ST. PETERSBURG, FL, Nov. 17, 2014 (GLOBE NEWSWIRE) -- FutureWorld Corp. (OTCQB: FWDG), a leading provider of advanced technologies and solutions to the global cannabis industry, today announced financial results for the three and nine months ended September 30, 2014.
"We are thrilled with the substantial amount of progress we made in the quarter, and are even more excited about some of our newest initiatives which will provide even greater growth for years to come. The launch of our PersonalAnalytics test kits has been amazing, with incredible press coverage by major news outlets and customer feedback around the globe," commented CEO Sam Talari. "On the corporate side, we have been developing our three subsidiaries to the point of self-sufficiency. All three will bring enough revenue to sustain growth going forward. We expect triple digit revenue growth from all three subsidiaries in 2015 and beyond. We have also started a fourth subsidiary called Futureland Properties, LLC in Colorado. We expect to build out our first grow facility in Colorado in the 1st quarter of 2015 with more grows in the third quarter. We had $285,787 in cash at the end of the quarter, and thus we feel that the Company is well-positioned to execute on our business plan and to take advantage of the opportunities afforded by the recent legalization votes in Washington DC, Oregon, and Alaska. We continue to innovate in the space and believe that 2015 will be a transformative year for FutureWorld."
Financial Highlights: Quarterly revenues were $79,016, with gross margins of 40.6% with $285,787 in cash at the end of the quarter. The majority of our revenues was from sales of our PersonalAnalytics products, of which was initially introduced to the market only beginning on September 6th, 2014 at the HIGH TIMES Cannabis Cup in Everett, Washington. On the balance sheet, our total assets increased 85.0% over the quarter ending June 30, 2014 to $532,274.
Operational Highlights: PersonalAnalytics test kits are now available for sale at major outlets in Colorado and other States. PersonalAnalytics test kits are also available online at http://cbscientific.com/. We also recently purchased control interest of the provisional patent for an Onsite THC Potency Test Kit that will give the Company major control in the industry.
Operational & Financial Proforma:
URVape - We have signed a major contract with a supplier in Colorado that will expand URVape pens throughout the State. We expect sales in low seven figures by the end of 2nd quarter 2015. We are also in the process of completing the spin-off of URVape through a merger with a public company. We believe this to be the most efficient process.
CB Scientific - The test kits have been a true phenomenon in the industry. We have been selling the kits globally and have received major endorsements from major players in the cannabis industry. We expect sales of close to low seven figures by the end of 2nd quarter 2015. We are also considering merger talks to spin-off the company as its own public entity.
HempTech - We have invested heavily in R&D for the past two quarters and have developed the most sophisticated solutions for grows in any industry, especially the cannabis market. Our control systems would allow for complete energy, water and irrigation efficiencies all with one touch. We expect sales of close to low seven figures by the end of 2nd quarter 2015.
Futureland properties - The Company is to finance and build a 3500+ plant cannabis cultivation greenhouse for a client on 237 acres of property purchased by the Company, through FutureLand properties LLC, and leased back to the client. This large cultivation facility will be potentially one of many on the same piece of real estate. We expect sales of close to low seven figures by the end of 2nd quarter 2015.
About FutureWorld Corp
FutureWorld (Other OTCQB: FWDG), a Delaware corporation, is a U.S. Diversified Holding Company formed to capitalize on the burgeoning Cannabis markets globally. FutureWorld, together with its subsidiaries, focuses on the identification, acquisition, development, and commercialization of cannabis related products, such as industrial Hemp. FutureWorld, through its subsidiaries such as HempTech and CB Scientific, provides personal and professional THC and CBD test kits, pure CBD oil solutions, smart sensor technology, communication network, surveillance security, data analysis for smart cultivation and consultation for the industrial hemp and legal medicinal cannabis. Our wireless agricultural smart sensor networks offer precision to the agriculture, irrigation systems, and greenhouses for the global cannabis and hemp industry. FutureWorld and its subsidiaries do not grow, distribute or sell marijuana. To request further information about FutureWorld, please email us at email@example.com, log onto our website at http://www.futureworldcorp.com or visit us at our Facebook page https://www.facebook.com/futureworldenergy.
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets. This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
Source:FutureWorld Energy Inc.