PARK CITY, UT / ACCESSWIRE / August 20, 2020 / Phoenix Rising Companies (AKA Resort Savers, Inc) (OTCQB:RSSV) has reported second quarter results.
The Company is pleased to call attention to its recently filed second quarter results. The report shows a dramatic revenue increase over the first quarter. This occurred in the company's largest revenue generating subsidiary, Tieshan Oil.
During the first quarter results for TO were down drastically due to lack of gasoline sales in China. The first quarter lack of sales was directly caused by worldwide conditions. Second quarter results show a 400+% increase in revenue over the first quarter. This increase is attributed to higher demand for gasoline in China as fears diminished. Revenue has not reached the levels of 2019 in the second quarter but sales are showing a trend towards recovery.
CEO DS Chang commented "We are happy to see our core division returning to fiscal health. We hope illness does not revisit a damper on demand for fuel in China and that Tieshan Oil will continue to flourish and grow".
Furthermore, the Company is conducting ongoing due diligence on potential acquisitions of revenue generating, profitable enterprises.
In the instance of a certain infectious control company border closings and travel limitations have slowed the process by preventing onsite inspections from Company teams. Even so, other parts of the process continue forward.
The Wandi Mining acquisition has yet to close. The Company has tendered its share consideration to Wandi. However, Wandi has yet to deliver its shares to the Company as required to close the transaction. The Wandi shares are shown as "Subscription receivable for acquisition of Wandi" in the financial statements in our latest quarterly report. We anticipate that the Wandi transaction will close prior to the end of 2020.
For information on Phoenix Rising Companies visit www.phoenix-cos.com
CAUTIONARY STATEMENT
This press release contains forward-looking statements. Known and unknown risks may cause actual future results to vary widely. The statements are based upon Management's and Advisor's current expectations, estimates and projections; are not guarantees of future performance and are subject to certain risks and uncertainties and other factors, some of which are beyond Management's control and are difficult to predict. A reader of this press release should not place undue reliance on forward-looking statements. Investors should understand investing in shares of RSSV involves a high degree of risk and should seek competent investment advice prior to purchasing shares.
SOURCE: Phoenix Rising Companies