crittenden CEO California Grapes International, Inc.
Safe Harbor Statement
Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995.
California Grapes International, Inc.
Jeff Crittenden, 1-855-558-WINE
Source: California Grapes International, Inc.