NEWTOWN, CT, Dec. 04, 2017 (GLOBE NEWSWIRE) -- Halitron, Inc. (the “Company,” “Halitron”) (OTC: HAON), a multisector holding company, announced financial results for the quarter ending September 30, 2017.
The sale of two Halitron brands to Life’s Time Capsule Services, Inc. (“LTCP”), the acquisition of The Hopp Companies, Inc’s (“Hopp Companies”) assets, and the previous two acquisitions of the brands are now listed on the Company’s unaudited Balance Sheet as of September 30, 2017, with the following selected data points:
LTCP Preferred Stock C $ 3,000,000
56,115,000 Restricted Common Shares
of LTCP (valued at par value) * $ 56,115
Hopp Goodwill $ 700,000
Pieces In Places Goodwill $ 28,297
Cinch Signs Goodwill $ 611,622
Total $ 4,396,034
* LTCP’s common shares have been trading at around $0.05/share, and are expected to have market value in excess of par value, and the Company’s holding of such shares is subject to a pending impairment analysis.
Halitron is now generating sales revenue, which, accompanied with its anticipated ability to raise capital through traditional debt for working capital needs, which management believes will provide the Company the runway it needs to execute the next phase of its business plan.
Halitron generated $162,943 in sales due to the acquisition of the Hopp Companies’ assets midway during the quarter ending September 30, 2017. The Company’s significant net loss is primarily attributable to stock compensation and the non-cash expenses of issuing stock for compensation and converting debt to equity.
Halitron’s market capitalization as posted on OTC Markets portal under the profile tab totaled approximately $1.2 million at the close of markets on November 28, 2017.
The Company’s approximately $6.4 million in total liabilities are approximately as follows:
Type Amount % of Total
Accounts payable $1.48M 23.000%
Other current liabilities $0.81M 12.637%
S/T non-affiliate convertible note payable $0.12M 01.87%
S/T non-affiliate note payable $0.33M 05.15%
Legacy L/T debt $2.23M 34.789%
L/T affiliate note payable $1.37M 21.373%
L/T non-affiliate note payable $0.06M 00.936%
L/T non -affiliate convertible note payable $0.01M 00.156%
Hopp Companies’ liabilities $0.05M 00.780%
Total Liabilities $6.41M 100.000%
The Company has evaluated its debt as follows:
- The approximately $1.5 million of accounts payable is expected to settle for approximately $1.1 million.
- $2.23 million in legacy debt is currently being evaluated as to its enforceability and viability, and the Company’s responsibility to repay it, due to issues regarding its age, the relevant statutes of limitations, and the lack of support documentation.
- Other debt totaling approximately $1.4 million is held by lenders affording the company more flexibility on repayment.
About Halitron, Inc.
Halitron, Inc., a multisector holding company, is focused on acquiring sales, marketing, and manufacturing businesses, and then rolling them into an efficient, low-cost operating infrastructure. Management targets operating entities that can either benefit from current operating infrastructure or operate autonomously and offer an additional product or service to scale existing operations. For more information on Halitron, Inc., please visit: www.halitroninc.com.
Halitron is neither an underwriter as the term is defined in Section 2(a)(11) of the Securities Act of 1933, nor an investment company pursuant to the Investment Company Act of 1940. Halitron is not an investment adviser pursuant to the Investment Advisers Act of 1940. Halitron is not registered with FINRA or SIPC
Safe Harbor Statement:
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control. Halitron, Inc is neither an underwriter as the term is defined in Section 2(a)(11) of the Securities Act of 1933, nor an investment company pursuant to the Investment Company Act of 1940. Halitron, Inc. is not an investment adviser pursuant to the Investment Advisers Act of 1940. Halitron, Inc. is not registered with FINRA or SIPC.
Contact: Halitron Investor Relations 3 Simms Lane, Suite 2F, Newtown, CT 06470 1-877-710-9873 www.halitroninc.com email@example.com
Source: Halitron, Inc.