READEN HOLDING CORPORATION (OTC PINK: RHCO) ANNOUNCES FILING OF MARCH 31, 2023 FINANCIAL STATEMENTS WITH OTC MARKETS, REVENUE UP 72%, EARNINGS UP 129%
READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation which is active in the Fintech, Online Payment, and E-commerce industries, today announced the submission of its financial statements for the quarter ending March 2023 to OTC Markets Disclosure & News Service. The Company reported strong financial results, with a revenue increase of 72% as compared to the previous quarter, which reflects a remarkable year-over-year increase of 2,733%. In addition, RHCO achieved a profit of $1,886,501 for this period, representing a significant increase of 129% compared to the last quarter.
The strong performance was primarily driven by the growing activities of Neckermann Direct (www.neckermanndirect.eu), RHCO’s B2C E-commerce Platform. The Company successfully relaunched Neckermann Direct last year, transforming one of the most well-known retail brands in Europe, with a 70-year legacy, into a global E-commerce front-runner. This platform offers a gateway for Asian merchants and products to enter the European markets, and with over 150,000 products available, the platform has experienced tremendous growth in sales. Furthermore, in 2Q 2023, Neckermann Direct started penetrating the American markets, and the Company anticipates further growth in the coming months.
In addition to Neckermann Direct, another key contributor to RHCO in 1Q 2023 was Readies, the eVoucher payment system developed and operated by Ares Technology Limited, a subsidiary of RHCO. Since its initial launch in late 2021, Readies has gained popularity among online merchants across Europe, as it provides a secure and convenient payment platform that meets the needs of both merchants and customers. The Company has announced that a new version of Readies 3.0, which incorporates blockchain technologies, will be launched this month. With advanced security and enhanced features, the Company anticipates a significant increase in the number of merchants and customers utilizing Readies. It is projected that in 12 months, Readies will generate between 50M to 100M EUR in revenue per month, with an average profit margin of 1% to 2%.
The Company also announced that, in accordance with new accounting standards, 10M USD of goodwill was written off in Q1 2023. This non-cash write-off reflects the Company's commitment to complying with the latest accounting regulations and maintaining transparency in its financial reporting. The Company's management team is confident that this adjustment will not have a significant impact on RHCO's long-term financial performance and remains optimistic about the Company's growth prospects.
Richard Klitsie, CEO of RHCO stated, “We are delighted to report that the first quarter of 2023 has yielded outstanding results. After dedicating significant time and resources in Neckermann Direct and Readies, our efforts have finally borne fruit. However, we are not resting on our laurels. Our upcoming release of Readies 3.0 will provide a significant upgrade to the platform and lead to even greater business success. We remain committed to enhancing Neckermann Direct and our next objective in the realm of e-commerce is the relaunch of Two Percent. I believe RHCO is well-positioned for continued growth and success in the coming quarters.”
Readen Holding Corp. (www.readenholdingcorp.com) is a publicly traded Venture Capital Corporation, with major holdings in the Fintech Industry and has been increasing its investment in E-commerce and E-payment sectors, such as;
OkePay: www.okepay.biz
OkePay VPOS: www.okepay.biz/vpos
Oke Partners / OkeApp: www.okepartners.com
Oke Travel Club: www.oketravelclub.com
OkToken: oktoken.biz
Readies: www.readies.biz
Neckermann: www.neckermanndirect.eu
Two Percent: www.twopercent.hk
Fligro: www.fligrofood.com
RHCO is a diversified holding company, with an operating history of over 30 years, which seeks opportunities to acquire and grow businesses that can generate long-term sustainable free cash flow and attractive returns, in order to maximize value for all shareholders. RHCO has subsidiaries and liaison offices in Europe and Asia.
For further information please contact RHCO at info@readenholdingcorp.com
or +852 3950 5911
The RHCO corporate email address is info@readenholdingcorp.com
The RHCO corporate website can be accessed at www.readenholdingcorp.com
The RHCO Twitter account can be accessed at https://twitter.com/readenrhco
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Readen Holding Corp. to accomplish its stated plan of business. Readen Holding Corp. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward- looking statements included herein, the inclusion of such information should not be regarded as a representation by Readen Holding Corp. or any other person.
Contact
Readen Holding Corp.
info@readenholdingcorp.com
+852 3950 5911
Readen Holding Corp., RHCO announcement