FORT LAUDERDALE, Fla., June 19, 2014 (GLOBE NEWSWIRE) -- Basta Holdings Corp. (OTCBB:BSTA),an aviation services and logistics management company, today announced the filing of its 10-Q for the period ended April 30, 2014.
President of Basta Holdings, Jacob Gitman, commented to the Company's shareholders and investment community regarding the clarification of revenue recognition for the quarter, highlighting Item 5 on page 19 of the report titled "Other Information."
"Basta Holdings would like to comment on its revenue recognition for the second quarter of 2014. Due mainly to multiple regulatory and banking issues facing our foreign suppliers, we were unable, under GAAP, to record $942,000 in monies collected by the Company in April as revenue. We are working diligently to correct this situation and anticipate we will be able to record these types of collections as revenues in the future."
"Additionally, Basta Holdings has collected $2.4 million in May and June collectively. As previously announced, the Company anticipates generating $11.5 million in annual revenues moving forward and expects to report positive financial results during the third quarter that accurately reflect Basta Holdings' growth," commented Mr. Gitman.
About Basta Holdings Corp.
Basta Holdings Corp. provides contract procurement, business development and management services in the aviation and logistics industries. The company specializes in management of long-term Aircraft Crew, Maintenance and Insurance (ACMI) leases of fixed wing and rotary passenger and cargo aircrafts and private business aviation, which includes charter, maintenance, overhaul and Fixed Based Operator (FBO) development and management as well as various auxiliary services. For more information on the company, please visit www.bastaholdings.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. No past revenue or other performance can guarantee the same or better performance in the future. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.