- Outline business outlook for 2017
- To extend sales to U.S. retail outlets
DALLAS, Ga., April 24, 2017 (GLOBE NEWSWIRE) -- Bemax Inc. (OTCQB:BMXC), a growing global distributor of Disposable Baby Diapers, announced its financial results for the three months ended February 28, 2017 and outlined business outlook for full year 2017.
"Our third quarter financial results highlight the progress we are making across our business and demonstrate further success with both new and existing customers," said Taiwo Aimasiko, Bemax president and CEO. "We are now positioned to deliver higher 2016 annual revenue based on stronger distribution network and demand for our private label brands. This positions us well to accelerate our growth in 2017 as we introduce new and complimentary private label products."
Recent Business Highlights
- Entered into a definitive private label manufacturing agreement to cater primarily for U.S. customers of our private label brand.
- Extend sales network to Amazon.com
- Entered into a definitive agreement with a leading Asian manufacturer of disposable diaper to cater for African market and distributors of our Mother’s Choice private label brand.
Q3 2016 Results
- Operating expenses of $79,558, compared to $10,859 for same period ended February 29, 2016. The increase is driven by increase in general and administrative expenses associated with product bagging, packaging and consulting.
- Total assets as at period ended February 28, 2017 stood at $234,907. This comprises of inventory, prepaid expenses and cash.
- Total Cost of Goods Sold of $20,067 compared to $187,361 for same period ended February 29, 2016. Decrease is due to reduction in cost associated with purchases of resale items.
Business Outlook - Fourth Quarter and Full Year 2017
The following statements are based on Bemax's current expectations for the fiscal year 2016 and full year 2017. These statements are forward-looking and actual results may differ materially.
- Extend sales and distribution channel to U.S retail outlets.
- Source for viable and non-dilutive financing to accelerate paying down existing convertible notes.
- Introduce complementary products associated with disposable baby diaper such as baby wipes.
- Commence work on construction of two production lines for Bemax disposable diaper brands.
- Negotiate new and better competitive pricing with Bemax private label distributors to increase sales.
- Commence Bemax Business Distributor Program across the U.S. and Canada.
- Introduce subscription offerings to online customers through bi-weekly and monthly delivery plans.
About Bemax Inc.
Bemax Inc. distributes private label Disposable Baby diapers to local distributors in London, South, East and West Africa and other emerging markets. We also source from manufacturers from Asia and distribute to other growing markets. Bemax focuses on an extensive and far-reaching global network among wholesalers, large discounting retailers and supermarkets as well as entry into the ecommerce arena to reach households directly through subscription orders. We focus to supply our clients with disposable baby diapers from manufacturers in North America where quality is superior. Please visit the company website at www.bemaxinc.com.
Safe Harbor Statement
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.