SANTA MONICA, CA, Aug. 19, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Oliveda International, Inc. (OTC Pink: OLVI), a leading international natural cosmetics and wearable beauty and health technology innovator, has commented on over 26% second quarter 2019 income growth and additional business expansion, as reflected in its financial report and disclosure statement posted to the OTC Markets Group website at http://www.otcmarkets.com/stock/OLVI/disclosure.
The financial report shows that OLVI income for the second quarter of 2019 reached $1,088,201, as compared to $862,328 in the second quarter of 2018, an increase of over 26%. For the same period, operating expenses decreased from $623,167 in the second quarter of 2018 to $488,182 for the same period in 2019, a decrease of 22%. Income for the first six months of 2019 reached $2,330,849 an increase of almost 40% over the same period in 2018, when income was $1,676,732.
With the growth shown in the first two quarters of 2019, management believes that the company will meet or exceed the additional projected 80% revenue growth for 2019 over 2018. OLVI recently announced its entry into the CBD/cannabis market with the acquisition of LA Dope, Inc. and the introduction of a new line of CBD products including first-ever direct connections to cannabis plants to increase the effectiveness of its CBD offerings.
On the financial report, Oliveda International Chairman and CEO Thomas Lommel commented, “The acquisition of LA Dope and our entry into the CBD and cannabis industries is expected to unlock a multi-billion-dollar global industry for OLVI. This initiative will help us to reach our 2019 revenue goals, as well as even greater growth in subsequent years, in order to deliver shareholder value and investment return.”
The company’s disclosure statement also reported the appointment of Claudia Schwahlen, Oliveda’s General Manager, Europe and OLVI Vice President, as a director of the company. As a result of this appointment, the company has a two-person board of directors with Ms. Schwahlen and Mr. Lommel. Ms. Schwahlen’s intimate knowledge of Oliveda’s company-wide processes, practices and developments is expected to help the board guide the company through its revenue growth and continued global expansion.
By posting its financial report and disclosure statement on the OTC Markets site within the required reporting period, OLVI is continuing its commitment to maintain timely disclosure for stockholders and interested investors.
Oliveda International Inc.
Founded in 2003 by German real estate investor Thomas Lommel, Oliveda International, Inc. is a leading international natural cosmetic company in the premium segment. The company has also developed a globally-unique wearable beauty and health technology. In addition to online sales and a global branch network of 650 retail stores, the company’s wholly owned Oliveda Deutschland GmbH subsidiary operates flagship stores, Olive Tree Pharmacy, in Berlin and Dusseldorf with plans to open new locations in Los Angeles, Taipei and Seoul. Overall, the company believes that it will be able to operate a total of 60 of its own flagship stores worldwide and increase the retail store network worldwide to 1,200 over the next five years. Through subsidiary operations, Oliveda International is the largest investor in eco-certified mountain olive trees as well as the largest conservationist in Arroyomolinos de Leó, Spain. Further information on Oliveda International can be found at http://www.oliveda.com and http://www.olivetreepeople.com.
Forward-Looking Statements
This press release may contain statements, estimates or projections that constitute "forward-looking statements" pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties, which may be found in the Company’s filings with OTC Markets Group Inc., that could cause actual results to differ materially from the Company's historical experience and present expectations or projections. Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company expressly disclaims any obligation or intention to publicly update or revise any forward-looking statements unless otherwise required by law.
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