Company announces that quarterly financial filings have been completed and internal software assets have been evaluated.
Telecorp, Inc. (OTC Markets: TLNUF) ("Telecorp" or the "Company") is an international professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology, and operations. The Company is pleased to announce the completion of the quarterly financial filings and a reassessment of software assets.
Telecorp's leadership has been systematically working through past financial reports and of assets that were declared by past management of Telecorp, Inc. This process has brought to light past assessment of assets that needed a full review. Over the past 6 months, financial reports and assets have been reviewed and evaluated to help provide Telecorp, Inc. with a path forward with its current investors.
Mr. Cataldo, the President and CEO of Telecorp, stated, “It has been a very busy past few months reviewing and analyzing our financials and internal assets on the books. I am very pleased to say that Telecorp is now in a better place financially and that we have a path forward in creating a profitable company for our investors.”
During this internal financial review, Telecorp analyzed long term recoverability of the assets including land, equipment, and investments that may not be able to be recovered. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. As of March 31, 2017 management has concluded that the carrying value of the fixed assets and software was not equal to the fair value and recorded an impairment in the amount of $14.008,506 in the recent financial filings.
The Board thanks the Company's shareholders for their continual patience and trust as they implement the strategies and vision to provide better value for its stockholders. The Board stands fully behind the new leadership team as they continue to implement the vision of creating a robust and profitable Company.
About Telecorp Inc.
Telecorp, Inc. is a North American emerging technology company headquartered in New York, New York, with operations in over six countries. The company was formally incorporated on April 13, 2009 in the Province of Ontario, Canada.
Since 2016, Telecorp has shifted its business focus and strategy to pursue acquisitions in high-value, digital technologies in proven markets. As a part of this business transition, The Company began screening a number of potential acquisitions that would broaden services, products and talent into the Company.
Companies that will be considered for acquisition are required to have 3 main qualities: they must be progressive and established in the digital marketplace, they are built upon innovative or disruptive technology and, they also must be able to scale both quickly and profitably.
Telecorp's planned offerings are in the categories of digital video and animation production, e-health communications, media entertainment, e-travel services, hi-tech manufacturing, mobile-optimized product solutions, technology consulting and social analytics, data and design including CRM and ERP implementation and customization, e-magazine editorials and campaigns, and end-to-end solutions for hard asset portfolio management, among others.
Safe Harbor Statement
Except for historic information contained in this release, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital to execute its business plan, and effectively compete against similar companies.
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Telecorp Inc.
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