AABB - Asia Metals $6.7 Million 2019 Gross Profit Exceeds Target and Validates Mining Operations Expansion
LAS VEGAS, April 20, 2020 (GLOBE NEWSWIRE) -- Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., recently posted the Company’s financial results for the year ending December 31st recording an all-time high annual gross profit, advocating the continued acceleration of its mining operations expansion into 2020.
AABB reported $6.7 million in gross profit in 2019, representing a 76% increase over the $3.8 million gross profit reported in 2018. In addition to the dramatic increase in gross profit, the Company reported $14.9 million in cash on the balance sheet at the year-end of 2019. Near the end of the fourth quarter of 2019, AABB began a large-scale $10 million expansion of its production facilities and received the second investment payment of $9 million from its joint venture partner. The Company is anticipating a two to three fold increase in gold production levels in 2020 from the increased operational capacity.
Further more, the recent economic conditions have created strong and unprecedented fundamentals for gold producer equities. The economic volatility and inflationary effects of the Coronavirus pandemic have begun to launch gold and gold producers into a significant growth phase, which is expected to be heightened by the contraction of other market sectors. Additionally, the recent collapse of the oil market has elevated the gold-to-oil ratio to all time highs indicating lower production costs and increased profit margins for gold producers.
Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Guerrero, Mexico, to our client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of Asia Broadband and differentiates the Company to its shareholders.
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Phone: 702-866-9054
Cervitude Intelligent Relations
Nicholas Coriano
Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.
