Record Breaking Asset Base increase of 647% and Revenues Increase of 1,689%
FORT LAUDERDALE, FL / ACCESSWIRE / August 25, 2014 / Tanke, Incorporated (OTC Pink: TNKE) (PINKSHEEYS: TNKE) (the "Company"), a diversified holding company focused on emerging technologies and "cleantech" is pleased to announce the release of its second quarter financials for the period ending June 30th, 2014.
The Company reported assets of $7,846,840 at the end of the second quarter of 2014, an increase of $6,796,699 which represents a 647% increase as compared to the previous second fiscal quarter. This also represents an increase of $2,538,061 from the first quarter of 2014. The main contributions to total asset increase from the last quarter stems from cash and accounts receivables. In Q2, cash and accounts receivables are $856,992 and $2,078,430 respectively, while in Q1, cash and accounts receivables are $639,468 and $1,493,558.
The Company further reported record revenues of $1,918,820 for the period from March 31st, 2014 to June 30th, 2014 showing rapid growth and potential for the future. This represents a revenue increase of $441,320 (30%) from the first quarter and a revenue increase of $1,807,525 (1,624%) from the same quarter in the previous fiscal year. Also, operating expenses increased during the same period by $2,067,063 from $257,962 during 2013 to $2,325,025 in Q2 2014. Expenses were for operations, selling and general administration expenses and mainly as expenses for business incubation development and marketing.
These favorable increases in both the company’s asset base as well as revenues is attributable to the company’s successful follow through of its corporate objectives of asset acquisition, proprietary technology deployment, brand promotion, investment in companies that have a global reach as well as the successful implementation of our incubation and management program.
"We are very pleased again with the latest quarterly results. We aggressively managed to hit our targets of adding new services, improving our margins as well as expanding our business to Asia" said Tanke CEO Carrie Zhang. "During the first quarter, we announced the launch of our new innovative and strategic incubation program which has proven to be a success. In addition, our recently launched uSMART(TM), which is a cloud-based technology targeting emerging companies in need of integrated multilingual cross-functional planning and optimized operations, holds the promise of being a center technology that will help us to create operation efficiency and we are confident that this will continue to be an exciting year."
"Tanke has continued to show growth and its potential through positive increases from last quarter. We hope that through our continued efforts, we can propel its position to become a major player in the growing environmental and emerging technologies market" Tanke’s COO Nick Balomenos added.
About Tanke Incorporated
Tanke is a diversified holding company with the mission to develop, manage and finance emerging companies in high growth industries. Tanke is focused in the development of environmental technologies and "Cleantech" for a wide range of markets such as commercial, industrial and municipal applications. Tanke believes that globalization and the emergence of Asia stresses natural resources, water, energy and food, and environmental technologies will be at the forefront of the new paradigm shift in usage of resources. Through its subsidiaries and affiliates in the world and with its deep experience in China -- the fastest growing emerging market in the world, Tanke seeks to grow through acquisitions, organic growth in the USA and also in the emerging markets.Our holdings consist of: Environmental & Water technologies, eWaste, Software-as-a-Service’s (SaaS) Enterprise Resource Planning (ERP) software technology, reverse logistics technologies and recycling technology.
Additional information is available on the Company’s website: www.tankeinc.com or contact Investor Relations at: [email protected]
Safe Harbor Statement: Certain statements and information included in this release may constitute "forward-looking statements" as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's OTC Markets disclosures and filings (www.otcmarkets.com). The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.
SOURCE: Tanke, Inc