ALL AMERICAN PET COMPANY, INC. ANNOUNCES ANNUAL RESULTS OF YEAR 2021
Xi’an, China, March 31, 2022 (GLOBE NEWSWIRE) -- All American Pet Company, Inc (OTC Pink: AAPT) (the “Company”, $AAPT), a Nevada Corporation, has today posted its annual results of operations.
AAPT is currently under Alternative Reporting Standard. PCAOB-registered auditor has been appointed and is in the process of auditing the financials based on US GAAP of its recently acquired 100% subsidiary in China – Kuora Industrial Interconnect.
“We are pleased with the result of Kuora for the past year,” Mr Lanwei Li, President and CEO of AAPT, comments. “We continue to add users and new customers to the platform.”
The acquisition of Kuora by AAPT was announced finalized in September 2021 and it was anticipated that the 4th Quarter of Kuora operations would be included in the AAPT financials of 2021. However, the notarization by the embassy took longer than expected and by the time AAPT got registered as the sole shareholder of Kuora in China, it was end of December 2021.Because of that the 2021 financials of AAPT could not include any of the Kuora operations.
Nevertheless, we are pleased to share some snapshots of Kuora 2021 financials (China GAAP) with shareholders and investors for information purpose.
Note: Consolidated Income Statement of the Kuora Group in China
- The Company’s revenue was CNY 51m or US$8m and managed a small profit of CNY 22k or US$3.5k.
- All American Pet Company Inc has begun the process of name change to Kuora, Inc, if approved by the relevant authorities.
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ABOUT ALL AMERICAN PET COMPANY, INC. (“AAPT”)
All American Pet Company, Inc. (OTC PINK: AAPT) is a Nevada-based holding company actively pursuing acquisitions across the globe. On September 28, 2021, AAPT finalized its first major acquisition, investing $200 million to acquire 100% of the equity in Kuora Industrial Interconnect, an online services e-technology business that connects companies and individuals looking for industrial technical expertise in China. Kuora’s revenues stem from B2B, B2C and C2C transactions through its e-technology service. To date, Kuora has reached approximately 200,000 vertical users, over 1,000 experts and more than 3,000 enterprises since launching in 2018. The purchase gives AAPT strong roots in Asia’s service technology market, which is valued at USD 1.8 trillion and growing at 25% a year.
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Safe Harbor Statement:
In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ.
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