HONG KONG and NEW YORK, Oct. 28, 2019 (GLOBE NEWSWIRE) -- AB International Group Corp. (OTCQB: ABQQ), announces financial and operating results for the year ended August 31, 2019.
Chiyuan Deng, AB International Group CEO, stated, “I am pleased to announce we have executed the business plan we implemented in February to achieve our sales increase. Our sales and marketing strategy had allowed us to expand organically throughout China and get merchants and performers which leads to daily revenues. We are looking for our business to continue to expand throughout China since our platform is being used by so many people.”
Key Financial Highlights:
- Revenues for the year ended August 31, 2019 increased 73% to $433,567, as compared to $250,112 for Fiscal 2018.
- Gross Profit for the year increased 158% to $259,034, as compared to $100,090 in Fiscal 2018.
- Net loss for the year was $404,635, or $0.11 per share, as compared to $1,111,950 or $0.96 per share in Fiscal 2018.
- As of August 31, 2019, ABQQ had $4,576,246 in toatl assets, has total current liabilities as of August 31, 2019 were $345,122. Total shareholders’ equity is $4,231,125, as compared to $1,048,707 in Fiscal 2018, we have working capital of $3,647,657 as of August 31, 2019, as compared to $407,708 in Fiscal 2018.
“We were successful in increasing revenues while lowering expenses and decreasing the net loss for the year when comparing 2019 to 2018. I believe our revenues will continue to increase in fiscal 2020 and we can reach operational profitability by the end of 2020.”
About AB International Group Corp.
AB International Group Corp. is an IP Investment and Licensing Firm, focused on acquisitions and development of various intellectual property. We currently have a Patent License Agreement pursuant to which Guangzhou Shengshituhua Film and Television Company Limited, a company incorporated in China, granted the AB International Group a worldwide license to a video synthesis and release system for mobile communications equipment, in which the technology is the subject of a utility model patent in the People's Republic of China. We recently launched new business applications through smartphones and official social media accounts based on Tencent’s WeChat platform, utilizing Artificial Intelligence, it is a matching platform for performers, advertiser merchants, and owners for more efficient services. It generates revenues through an agency service fee from each matched performance. Currently, there are hundreds of active members, which is increasing daily as new companies and performers are registering for membership. In 2019, we are also actively exploring investments in Chinese movies copyright and release rights.
For additional information visit www.abqqs.com
Forward-Looking Statements
This press release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to changes to the Company's management team and statements relating to the Company's transformation, financial and operational performance including the acceleration of revenue and margins, and the Company's overall strategy. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in AB International Groups markets as well as the other risks detailed in company filings with the Securities and Exchange Commission. AB International Group undertakes no obligation to update any statements in this press release for changes that happen after the date of this release.
Investor Relations Contact:
Andrew Barwicki
516-662-9461 / Andrew@barwicki.com