SAN FRANCISCO, CA / ACCESSWIRE / November 21, 2023 / Quality Industrial Corp. (OTC PINK:QIND), yesterday filed its financial results for the third quarter ended September 30, 2023, on SEC Form 10-Q, in accordance with applicable accounting standards.
QIND reported revenue of $22.1M and net profit of $1.9M for the three months ended September 30, 2023, compared to $19,8M in revenue and net profit of $2.4M for the same period in 2022. The net profit decrease was due to shares issued to management totaling $1.5M during the quarter. However, the underlying performance of the operating business increased its net profit compared to the same period in 2022, with $3.4M achieved before adjusting for share issuances. QIND remains optimistic about its fourth quarter growth over the same period last year.
QIND has continued to lay the foundations for future growth, including but not limited to its planned uplist to the NYSE American. The Company's S-1 Registration Statement will be amended with the third quarter financial statements and subsequently filed with the Securities and Exchange Commission.
This Press Release does not constitute an offer of any securities for sale.
This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
Quality Industrial Corp.
315 Montgomery Street, San Francisco
CA 94104, USA
Email: [email protected]
Investor site: https://qualityindustrialcorp.com
Twitter: @ QualityIndCorp @ILUS_INTL
SOURCE: Quality Industrial Corp.