WILMINGTON, Del., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) (the "Company" or "Onfolio") announces it has implemented a number of cost-reducing measures designed to optimize operations and create greater financial efficiencies throughout the Company, including within its subsidiaries.
Dominic Wells, Onfolio’s Chief Executive Officer, stated, “As a growing company, we regularly evaluate and adjust our corporate spending so we can continue to operate as an efficient organization. The measures we are announcing today, along with the potential acquisitions we will make with the $1 million raised last week and additional capital we seek to raise, will bring us significantly closer to profitability.”
The Company’s cost reductions included headcount reductions, the elimination of roles that no longer served efficient operations, and the combination of some existing roles. Headcount was maintained in those roles that contribute to Onfolio’s revenue generation. In addition, significant savings were obtained from merging two business lines and successfully re-negotiating certain substantial services agreements.
Altogether, the Company expects these cost reductions to save approximately $1 million per year.
About Onfolio Holdings Inc.
Onfolio acquires, manages, and optimizes a diversified portfolio of digital companies. It buys businesses that are in sectors with long-term growth opportunities, have positive and stable cash flows, face minimal threats from competitors or emerging technology, and have strong management teams or can effectively be managed by the Onfolio team. The Company finds acquisition targets where the business potential is not yet maximized and adds increased value by leveraging its experience, skillset, and the latest tools and technologies. For more information, visit www.onfolio.com.
Safe Harbor Statement
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “explores,” “expects,” “anticipates,” “continues,” “estimates,” “projects,” “intends,” and similar expressions. Examples of forward-looking statements include, among others, statements we make regarding expected operating results, such as revenue growth and earnings, and strategy for growth and financial results. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, delays due to issues with outsourced service providers, those events and factors described by us in Item 1.A "Risk Factors" in our most recent Form 10-K and other risks to which our Company is subject, and various other factors beyond the Company’s control. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Company Contact:
Derek McCarthy
Investor Communications
Onfolio Holdings Inc
Investors@Onfolio.com
Investors Relations:
Bret Shapiro
CORE IR
brets@coreir.com
516-222-2560
Media:
Kati Waldenburg
CORE IR
katiw@coreir.com
516-222-2560
