Business
My Power Solutions, Inc. Ceases Operations in Rural South African Communities Following Operational Review
My Power Solutions, Inc. Ceases Operations in Rural South African Communities Following Operational Review.
About this update from Virexit Technologies Inc.
[{"type":"text","content":"Poverty Dignified, Inc. (OTCQB: PVDG) (“Poverty Dignified” or the “Company”), a renewable energy company, incubating solar technologies to establish electrification, education, connectivity and media distribution infrastructures in rural communities across the globe that empower the individual, community and local economy, announcedthat it will be ceasing operations in rural South African communities following operational review.Based on a recent performance review by Poverty Dignified Inc.’s Board of Directors, the decision has been made to withdraw all operations of its wholly owned subsidiary, My Power Solutions, Inc., in South Africa. My Power Solutions provides affordable,practical, electricity, connectivity and digital education – through solar technology – that empowers essential needs in rural areas across the globe.The board’s 24-month performance and on-the-ground assessment determined that the South African My Power Solutions management team and operating structure hadfailed to secure adequate revenue. Following the review process, the Board of Directors determined that specific issuesresultedin Poverty Dignified’s market capitalization falling from approximately $17 million on October 25, 2017, when minimal trading activity began, to approximately $1.9 million at May 31, 2018.My Power Solutions, Inc. incurred a net loss of approximately $504,000 for the fiscal year ended August 31, 2017, as compared to a net loss of only approximately $94,000 for the fiscal year ended August 31, 2016. With no revenues generated from its operations during the six months ended February 28, 2018, My Power Solutions, Inc. generated an additional net loss of approximately $219,000. In addition to the lack of revenues, other contributing factors included higher expenses than originally projecteddue to training, the implementation of solar installations and the instability of the political environment. “Poverty Dignified remains committed to providing rural communities access to reliable electricity and connectivity to advance communication capabilities, education infrastructure and creating economic opportunity,” said Kevin Lowther, CEO, Poverty Dignified, Inc. “Poverty Dignified is currently in the planning stages to recapitalize and reorganize to create a new, more streamlined operation with significant shifts in market strategy tha...