Business
Hammer Fiber Optics Holdings Corp Announces Results of Quarter End, October 31, 2019
Hammer Fiber Optics Holdings Corp Announces Results of Quarter End, October 31, 2019.
About this update from Hammer Technology Holdings Corp.
[{"type":"text","content":"\n PISCATAWAY, N.J., Dec. 24, 2019 (GLOBE NEWSWIRE) -- Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the first quarter ended October 31, 2019. “Hammer continued to make significant progress during the period toward implementing its Everything Wireless strategy,” said Erik Levitt, Hammer’s CEO. Hammer completed the implementation of the first wireless point-of-presence in Freetown, Sierra Leone. It began the consolidation of its south-east data center assets into Huntsville, Alabama, in advance of the planned construction of the first wireless POP in the market, and furthered completion of its networks in the Caribbean markets. Hammer reorganized Endstream Communications to re-position its operations toward providing services in the key international markets where Hammer and its subsidiaries and partners have licenses and away from the toll free termination business. Key results include: Total revenues for the period ended October 31, 2019 and October 31, 2018 were $698,937 and $47,232 respectively, a 1,480% increase,As of November 1, 2019 Endstream Communications has exited the toll free termination business and is repositioning itself to provide voice services in Hammer’s markets in the Caribbean (including St. Vincent, Dominica, Jamaica and Barbados) as well as its direct routes to Guyana, Bermuda and Africa (including Nigeria and Kenya).During the period ended October 31, 2019 operating expenses increased to $835,162 compared to $484,680 from the same period ended October 31, 2018, an increase of 180%. The increase was due to the discontinuation of the operations of the Hammer Fiber Optics Investments, Ltd subsidiary in the Atlantic City, NJ market, and the addition of the operations of Endstream Communications, Open Data Centers and 1stPoint Communications and its subsidiaries.During the period ended October 31, 2019 the net loss from both continuing and discontinued operations decreased to $139,684 from $513,425, a decrease of 73%. The decrease in the net loss is due to the discontinuation of the operations of the Hammer Fiber Optics Investments, Ltd subsidiary in the Atlantic City, NJ market, and the addition of the operations of Endstream Communications, Open Data Centers and 1stPoint Communications and its subsidiaries.During the period Hammer c...