CeCors Reports Record Revenue Following VETCOMM Acquisition
- Financial milestones achieved in Q2 2023, including significant customer receipts and revenue from VETCOMM operations.
- Improved cash position at June 30, 2023.
- CEO expresses commitment to growth and providing support to veterans.
- None.
CARSON CITY, NV / ACCESSWIRE / August 21, 2023 / CECORS, INC. (OTC PINK:CEOS) ("CeCors" or the "Company") shares financial milestones achieved in the quarter ended June 30, 2023, fueled by the strategic acquisition of VETCOMM in April 2023.
Highlighted Achievements:
- Total VETCOMM customer receipts in the three months ended June 30, 2023 of over
$148,000 ; - Earned revenue from VETCOMM operations of
$58,000 in the three months ended June 30, 2023, reflecting a dramatic increase to revenues from our newest operating segment; - Additional customer subscriptions in the three months ended June 30, 2023 totaling
$90,722 reflected as deferred revenue to be recognized in future periods over the term of subscription services; - Substantially improved cash position at June 30, 2023 compared to fiscal year end.
"We are extremely pleased with VETCOMM's strong first quarter results since closing this strategic acquisition at the start of the quarter. The results are a direct testament to the outstanding performance of VETCOMM's management and support team," commented Sukhinder Kalsi, Chief Financial Officer of CeCors.
With the expectation of scaling revenues as we continue to expand the VETCOMM team, as well as leverage our recently implemented referral program, we are excited to already be able to support and assist an increasing number of Veterans, and this is just the beginning," added Mr. Kalsi.
With a successful first quarter in hand, VETCOMM is working to integrate new functions and implement scalable software in order to allow our customer onboarding process and referral program to continue to grow, all while streamlining reporting requirements under US GAAP.
Kate Monroe, CEO of CeCors/VETCOMM, stated, "Our growth is rooted in a meaningful cause. As we expand, our primary focus remains the provision of support to a growing community of veterans. Their well-being and acknowledgment are central to our mission. The path forward is brimming with potential, purpose, and unmatched opportunities."
"Our team is
"As the Company takes steps over the coming months to fully integrate the CeCors and VETCOMM shared vision, we intend to provide additional value to both our shareholders and veterans with access to even more services, products and opportunities as we continue to innovate and expand."
Kate Monroe concluded, "I believe we are on the brink of an exhilarating period of growth. Our committed team is poised to produce exceptional outcomes, and as CEO, my ultimate aim is to establish a lasting legacy of accomplishment and pride for our shareholders."
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About VETCOMM
VETCOMM's mission is to empower United States veterans by providing them with the education and resources they need to access the benefits they are entitled to, but not presently receiving. Founded by United States Marine Corps veteran Kate Monroe, VETCOMM is dedicated to advocating for veterans and ensuring they receive the support they need to thrive after serving our country. VETCOMM believes that every veteran deserves to receive the benefits they are entitled to, and is committed to providing a comprehensive education and support platform to help them do just that. With the tools provided by VETCOMM, veterans can get rated and claim the benefits they deserve, preventing the reallocation of funds by the U.S. government to other budget line items and making sure that those who have served their country receive the support they need in order to lead fulfilling lives.
Website: www.vetcomm.us
Referral Program: www.vetcomm.us/referral-membership/
Forward-Looking Statements:
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, 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 to 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 materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
SOURCE: CeCors, Inc.
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