Epazz Reports 28% Increase in Revenue and 1,168% Increase in EBITDA for 2021, Fueled by the DeskFlex Desk Booking Software That Will Launch the Metaverse Virtual Office Later This Year

Rhea-AI Summary

Epazz, Inc. (OTCPINK: EPAZ) reported significant financial growth for 2021, achieving revenues of $1.9 million, up from $1.4 million in 2020. The company's EBITDA surged by 1,168% to $102,000 due to operational improvements and the increased demand for its DeskFlex desk booking software amid the ongoing pandemic. Epazz is investing in product development for the DeskFlex Metaverse Office and affordable VR technology to enhance remote collaboration and increase future revenue. These efforts aim to facilitate better work environments in hybrid settings.

Positive

• Revenue increased to $1.9 million in 2021, a 36% growth from 2020.
• EBITDA rose to $102,000, up from $8,083 in 2020, marking a 1,168% increase.
• Operational improvements led to cost savings and reinvestment in product development.

Negative

• None.

CHICAGO, April 07, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Epazz, Inc. (OTCPINK: EPAZ), a leading provider of cloud-based business software solutions, announced today that it reported revenues of $1.9 million for 2021 compared to $1.4 million for 2020. It also reported a positive EBITDA of $102,000, compared to an EBITDA of $8,083 for 2021, an increase of 1,168%. The DeskFlex desk booking software, which will be launching its Metaverse Virtual Office later this year, fueled the increase in revenue.

The company started making operational improvements in 2020, and the results started to appear in 2021. The company has been consolidating the services and operations of its subsidiaries for its Chicago operations, resulting in cost savings. The company is also reinvesting its savings back into product development, including for its DeskFlex Metaverse and CryObo NFT technologies. These products will help increase revenue for 2022.

The global pandemic caused the demand for the DeskFlex desk booking software to skyrocket as small to large organizations rushed to implement hybrid work arrangements. However, the shift to remote work comes with reduced social interaction, leading to some employees feeling disconnected and isolated. As the pandemic endures, remote and hybrid work environments are expected to stay. 

DeskFlex is developing a Metaverse Office to allow remote employees to work, collaborate, meet, and hold discussions in real time with other office employees. By logging into the DeskFlex Metaverse Office and wearing a virtual reality (VR) headset, remote workers can enter into a visual representation of their office and interact with their co-workers who are working from home as if they were there in person.

The key is the equipment. Current VR headsets are too expensive to be provided to every employee. Epazz is developing a VR Smart Glasses technology for under $100.00 so that every worker can enter into the Metaverse. Epazz’s low-cost VR headset solution will allow team members to experience a complete sensory involvement in VR and augmented reality office meetings or conferences. Epazz will use multiple webcams to create a 3D avatar of each colleague, and real-time conversations and interactions will be made possible through the lightweight VR headset. 

“We are increasing our revenues and decreasing our costs, thereby creating a positive EBIDTA,” says Shaun Passley, PhD, CEO of Epazz, Inc.

About Epazz, Inc.

Epazz, Inc. is a mission-critical provider of Metaverse solutions, blockchain cryptocurrency mobile apps, and cloud-based software. It is a company that specializes in providing customized cloud applications to corporate firms, higher-education institutions, and the public sector. Epazz is developing Metaverse business solutions that enable people to collaborate in real time through VR. Epazz is upgrading its business solutions to be fully integrated into the Metaverse. Epazz will be manufacturing low-cost smart glasses for Metaverse.

Safe Harbor

Certain statements contained in this press release are “forward-looking statements,” as defined by the “Safe Harbor” statement in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by their use of forward-looking terms such as “may,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” and “continue” (or the negative variations thereof). Such forward-looking statements are subject to risk, uncertainties, and other factors that could cause actual results to differ materially from those the statements imply. Investors are cautioned that any forward-looking statements are not guarantees of future performance, and that actual results may differ materially from those such forward-looking statements contemplate. Epazz assumes no obligation, does not intend to update these forward-looking statements, and has no duty to update or correct information that third parties not paid for by Epazz prepare. 

Investors are encouraged to review Epazz’s public filings on SEC.gov, including its unaudited and audited financial statements, its registration statement, Form 10-Ks, and Form 10-Qs, which contain general business information about the company’s operations, operations results, and the risks associated with the company and its operations. Penny stock picks need to be researched. Do your homework. Please review all our filings.

For more information, please contact the following:
Epazz Inc.
Investor Relations
investors@epazz.net
(312) 955-8161
www.epazz.com/investors.aspx

FAQ

What was Epazz's revenue for 2021?

Epazz reported revenues of $1.9 million for 2021, up from $1.4 million in 2020.

How much did Epazz's EBITDA increase in 2021?

Epazz's EBITDA increased by 1,168% to $102,000 in 2021.

What is the DeskFlex Metaverse Office?

The DeskFlex Metaverse Office is a new feature allowing remote employees to collaborate virtually through a VR interface.

What technology is Epazz developing for the Metaverse?

Epazz is developing low-cost VR Smart Glasses under $100 to enable access to its Metaverse solutions.

How has the pandemic affected Epazz's business?

The pandemic increased demand for DeskFlex software as organizations adopted hybrid work arrangements.