LAS VEGAS, Dec. 17, 2019 /PRNewswire/ -- Asia Broadband Inc. (OTC: AABB), through its wholly owned subsidiary Asia Metals Inc., confirmed today the final production, sales and expense schedules for the last weeks of 2019. Based on the fourth quarter results to date, the Company is expecting its annual gross profit to exceed $6.5 Million for 2019 advocating the continued acceleration of its mining operations expansion program into 2020.
Through the third quarter of 2019, the Company reported $4.5 million in gross profit, representing a 66% increase over the $2.7 million gross profit reported in the third quarter of 2018. In addition to the dramatic increase in gross profit, AABB reported $6.9 million in cash on the balance sheet in the third quarter of 2019. As the fourth quarter is coming to a close, the Company recently 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.
Additionally, the Company's ongoing $4M Phase II Exploration and Development Program is expecting its third assay results to be available for release in January 2020. The Program assays to date have revealed high grade gold mineralization intersections in multiple drill holes. The 20,000 (m) drilling campaign is targeting areas in extended proximity to the Company's mine in Guerrero, Mexico, to further delineate the known historical and new gold vein structures.
Asia Metal's strategic growth focus has allowed the Company to capitalize on a unique ability to connect mineral resources in Mexico with a high resource demand and abundant investment capital in Asia.
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.
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.
Contact the Company at:
Email: ir@asiabroadbandinc.com
Website: www.asiametalsinc.com
Phone: 702-866-9054
Cervitude Intelligent Relations
Nicholas Coriano
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SOURCE Asia Broadband Inc.