Titan NRG, Inc. (TTNN) Releases 2022 Quarterly Report With 84% Revenue Increase Over Same Quarter 2021
Tucson, Arizona, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Publicly traded Titan NRG, Inc. (OTC: TTNN) ("Titan NRG") operating as a downstream energy and transportation holding company through its wholly-owned subsidiaries, releases the first quarter report for fiscal year 2022.
“So far, 2022’s first quarter is outpacing the first quarter of 2021 by a decent margin with our trucking sector boasting an 84% increase in revenues year over year. We’re still seeing more opportunities for continued organic growth due to tightness in the specialized trucking market.” said Alex Majalca Jr., Titan NRG’s President, and CEO. “We continue to invest time into finding more efficient practices and protocols. Much time and work is going into improving how we do business and how that business is recorded, especially regarding the synergies between the companies.”
First Quarter Fiscal 2022 Highlights
- $1,808,254 in total revenue for Quarter 1
- $2,173,339 in Receipts from Customers
- $521,876 in gross profits
- $431,638 in Accounts Receivable
- $87,621 in Inventory as relates to gallons of Liquefied Petroleum Gas on hand
- $1,835,270 in original price capital assets(before depreciation and book value)
- 84% increase in revenue in trucking
Titan NRG, Inc. also announces that Equiniti (Transfer Agent) has completed the cancellation of approximately 12,551,500 restricted common shares held by previous legacy shareholders and management. “I’m very pleased that we were able to get this executed. Our team at Hathaway and Kuntz has been instrumental in executing this plan, and I’m very hopeful that we’ll be able to tie up any loose ends by the end of the second quarter.” said Alex Majalca Jr., Titan NRG’s President, and CEO.
Quarterly Report -Quarter ended June 30, 2022, can be seen on the OTC website
Q&A with CEO Alex Majalca Jr. and Secretary/Treasurer Henry Varga can be seen here.
Contact:
Alex R. Majalca Jr.
President/Chief Executive Officer
Titan NRG, Inc.
About Titan NRG Inc.: Titan NRG is a holding company that operates as a downstream energy and transportation company through its wholly owned subsidiaries. NRG Dynamics currently has 25+ transports operating in 9 states. APE Fuels offers retail and commercial propane serving southern AZ with 1500+ leased tanks and 2500+ customers. Vespene with wholesale purchasing and sales of LPG products. NRG Rail has a long-term lease on a new 18 car rail facility in Tucson, Arizona with an approved and permitted 1.2mm gallons of propane/butane storage.
We're focused on vertical integration while expanding our operations to cover everything from the refinery to retail. This business model is a win for our customers, company, and shareholders. Additionally, this model can be replicated in other regions.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's reports and filings at . Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties, and other factors, which may cause actual results, performance, or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should, and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.
Safe Harbor Statement
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. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with OTC Markets. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
