Swifty Global Reports Strong Q2 Performance and Prepares for Major Exchange Uplisting 

Rhea-AI Summary

Swifty Global (OTC: DRCR) reported strong Q2 2024 performance, highlighting its readiness for a major exchange uplisting. Key financial metrics include:

• Cash on hand increased by 37%
• Total assets grew by $2.1 million (35%)
• Liabilities reduced by $1.1 million (35%)
• Shareholders' equity reached $5.9 million

Despite slightly reduced revenue and net income due to conservative risk management, the company's focus on long-term stability has paid off. Swifty obtained gambling licenses for South Africa and Ireland, positioning it for expansion into markets valued at over $7.1 billion annually. The company aims to be fully operational on a major exchange by Q4 2024.

Positive

• Cash on hand increased by 37% compared to Q2 2023
• Total assets grew by $2.1 million, representing a 35% increase
• Liabilities reduced by $1.1 million, a 35% decrease
• Shareholders' equity reached $5.9 million, meeting major exchange listing requirements
• Obtained gambling licenses for South Africa and Ireland, expanding into markets valued at over $7.1 billion annually
• On track for uplisting to a major national exchange by Q4 2024

Negative

• Slightly reduced revenue and net income compared to Q2 2023
• Conservative risk management exposure to larger players, impacting revenue and net income

NEW YORK, NY, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Dear Cashmere Holding Company (OTC: DRCR) also known as Swifty Global (Swifty), is a cutting-edge technology firm focused on creating ground-breaking solutions in the sports betting sector. Swifty aims to drive shareholder value through accelerated innovation and enhanced usability of the products the company develops. With licenses spanning several global jurisdictions, Swifty has successfully brought to market a revolutionary suite of offerings. This includes the company’s proprietary swipe betting sports prediction application, as well as its traditional sportsbook and casino gaming platforms.

Swifty Global is pleased to announce the completion and publication of the company's quarterly disclosure, now available on the OTC Market website. For the second quarter of 2024, compared to the same period in 2023, the company reported a robust financial performance with the following key highlights:

•  Cash on Hand: Increased by approximately 37%.
•  Total Assets: Increased by $2.1 million, representing a growth of approximately 35%.
•  Liabilities: Reduced by $1.1 million, a decrease of approximately 35%.

While revenue and net income were slightly reduced compared to Q2 2023, this outcome was the result of the company’s contunued efforts to conservatively manage its risk profile by limiting exposure to larger players utilizing the Swifty platform, which in turn impacted the company’s revenue and net income. Despite this, the company’s strategic focus on long-term stability and growth has paid off. The impressive results from the second quarter have led to a significant increase in shareholders' equity, reaching $5.9 million. This achievement is a critical milestone, meeting the listing requirements for major exchanges and providing Swifty with a solid foundation for its planned transition to a major national exchange.

Throughout this quarterly period, the company has been highly focused on preparation for its uplisting to a national exchange, with a strong emphasis on balance sheet strength and risk reduction. By maintaining a disciplined approach and concentrating on building value, Swifty Global has prioritized financial stability by growing cautiously out of its own cash flow, avoiding debt, and minimizing dilution. This strategy has positioned the company extremely well for its next phase of growth and its planned transition to a major national exchange. This focus will continue into Q3 and Q4, with Swifty aggressively pursuing the uplisting process and aiming to be fully operational on a major exchange by Q4, 2024.

“We take great pride in what we have achieved at Swifty and the strong financial health we've maintained across the company as we release our Q2 2024 quarterly results. Our performance in Q2 is a testament to the disciplined approach we've taken to build long-term value,” said James Gibbons, CEO of Swifty Global. “We’ve focused on fortifying our balance sheet and reducing risk, which has positioned us well for the next phase of our growth as we move toward listing on a major exchange. As we continue to execute our strategy, we remain committed to sustainable growth, leveraging our solid financial foundation to pursue new opportunities, expand our market reach, and deliver increased value to our shareholders.’’ 

During this period, Swifty successfully obtained and was officially granted its gambling license for South Africa by the National Gambling Board. This license, along with the Irish license obtained in Q1 of this year, has positioned the company in a very strong position to grow and scale its product offering into new territories. After investing considerable time, effort, and resources in securing these licenses, the company is now poised to aggressively execute its scaling and growth strategy by expanding its market reach and operational capabilities into these markets, which have a combined gambling market valued at over $7.1 billion annually.

For regular Swifty Global (DRCR) updates, you are invited you to view the company’s website and/or to follow the company’s Twitter and LinkedIn accounts: 
Website: https://swifty.global 
Twitter: https://twitter.com/SwiftyGlobal
LinkedIn: https://www.linkedin.com/company/swifty-global
Email: hello@swifty.global

Related links:
https://www.otcmarkets.com/stock/DRCR/profile

Source: DRCR 

Forward-Looking Statement
Certain information set forth in this press release contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company's business, projects, and joint ventures; (iv) execution of the Company's vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company's projects; (vi) completion of the Company's projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company's current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The Securities and Exchange Commission ("SEC") has provided guidance to issuers regarding the use of social media to disclose material non-public information. In this regard, investors and others should note that we announce material financial information via official Press Releases, in addition to SEC filings, press releases, Questions & Answers sessions, public conference calls and webcasts also may take time from time to time. We use these channels as well as social media to communicate with the public about our company, our services, and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, in light of the SEC's guidance, we encourage investors, the media, and others interested in our company to review the information we post on the following social & media channels: Website: https://swifty.global, Twitter: https://twitter.com/SwiftyGlobal.

FAQ

What were Swifty Global's (DRCR) key financial highlights for Q2 2024?

Swifty Global reported a 37% increase in cash on hand, a $2.1 million (35%) growth in total assets, and a $1.1 million (35%) reduction in liabilities compared to Q2 2023. Shareholders' equity reached $5.9 million.

Has Swifty Global (DRCR) obtained new gambling licenses in Q2 2024?

Yes, Swifty Global obtained a gambling license for South Africa from the National Gambling Board in Q2 2024, in addition to the Irish license obtained in Q1 2024.

When does Swifty Global (DRCR) plan to uplist to a major national exchange?

Swifty Global aims to be fully operational on a major national exchange by Q4 2024.

What is the combined value of the new markets Swifty Global (DRCR) can now enter with its new licenses?

With the new South African and Irish licenses, Swifty Global can expand into markets with a combined gambling market value of over $7.1 billion annually.