Business
ReTo Eco-Solutions Reports Full Year 2019 Financial Results
BEIJING, Oct, 30, 2020 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (the "Company," "we" or "ReTo") (NASDAQ: RETO), a one-stop, total technology solutions
About this update from Reto Eco-solutions, Inc.
[{"type":"text","content":"BEIJING, Oct, 30, 2020 /PRNewswire/ -- ReTo Eco-Solutions, Inc. (the \"Company,\" \"we\" or \"ReTo\") (NASDAQ: RETO), a one-stop, total technology solutions provider for the healthy improvement of ecological environments, today announced financial results for the year ended December 31, 2019. \nMr. Li Hengfang, ReTo's Chairman and Chief Executive Officer, commented, \"We believe our 2019 financial results reflect the adverse impact of multiple non-recuring items, and do not reflect ReTo's healthy underlying business fundamentals, the growth trajectory of the markets we are targeting or the inherent value of our extensive proprietary systems, technical expertise and highly experienced team.\"\nMr. Hengfang continued, \"Our focus on improving the environment through sustainable development, directly aligns ReTo with our customers and the communities they serve, and presents us with many opportunities for growth. We intend to increase our revenue and market share by expanding our business network internationally. In order to expand our international market, we plan to add four to five distributors in South America and the Middle East. In addition, we plan to participate in targeted international marketing events, such as seminars, workshops, and trade shows, to promote our products with potential new customers in order to strengthen our network and further expand our sales. While we are cautious given the ongoing worldwide impact of COVID-19, we are confident that we have in place the critical elements needed to achieve improved financial results, fortify our competitive position and put the Company on track for long-term success, as evidenced by the significant increase in revenue and profit generating contracts we have recently secured.\"\nOur 2019 consolidated financial statements included the operating results from both continuing operations and our discontinued operation. Our subsidiary Gu'an REIT was primarily engaged in manufacturing and distribution of machinery and equipment used for environmental-friendly construction materials production. On January 2, 2020, we sold our 100% ownership interest in Gu'an REIT to a third-party. The discontinued operation represents a strategic shift that has a major effect on our operations and financial results. The assets and liabilities related to the discontinued operations are classifi...