Charlotte, NC – Paragon X Holdings announced it closed on a major $3.5 Million land sale to American Homes for Rent. “We expected to close on this and another $11 Million of land deals in the last quarter of 2022, we are thrilled to announce we successfully close on this transaction here in the first quarter of 2023. Had this and the other land deals closed in the fourth quarter of last year as expected, we would have hit our projected $20 Million revenue mark. Given the impact of high interest rates and a slowing housing market – I’m thrilled we attained $12 Million of revenue and cut our 2021 losses nearly in half as we continue to invest heavily in our long-term growth plan. More exciting is the renewed interest we are seeing in our land positions,” said Russ Sinacori, Chairman of the Board at ParagonX Holdings.
ParagonX Holdings releases its 2022 earnings with revenue of almost $12 Million. “The real estate market was tough last year, especially in the fourth quarter. Our strategy of diversifying revenue and making acquisitions in healthcare, real estate, and logistics paid off. Forty-one (41%) of our revenue came from sources other than Sinacori Builders, and yet we still cut our losses nearly in half over the previous year. Our growth plan included investing heavily in audits, diligence, integration, and building the foundation to up-list,” Kevin V. Cox, Chief Executive Officer commented when asked about the 2022 financial release.
Grant Edwards, Chief Financial Officer stated, “We remain in growth mode and 2023 is off to a fantastic start. We expect to reach full profitability in 2023 provided we close on the acquisitions currently under Letter of Intent.”
The company anticipates making several additional announcements in the coming weeks.
PARAGONX HOLDINGS (f.k.a. LiveToBeHappy, inc and f.k.a CAVU Resources, Inc.) is a cross platform holding company with To learn more, visit www.paragonxholdings.com.
SINACORI BUILDERS
Sinacori Builders, a ParagonXHoldings company, is a technology-driven real estate company. This wholly owned subsidiary has a strong foothold in Charlotte, North Carolina, and is expanding its footprint throughout the Southeast. The Company plans on growing its brand and enhancing shareholder value by leveraging its connections with the country's top builders to become a national player. To learn more, visit www.sinacoribuilders.com
NON-GAAP MEASUREMENTS
Management believes that certain non-GAAP financial measures may be useful in providing additional meaningful comparisons between current results and results in prior periods. In addition, within this release, reference is made to earnings before interest, taxes, depreciation and amortization (EBITDA). EBITDA is a metric used by management to evaluate performance and frequently used by the financial community which provides insight into an organization’s operating trends and facilitates comparisons between peer companies, since interest, taxes, depreciation and amortization can differ greatly between organizations as a result of differing capital structures and tax strategies. Adjusted EBITDA is referenced by the Company as EBITDA before additional one-time non-recurring expenses.
FORWARD-LOOKING STATEMENTS:
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the expected closing of any acquisition or expected results of operations in the future. Any forward-looking statements contained herein are based on current expectations and are subject to a number of risks and uncertainties. These forward-looking statements are identified by the use of words such as "continue," "expect," "believe" and "expand," among others. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell its products; the consummation of acquisitions under LOI; the expected benefits and efficacy of the Company's products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; uncertainties relative to the COVID-19 pandemic and economic development, and, the Company's business, research, product development, marketing and distribution plans and strategies. The company disclaims any obligation to update these forward-looking statements, except as required by law.