Exxe Group Eliminates 9.2% of Long-Term Debt; Targets $15 Million Revenue Per Quarter in 2023

Rhea-AI Summary

Exxe Group (OTC PINK:AXXA) announced significant updates regarding its financial structure. As of March 31, 2022, long-term debt has decreased from $56.5 million to $49.4 million, a drop of approximately $7.2 million. The company plans to eliminate an additional $4.5 million in long-term debt, reducing total liabilities to about $63.8 million. Exxe aims for a quarterly revenue target of $15 million in 2023, having reported approximately $38.2 million in the first three quarters of FY-2023. Average quarterly profits are around $3.76 million, maintaining total assets over $250 million.

Positive

• Long-term debt reduced by $7.2 million since March 2022.
• Targeting $15 million in revenue per quarter for 2023.
• Maintaining total assets above $250 million.
• Average quarterly profit of approximately $3.76 million.

Negative

• None.

• Long-term debt reduction eliminates $4.5 million, improves capital structure
• New long-term debt is approximately $44.9 million, total debt is $63.8 million
• Targets $15 million revenue generation per quarter in 2023

NEW YORK, NY / ACCESSWIRE / March 7, 2023 / Exxe Group, Inc. (OTC PINK:AXXA), ("Exxe" or the "Company") releases updates on its debt reduction and revenue generation initiatives.

Since March 31, 2022, total long-term debt has been reduced from $56,525,384 to $49,356,045, or approximately $7.2 million. In the same period, total liabilities have been reduced from $80,163,412 to $68,312,081, or approximately $11.9 million.

Exxe Group has identified an additional $4.5 million in long-term debt to be written off as part of ongoing capital structure improvements. Long-term debt following the reduction will be approximately $44.9 million, or an approximately 9.2% debt reduction. Total liabilities are expected to be approximately $63.8 million.

Dr. Eduard Nazmiev, Exxe Group CEO, stated: "Exxe Group continues to optimize its capital structure by strategically eliminating long-term debt. At the same time, Exxe has maintained total assets in the range of $250+ million, along with generating average quarterly profits in FY-2023 of approximately $3.76 million. The optimization is designed to provide scope to increase revenues and profitability."

Separately, Exxe Group has identified several opportunities that target a Quarterly gross revenue goal of approximately $15 million in 2023. In the first three-Quarters of FY-2023 Exxe Group reported approximately $38.2 million in revenues. Average Quarterly gross revenues were approximately $12.7 million, including $13.46 million in the Third Quarter (3Q2023) alone.

About Exxe Group

Exxe Group Exxe is a diversified fintech company with assets in real estate, architectural design, agricultural, automotive, medical, media, and trading technology. Exxe Group acquires controlling equity interests in undervalued assets and undertakes an active role in improving their performance - accelerating their growth by providing both access to capital and management expertise. For additional information please visit the Company's:

Website: http://www.exxegroup.com/

Twitter: https://twitter.com/exxegroup

Forward-Looking Statements:

This press release contains 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, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release.

CONTACT:

Exxe Group IR: info@exxegroup.com

SOURCE: Exxe Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/742427/Exxe-Group-Eliminates-92-of-Long-Term-Debt-Targets-15-Million-Revenue-Per-Quarter-in-2023

FAQ

What is Exxe Group's current long-term debt status as of March 2023?

Exxe Group has reduced its long-term debt to approximately $49.4 million, down from $56.5 million.

What revenue target has Exxe Group set for 2023?

Exxe Group aims to generate approximately $15 million in revenue per quarter in 2023.

How much total liabilities does Exxe Group report after debt reduction?

Exxe Group reports total liabilities of approximately $63.8 million.

What was Exxe Group's average quarterly revenue in FY-2023?

Exxe Group reported average quarterly revenues of approximately $12.7 million in FY-2023.

What are Exxe Group's total assets as of March 2023?

Exxe Group maintains total assets in the range of over $250 million.