WASHINGTON, DC, April 1, 2020 -- Xalles Holdings Inc. (OTC: XALL), a fintech holding company providing technology and financial services solutions, today announces a series of corporate updates from the first quarter of this year and additional information about its plans in the second quarter of 2020.
Xalles completed the closing of the MinervaWorks Holdings, Inc. acquisition on March 31, 2020 as planned and originally announced in the March 19 news release, which followed the execution of a Share Purchase Agreement on March 18. Xalles also closed the acquisition of Gateway Innovations Limited on February 14, 2020, which had been previously announced in a January 4 news release. These two first quarter acquisitions position Xalles to move forward towards our 2020 goals of achieving profitability and between $4-5 million in revenue for the year.
The Ghana Cyber City project under the recently acquired Gateway Innovations, has the potential to become a $200 million asset project. In 2020, Xalles Holdings expects to yield between $1-2 million in revenue from this wholly owned subsidiary. Xalles expects to continue the African technology and fintech expansion on the continent.
MinervaWorks is expected to generate $3 million in revenue in 2020 and significantly more in future years through expanded deployment of The Brick. The Brick is a unique piece of hardware loaded with proprietary software and supported by a national service center that can tap into a client’s network probe everything about the organization’s IT assets. A few of results realized from this process include identification of unknown rogue devices or unauthorized network access, IT asset audit, immediate identification of stolen or rogue devices as well as cyber security threats. The Brick can become a game changer for many companies and industries. During the current pandemic crisis, MinervaWorks will be offering a special network and cyber security assessment at a heavily discounted price to support all small and mid-sized businesses.
Xalles previously announced the execution of a Share Purchase Agreement with Kaden International Holdings Limited to acquire all of the ordinary common shares and all of the value of investments that Kaden International makes. As part of that agreement, Kaden International would acquire a stake in First Bullion Holdings Inc. First quarter travel and other business factors made it difficult to complete the required due diligence on time before the closing/termination date. The three companies are currently in further discussions to develop the best pathway forward to create a winning proposition for all parties.
On March 31 Xalles filed its 2019 Annual Report and Financial Statements with OTC Markets. Xalles expects to file the First Quarter 2020 Report and Financial Statements during April. Those financial statements will demonstrate the growing revenue in early 2020 and the company expects to see continued revenue growth throughout the year reaching profitability on an annualized basis.
“Despite the current global crisis, Xalles continues to forge ahead with its business expansion plans through organic growth and acquisitions, while enabling all employees and contractors to work remotely and safely” stated Thomas Nash, Xalles Holdings CEO. He added, “our strategy is to expand our footprint in information technology services and financial services to support consumers, businesses and governments, while establishing new revenue producing financial toll gates. We are particularly excited about the benefits that MinervaWorks’ The Brick can provide in enhanced cyber security and network monitoring to business customers.”
Our 2020 strategy continue to encompass geographic expansion, accretive acquisitions, and establishing platform companies. Xalles searches for opportunities with financial and technology toll gates that can be established to create recurring revenues.
About Xalles Holdings Inc. (OTC: XALL)
Xalles Holdings Inc. is a holding company that focuses on direct investments in disruptive fintech companies. The company actively seeks acquisition targets in which it can invest and accelerate growth, targeting companies with solid management teams and business models, large total attainable markets (TAM), and lucrative exit opportunities. The company places emphasis on leveraging blockchain technologies to provide industry-leading financial reconciliation and auditing solutions, which, over time, will allow for the capture of recurring revenue streams. For more information visit: http://Xalles.com
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