MAJIC WHEELS CORP. POSTS ENCOURAGING ANNUAL RESULTS

Rhea-AI Summary

Majic Wheels Corp. (MJWL) reported impressive annual results as of March 31, 2022, showcasing significant revenue growth and profitability. The Company achieved $25.1 million in revenue, with a $5.4 million net income, a substantial increase from $680,617 the previous year. Payables rose to $2.75 million due to increased business activity, while long-term liabilities were reduced to $0. The Company also successfully completed acquisitions, including CGCX Group, and is nearing the acquisition of PCEX. Total assets stand at $236.4 million.

Positive

• Revenue increased by $25.1 million.
• Net income rose significantly to $5.4 million from $680,617.
• Long-term liabilities reduced to $0.
• Expansion through successful acquisitions, including CGCX Group.

Negative

• Payables increased to $2.75 million from $1.62 million, indicating potential cash flow concerns.

Highlights include $25.1m revenue and $5.4m profit

Houston, Texas, March 31, 2022 (GLOBE NEWSWIRE) -- Majic Wheels Corp. (OTC Pink: MJWL) ("Majic" or the “Company”, $MJWL), a Wyoming Corporation, has today posted its encouraging annual results of operations.

Majic Wheels’ results highlight significant achievements, thus solidifying its strong foundation for growth in the coming year.  

“We are extremely happy with the performance of Majic Wheels over this past year,” comments David Chong, CEO of Majic Wheels Corp. “We continue to build a solid foundation of recurring revenue through a combination of acquisitions and organic growth. This is due to the team’s hard-work and vision, and its ability to consolidate within this fast-growing sector.”

Highlights from the Annual Disclosure posted today:

• The Company’s Payables have increased in this Annual Disclosure to $2,746,671 as compared to last year’s $1,622,675. This is due to increased business activity.
• Net Income has jumped to $5,359,166, compared to $680,617 in the previous Annual Disclosure. 
• Long Term Liabilities of $837,519 from the Annual Disclosure last year were reduced to $0.00 in the current year.
• The Total Assets of the Company equal $236,407,041, including Goodwill.

Three notable achievements for MJWL over the past 12 months include:

1. According to its plan, MJWL completed its acquisition of CGCX Group and The Bamboo Wellness.
2. Completion of the acquisition of PCEX is imminent. The completion was slightly delayed due to over-complex regulatory issues, but these are now resolved.
3. MJWL’s global footprint has continued to grow through its introduction of CGCX tokens to the Indian market via our partner and soon-to-be subsidiary.

Sathayanandham Anguswami, COO of Majic Wheels Corp. states: “The past few months have been incredibly exciting for MJWL. We have an exciting roadmap for 2022 clearly defined, and look forward to further successes as our business goals and opportunities are realised.”

The Company has not concluded the audit with the PCAOB registered auditor for December 2021 in view of a potential strategic corporate development, which will be updated to all investors and shareholders at the appropriate time.

MJWL invites shareholders and investors to follow its Twitter handle (@MajicCorp) for regular updates.

For further information, please contact ir@majiccorp.co

ABOUT MAJIC WHEELS CORP. (“MJWL”)
Majic Wheels Corp Inc., a Wyoming Holding Corporation, has positioned itself as a major player in the disruptive industries of Fintech and software development by means of multiple acquisitions. The Company's first acquisition is the cryptocurrency exchange, cryptocurrency mining farm and custody services platform: Calfin Global Crypto Exchange (CGCX) followed by 26% equity stake of Bamboo Wellness Holdings Limited. MJWL is also working on the closing of the acquisition of PCEX as previously announced. Majic Wheels Corp. is listed and traded on the Over-the-Counter Market under the trading symbol "MJWL”.

For more information about the Company, please visit:
OTC Markets Profile: https://www.otcmarkets.com/stock/MJWL/overview 
Website: https://majiccorp.co/
Twitter: https://twitter.com/MajicCorp

Safe Harbour Statement:
In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ.

FAQ

What were Majic Wheels Corp.'s annual revenue figures for 2022?

Majic Wheels Corp. reported annual revenue of $25.1 million for 2022.

How much profit did MJWL generate in 2022?

MJWL generated a net income of $5.4 million in 2022.

What were the changes in Majic Wheels' long-term liabilities?

Long-term liabilities were reduced from $837,519 to $0 in the current year.

What significant acquisitions did MJWL complete recently?

MJWL completed the acquisition of CGCX Group and is close to acquiring PCEX.

How did Majic Wheels Corp.'s payables change in 2022?

Payables increased to $2.75 million in 2022 compared to $1.62 million the previous year.