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CST: 26/05/2019 07:19:29   

Second Quarter 2018 Financial Results and Operational Highlights Released by UnitedCorp

137 Days ago

MIAMI, Sept. 17, 2018 (GLOBE NEWSWIRE) -- Miami-based United American Corp ("UnitedCorp") (USOTC: UAMA) announced today its second quarter financial results and provided a corporate update from management related to its three strategic areas; data centers/BlockchainDomes, fixed and wireless telecommunications and intellectual property related to social media and blockchain technology.

While the Company is actively developing its business plan in all three areas, operations for the second quarter focused primarily on the implementation of BlockchainDomes which is reflected in its revenue stream for the quarter. Revenue for the quarter is based on 1,000 miners hosted over approximately two months out of a total of 5,000 miners that are being deployed progressively to November 2018.

"We are very pleased with the progress of our operations and the resulting significant improvement in our financial position as well as our first profitable quarter since commencing commercial operations in April this year," stated UnitedCorp CEO, Benoit Laliberte. "In just a few months we have proven that our BlockchainDome technology works, that it can be implemented rapidly and that it is financially feasible. We are also excited about the next phase of development which in addition to expansion will provide BlockchainDome heat to greenhouses and some other very interesting agricultural applications we are working on. We believe this will be a showpiece for the industry for operations and sustainability."

Quarterly Highlights
(all figures in US dollars)

Generated revenue of $257,6561 for BlockchainDome for hosting, management and power over a 2 month period of operation with a gross profit of $108,8072

  • Net earnings of $29,543
  • EBITDA for the period was 37,171 3
  • Increase in tangible assets from $0 to $683,484
  • Secured interest-free construction financing
  • Cash at the end of the period was $585,582
  • 2,000 miners in service as of September 10, 2018 and executed agreements for 3,000 additional miners to be installed progressively to November 2018 for a total of 5,000
  • Demonstrated successful proof-of-concept for the BlockchainDome technology and BlockchainDome Heat Station with heat transfer to adjacent greenhouse
  • All miners remained online even through record-breaking regional heat wave
  • New agricultural uses for BlockchainDome heat currently being developed

Revenue is based on approximately 2 months of operation of 1,000 miners of a total of 5,000 to be deployed
Gross profit consists of total BlockchainDome billings less direct costs (mainly electricity) and is a non-IFRS measure. Since the Company bills in advance for services and pays its main direct costs in arrears, gross profit as a percentage of revenue is higher during the current growth cycle.
3 EBITDA is a non-IFRS measure


  Financial Review   
 

  Quarter Ending Annual
(US$) (US$)
  Jun 30, 2018 Mar 31, 2018 2017  

Total Revenue
$ 257,656 -   -  
Cost of Revenue   148,850 -   -  
Gross Profit   108,807 -   -  
General Expenses   71,636 64,243   354,284  
Financial Expenses   3,766 1,535    
Depreciation   3,862 381   268  
Net Income   29,543 (66,159 ) (354,552 )
EBITDA   37,171 (64,243 ) (354,284 )

 
Financial Statements

The Company's financial statements are available on www.otcmarkets.com under UnitedCorp's profile.


About United American Corp

Established in 1992, United American Corp is a Florida-based development and management company focusing on telecommunications, data centers and social media. The company also holds the rights to a portfolio of patents and proprietary technology in telecommunications, social media and in Blockchain PSTN technology.

About the BlockchainDome

The UnitedCorp BlockchainDome was designed to provide heat for agricultural operations using ASIC (application-specific integrated circuit chip) mining operations where efficiency and low-cost operations are a priority. The BlockchainDomes, which utilize a proprietary passive cooling ground-coupled heat-exchanger technology, are particularly suited for situations where rapid cluster deployment is required as they can be erected and commissioned in a matter of weeks rather than up to a year using the traditional "Bricks and Mortar" approach. BlockchainDomes can be configured in a wide range of sizes to service any type of greenhouse operation.

 How BlockchainDomes work can be seen at: https://www.youtube.com/watch?v=YDmhhaJKHLg

 
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management's expectations or opinions change.

Source:
United American Corp
Contact:
Jenna Trevor-Deutsch
Investor Relations
investorrelations@unitedcorp.com
604 398 5000 ext: 109

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2b834213-80d9-4820-8fd1-109afec2a061

 

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