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 that leverage existing experience in the region.”
Safe Harbor Statement
The statements contained in this corporate presentation include forward-looking statements within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, including, without limitation, statements regarding managements expectations, hopes, beliefs, intentions or strategies regarding the future. The words believe, may, will, estimate, continue, anticipate, intend, expect, plan and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this corporate presentation, including those related to the South African political environment, are based on our current experience, expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section Risk Factors of the Company’s most recent Annual Report on Form 10-K and of the prospectus included with our registration statement, and subsequent Quarterly Reports on Form 10-Q, as well as other documents that we may file from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Contact Information:
Poverty Dignified, Inc.
George Critz / CFO / 928-713-2386
tcritz@povertydignified.com
330 Grapevine Highway
Hurst, TX 76054