GEX ANNOUNCES STRONG RESULTS FOR THIRD QUARTER


Dallas, TX., Nov. 24, 2020 (GLOBE NEWSWIRE) -- GEX Management Inc (OTC PINK: GXXM), a Dallas based management consulting company, announced the close of a very strong third fiscal quarter. The impact of the company’s strong growth initiatives was evidenced by a solid 900% increase in revenue for the quarter ending September 2020 compared to the similar period last year. Along with strong revenues, the company also recorded a strong 1250% improvement in gross profit along with a 24% expansion in gross margins for the quarter compared to the similar period last year.

Sri Vanamali, the Interim CEO and Executive Director of GEX Management Inc. stated, “As mentioned in our past announcements, GEX has been in the process of continually restructuring and reorganizing its operational and capital infrastructure over the past two years. These outstanding sales and profitability numbers are a direct result of this multi-year effort.” As part of its strategic goal to expand into areas of higher margin and high growth business categories related to strategy and technology consulting, GEX has nurtured a significant business development pipeline that is projected to continue generating solid revenue and growth opportunities in the years to come. This includes delivering cutting edge enterprise technology solutions to Fortune 50 clients across the globe, developing strategic road maps to VC backed high growth tech startups and advising C-Suite executives in public and private companies on corporate strategies to achieve organic & inorganic growth via long term corporate consulting executive level engagements.

“As a direct result of the various corporate growth and cost rationalization initiatives undertaken by GEX over the last couple of years, we are on target to achieve over 50% improvement in YoY sales by the end of this fiscal year, improve our gross profit by over 100% and achieve an estimated 85% gross margin this fiscal year”, said Sri Vanamali. “To meet the strong demand for our enterprise consulting services, we are in the process of significantly ramping up our business lines to meet the unique needs of our corporate clients. For instance, we plan to expand our consulting team size to about 75-100 consultants over the next 18-24 month horizon, which would potentially bring in $15M-$20M in annual gross billings over this period, assuming 100% placement of the consultants on currently identified projects. At the same time, we have significant reduced the outstanding debt on our balance sheet, eliminated much of the toxic debt and debt like instruments, spun out or off-loaded non-performing assets and undertaken several initiatives to build a strong and sustainable balance sheet while eliminating redundant staffing overhead and costs.”

With a solid focus on improving profitability while continuing to focus on driving top line growth through organic and inorganic initiatives, the management is confident of delivering strong value to investors and shareholders and is extremely excited about the opportunities available to significantly grow and expand the GEX Management Business Ecosystem in the years to come.

About GEX Management

GEX Management, Inc. is a Management Consulting company providing high end Strategy and Enterprise Technology Consulting solutions to public and private companies across a variety of industry sectors. http://www.gexmanagement.com

Information on Forward Looking Statements

The statements contained herein that are not historical facts are forward-looking statements within the meaning of the federal securities laws (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). You can identify such forward-looking statements by the words "expects," "intends," "plans," "projects," "believes," "estimates," "likely," "possibly," "probably," "goal," "opportunity," "objective," "target," "assume," "outlook," "guidance," "predicts," "appears," "indicator" and similar expressions. Forward-looking statements involve a number of risks and uncertainties. In the normal course of business, GEX Management, Inc., in an effort to help keep our stockholders and the public informed about our operations, may from time to time issue such forward-looking statements, either orally or in writing. Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of such plans or strategies, or projections involving anticipated revenues, earnings, profits, pricing, operating expenses or other aspects of operating results. We base the forward-looking statements on our expectations, estimates, and projections at the time such statements are made. These statements are not guarantees of future performance and involve risks and uncertainties that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements.

SOURCE GEX Management, Inc.
Media Contact:
John Godwin,
Director, Client Relations
Email address: info@gexmanagement.com