Yardley, Jan. 13, 2015 (GLOBE NEWSWIRE) -- OSL Holdings (OTCQB: OSLH) ("OSL" or "the Company"), a socially conscious business dedicated to consumer advocacy, social activism and the advancement of civil liberties through the power of commerce, released today a letter to shareholders from OSL Holdings' CEO Robert Rothenberg.
Let me start off by wishing all a happy and healthy new year and I am very happy to report that the progress we made in Fiscal 2014 and the first quarter of 2015 will significantly solidify our business and financial foundation. Our management and advisory team continues to effectuate its mission and accretive acquisition & growth strategy proven by our acquisition of Go Green Hydroponics Inc.
Some of the highlights of OSL Holdings' accomplishments before and after our fiscal year 2014 ended:
Post Fiscal 2014:
- October 20, 2014: OSL Holdings Announces the Acquisition of Go Green Hydroponics - OSL purchased Go Green Hydroponics for $1.9 mil with approximately $550,000 of inventory on hand. Go Green has achieved revenues of approximately $3.45 million of gross sales in 2014 which would be an increase of 96% in gross sales compared to 2013. We have forecasted gross sales to reach approximately $4.5 million in 2015 based on the continued increase in sales growth year over year since October. At a growth rate of 30% year over year with expected gross profit margins of approximately 25% to 30%, the team at OSL is excited for the upcoming year.
- October 28th, 2014: OSL Holdings Developing Next Generation Comprehensive Ad Supported B2B & B2C Legal Cannabis Marketplace Website And App -- Currently we have finished Phase 1, the design phase, of the development process and will be moving to Phase 2 of the build out process with a target completion date of Q2 2015.
- November 9, 2014: Hollywood Elites Join OSL Holdings' Social Advisory Board - The Advisory Board has launched with three inaugural members: Molly Newman, David Zucker and David Marshall Grant. Newman, Zucker and Grant have all invested in OSL Holdings and are presently shareholders of the Company.
- June 24, 2014: OSL Holdings Hires Former SEC Employee as Vice President, Corporate Controller and Principal Accounting Officer
- May 28, 2014: OSL Holdings Acquires Option on Exclusive Rights to Top-Tier Cannabis Genetic Catalog and Nutrients
- May 27, 2014: OSL Executes Management Services Agreement with LA Based Client
As OSL Holdings' continues to grow, we continue to develop a multi-tier, on-line cross platform social network and information repository solution that will enable legal marijuana dispensaries and hydroponic gardening supply retailers to manage marketing, lead generation, and retail discovery. The platform is expected to become an ad supported website and app that will extend the reach of our recently acquired Go Green Hydroponics retail operations and other vertical venders. It will enable local and hyper local search with advanced querying capabilities when launched, which is expected in the second quarter of fiscal 2015. Designs for the platform include a comprehensive B2B and B2C portal and a social network with planned user generated content features. We plan to launch both a web based and mobile platform that will enable dispensaries and patrons to manage and search while on the go. Planned community and social features will allow patrons to share experiences and provide feedback to the dispensaries and community. Mr. Rothenberg continued, "We believe that these initiatives will enable us to achieve growth in our partner and customer base, leading to increasing revenues in fiscal 2015."
With adult use/recreational marijuana now legal in four states and the District of Columbia, the movement to end the prohibition of cannabis continues to gain steam. Another five states are expected to introduce ballot measures to legalize "adult use" marijuana in 2016, including California, Massachusetts, and Nevada. And by the end of the following year, cannabis activists expect five more states will vote on legalization bills in their state legislatures. But that's not all: six other states are looking at creating or expanding medicinal marijuana programs, or are vastly scaling back penalties for small-time possession. More than two thirds of Americans live in a state with access to legal marijuana. The future looks bright for medical marijuana & social change and OSL sits at the cross roads of these two intersecting phenomenon.
From all of us here at OSL Holdings we wish all s prosperous New Year and want you to share in our excitement as we move our business and social benefits forward.
CEO, OSL Holdings Inc.
OSL Holdings Inc. (OTC: OSLH) is a socially conscious business model dedicated to consumer advocacy, social activism and the advancement of civil liberties through the power of commerce. We seek to serve affluent, liberal and libertarian consumer groups, a constituency that we believe responds to cause marketing and activism through two distinct business units: Equality Rewards, a technology platform delivering consumer rewards programs; and, OSL Medical Services, a management and services division dedicated to delivering services to legal medical marijuana businesses. We are a development and technology company specializing in affluent, liberal markets with high disposal income. The Company intends to operate a real-time loyalty rewards platform that can facilitate the earning and redemption of rewards currency at the point of the transaction (online, mobile, at retail) as well as on future transactions. OSL Holdings' target consumers are highly educated, respond to cause marketing initiatives and socially conscious business models, and are technologically savvy. The Company also plans to provide foundational work for branding, marketing, technology, and logistics to existing or emerging legal marijuana licensees when federal law permits. The Company's filings with the SEC are available at www.sec.gov.
For more information, please visit the Company's website at www.oslholdings.com.
Forward-Looking Statements -- Safe Harbor
This press release contains forward-looking statements. In some cases you can identify those so-called "forward-looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. These statements include, but are not limited to, our expectations concerning our expectations concerning Go Green's revenue growth, the market and growth rate for medical marijuana cultivators, and our ability to provide support services to marijuana growers, our expectations concerning our ability to launch our planned on-line marketing platform and our expectations for vendor acceptance and potential revenues from the planned operation of this website, our expectations concerning the completion of the Gold is Green joint venture agreement, our ability to obtain financing and complete the planned real estate acquisition and the identification, ability to obtain financing and complete the acquisition of future real estate projects, our ability to raise capital and our expectations concerning the contributions of our social advisory board and our expectations concerning future legislation.
By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors, risks and uncertainties that could cause actual results and developments to differ materially from forecasted results. For a discussion of these factors, risks and uncertainties please see our filings with the Securities and Exchange Commission. Our public filings with the Commission are available from commercial document retrieval services and at the website maintained by the Securities and Exchange Commission at http://www.sec.gov. We assume no obligation to update or alter our forward-looking statements made in this release or in any periodic report filed by us under the Securities Exchange Act of 1934 or any other document, whether as a result of new information, future events or otherwise, except as otherwise required by applicable federal securities laws.
CONTACT: IR/Media Contact: Craig S. Fischer Communications Manager (O) 786.375.0556 Strategic Tactical Asset Trading Corp 1926 Hollywood Blvd Hollywood, FL 33020 info@OSLHoldings.com Source:OSL Holdings, Inc.