Infrax Systems, Inc (OTC:IFXY) Provides Shareholder Update
Rhea-AI Summary
Infrax Systems (OTC:IFXY) has provided key updates on its business operations and acquisitions. The company is finalizing the acquisition of Cornerstone Rock Development, expected to close by November 2024. They have completed audits for 2022-2023 and are preparing their S-1 registration statement. Their Q1 FY2025 disclosure includes results from recently acquired JP Developers of Texas. Currently, they have 4 completed homes on the market, 13 under renovation, and plans to acquire 4 more properties, targeting 21 total projects by year-end.
Positive
- Acquisition of Cornerstone Rock Development nearing completion
- Completed audits for 2022 and 2023
- Active property portfolio with 17 current projects and 4 planned acquisitions
- Successfully filed Q1 FY2025 disclosure statement
Negative
- operational results from JP Developers acquisition in Q1 report
- 2024 audit still pending completion
- S-1 registration statement filing delayed pending audit completion
News Market Reaction
On the day this news was published, IFXY gained 25.00%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Acquisition of Cornerstone Rock Development, Audit Status, Operations
HOUSTON, TX / ACCESSWIRE / November 15, 2024 / Infrax Systems, Inc. (OTC PINK:IFXY) dba US Standard Capital (the "Company") is pleased to provide shareholders with an update of recent activities and its progress on previously announced plans:
The Company is moving forward with its previously announced acquisition of Cornerstone Rock Development LLC, a Houston-based residential construction company specializing in home remodeling renovations and new construction projects. The Company expects to close the transaction by the end of November 2024.
The Company has completed the audits for 2022 and 2023 and is currently working on its audit for its 2024 fiscal year that ended on June 30, 2024. The Company is concurrently working with its attorneys to prepare the text of its S-1 registration statement and plans to file it with the SEC once the 2024 audit is complete. The Company plans to file the S-1 within the next few months.
The Company recently filed its quarterly disclosure statement with OTC Markets for the first quarter of its 2025 fiscal year ending September 30, 2024, which includes the results for JP Developers of Texas. However, the income statement only includes a few days of JP Developers of Texas's operations as the company was acquired in late September, just days before the end of the reporting period.
The Company has acquired several new properties during the current quarter that are not included in the first quarter report. The Company currently has four completed homes on the market, thirteen homes being renovated, and plans to acquire four more homes, bringing the total to twenty-one (21) current and planned projects through the end of the calendar year.
About Infrax Systems, Inc.
Infrax Systems, Inc. is focused on acquiring assets and companies in the real estate sector, including housing development, construction, remodeling, and financing. The Company also provides products and services that address the various challenges faced by Latin American immigrants.
Contact Information:
https://twitter.com/InfraxInc
https://twitter.com/jpineda100
https://www.usstandardcapital.com/
https://www.jpdevelopersoftexas.com/
Shareholder/Investor inquiries for Infrax Systems, Inc.:
Infrax Systems, Inc.
1-888-204-4134
ir@infraxinc.com
Safe Harbor 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, and 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 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 would 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.
Contact Information:
Jose Pineda
CEO
jose@usstandardcapital.com
786-583-6642
SOURCE: Infrax Systems, Inc.
View the original press release on accesswire.com
FAQ
When will IFXY complete the Cornerstone Rock Development acquisition?
How many properties does IFXY currently have in development?
When will IFXY file its S-1 registration statement?
What is the status of IFXY's audits?
