Altitude International Issues CEO Update
Altitude International Holdings, Inc. (OTCQB: ALTD) reported a significant revenue increase in Q3 2021, with a 43.7% rise for acquired BHI subsidiaries compared to the previous year. Revenue reached $1,472,194 versus $828,107 in 2020, and $5,522,499 for nine months in 2021 against $4,091,315 in 2020. However, the company faced a loss of $4,281,791 due to one-time stock-based compensation and impairment costs. Continued operational developments include a soft launch of Altitude Online Learning and ongoing negotiations for a NASDAQ up-listing.
- 43.7% revenue increase for Q3 2021 compared to Q3 2020.
- Revenue for nine months in 2021 shows a 25.9% increase year-over-year.
- Successful soft-launch of Altitude Online Learning with international reach.
- Initiatives like Water to Africa gathering significant interest.
- Loss of $4,281,791 attributed to one-time expenses.
- Revenue recognition for significant sales pending installation in 2022.
PORT ST. LUCIE, Fla., Nov. 29, 2021 /PRNewswire/ -- Altitude International Holdings, Inc. (OTCQB: "ALTD") has released the following business update from its CEO, Greg Breunich.
"After posting our first 10Q since ALTD's acquisition of BHI Holdings, I believe it is important to provide some background and context to our financial statements as well as our operations and new initiatives moving forward:
Financial Discussion:
- We reported a
43.7% increase in revenues for the acquired BHI subsidiaries for the three months in 2021 compared to 3 months 2020 ($1,472,194 versus$828,107 ) and a25.9% increase in these revenues for the 9 months 2021 versus 2020 ($5,522,499 versus$4,091,315 ). ALTD had virtually no revenues for the comparable 3- and 9-month periods in 2020. - The loss for 9 months of
$4,281,791 was due a one-time stock-based compensation of$3,063,185 in Altitude International Holdings, Inc and a one-time impairment expense of$978,795 . We also had a sharp increase in professional fees that were related directly to the BHI acquisition. - Revenue from the sale of our Altitude Chamber to the Orlando Magic will not be recognized until installation which will occur in the first quarter of 2022.
- Revenue from the sale of our Atmospheric Water Generators that were delivered in October 2021 will be recognized in the fourth quarter of 2021.
Operational Discussion:
- Altitude Academies recently finalized its Sportsync recruiting relationship. The firm is already processing customers for the spring semester. We anticipate a significant increase of activity from Sportsync with full-time enrollment for the 2022-2023 school season and beyond.
- We have successfully soft-launched Altitude Online Learning with the first two students attending from Spain. Altitude Online provides student/athletes with another Altitude Academy option, both for students around the world and for US students wanting a distance learning option.
- There has been a surge in both full-time and short-time inquiries for all our Academies.
- New inquiries for pro soccer teams are coming from many countries including Canada, Ecuador, Mexico, Haiti and USA MLS. We anticipate a revived surge European pro-team increase in inquiries for the months of May, June, and July.
- We are in continuing negotiations with a soccer group that would enable us to fast track our current plan for club consolidation. The two parties share significant synergy where combining initiatives would provide an amazing scalable platform.
- Altitude Wellness has begun operations with the setup of our first facility in Sugarland TX being managed by Dr. Kenneth Lee and his management team. The high-performance wellness revenues will be generated by medical rehab and spa deliverables that utilize the latest equipment and products in the industry, as well as by franchise fees, and revenue sharing from our soon-to-be-launched franchise program.
- We have lined up significant new boots on the ground for our Water to Africa initiative. Luol Deng is prepared to re-join forces with his long-time teammate, Joakim Noah and bring their two foundations together to quickly mobilize our planned "water hubs" across Cameroon, South Sudan, and Ghana, as well as build a pathway to American diplomas for Luol's and Joakim's African Academy students.
- Altitude Water is in final purchase negotiations with companies representing oil platform supply and housing ships that are desirous of purchasing our Atmospheric Water Generators. In addition, we are receiving inquiries from numerous new potential customers in countries that are severely affected by their lack of clean drinking water.
- ALTD is also in discussions with a notable Investment Banking firm to raise the capital necessary to expand operations and a potential NASDAQ up-listing.
In the 4 months since we completed the Share Exchange Agreement with BHI Holdings we have been busy re-branding all our subsidiaries with the Altitude Brand. We believe we are now positioned to rapidly build brand recognition, public awareness, and revenues for all our brands and charitable initiatives through strategic media buys and public relations efforts. We are currently in the planning stages for a press conference that will introduce ALTD's All-Star team and our Water to Africa initiative to the international news, business, and sports media.
Media contact: Karla Hernandez 561-750-9800; karla@transmediagroup.com.
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SOURCE Altitude International Holdings, Inc
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