Xalles Announces 2022 Results and Organizational Changes
Xalles Holdings (OTC: XALL) has announced significant operational streamlining and positive financial results for 2022. The company reported record revenues of $5.9 million and a net profit of approximately $1.1 million, achieving over double the profits from Q3. Organizational changes include the divestment of Private Loyalty Club Inc. and Vigor Crypto Holdings, LLC, along with making GioBot Inc. inactive, focusing instead on more lucrative subsidiaries. The management is optimistic about growth in 2023, aiming for recurring revenue streams from payment systems and AI solutions.
- Record revenue of $5.9 million in 2022.
- Net profit of approximately $1.1 million, doubling from Q3 profits.
- Streamlined operations to focus on higher yielding subsidiaries.
- Positive outlook for growth in 2023 through acquisitions and new client projects.
- Divestment of Private Loyalty Club Inc. and Vigor Crypto Holdings, indicating underperformance.
- Inactivity of GioBot Inc., which did not yield expected results.
Xalles Has Streamlined Its Operations and the 2022 Results are Available in the Published Annual Report
WASHINGTON, D.C., Feb. 06, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Xalles Holdings Inc. (OTC: XALL), a fintech holding company providing technology and financial services solutions, today announced changes in late January to position the company for increased revenues in 2023 while streamlining operations.
The changes made to the organizational structure will assist the management team with further growth in 2023. The 2022 Annual Report and Financial Statements have been published and key results from last year include record revenues and profits since Xalles became a public entity. The 2022 annual revenue was
Xalles Holdings continues to operate using its three main group companies, namely Xalles Capital, Xalles Financial Services and Xalles Technology. Within that structure there have been changes made to the operating subsidiaries. As of January 31, 2023, Private Loyalty Club Inc., which was under Xalles Financial Services has been divested, and Vigor Crypto Holdings, LLC, which was under Xalles Capital Inc., has also been divested. GioBot Inc., the joint venture project linked to trading bots, has been made inactive. Xalles was not yielding the results it expected from these entities in 2022 and will focus on the higher yielding subsidiaries and projects moving forward.
“Our core business relates to creating revenue streams linked to payment and financial reconciliation solutions. While this is supplemented by IT staffing and a couple of other business units, the largest opportunities for Xalles remain in the areas of having recurring revenue streams linked to technology, such as payment systems and artificial intelligence solutions,” stated Xalles Holdings CEO Thomas Nash.
2023 results are expected to build on the foundation developed in 2022, while achieving further growth through completion of acquisitions and organic growth through new client projects.
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 and other 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: Xalles.com
Forward-Looking Statements Disclaimer:
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, uncertainty 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. This press release should be considered in light of all filings of the Company that are contained in the Edgar Archives of the Securities and Exchange Commission at www.sec.gov and in OTC Markets at www.otcmarkets.com
Investor Relations Contact:
info@xalles.com
www.xalles.com
202.595.1299 Office
FAQ
What were Xalles Holdings' 2022 financial results?
What changes did Xalles Holdings make to its operations in 2023?
What is the outlook for Xalles Holdings in 2023?
Which subsidiaries did Xalles Holdings divest?
