West Palm Beach, Florida, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Galenfeha, Inc. (OTC Pink: GLFH) (the “Company” or “Galenfeha”), an emerging leader in the development and scaling of businesses in the automotive, oil and gas, and real estate sectors is pleased to announce financial and operating results for the third quarter 2021.
The third quarter reflected a 32.3% increase in top-line revenue to $ 696,442 with each operating entity contributing to the positive trend. Net loss for the quarter was $(62,865), a 45.0% decrease from the previous quarter.
AUTO RELATED
During the third quarter, Eminent Auto Group, Inc. (https://eminentautogroup.com), received a third-party contract to store and transport vans for a major e-commerce company. We expect this contract to significantly impact fourth-quarter revenue and earnings in a positive way. Detail Dudes maintained a steady revenue stream from its’ established client base and the car sales division will begin selling cars during the fourth quarter.
OIL & GAS FIELD SERVICES
Also, during the third quarter Poff’s Power Solutions, LLC contributed almost one-third of the revenue by significantly increasing billable hours for mechanical services.
FOURTH QUARTER GUIDANCE
Overall, management is giving guidance for the fourth quarter as follows:
Fourth Quarter:
Revenue $ 1.2 - $1.5 million
Earnings $ (0.005) - $0.004
Full Year:
Revenue $ 2.4 - $2.7 million
Earnings $ (0.005) - $0.004
EVENTS SUBSEQUENT TO THE END OF THE THIRD QUARTER
A longtime director for the Company, Mr. James Ketner, has resigned from the Board of Directors with “…no disputes or disagreements…”. The Board thanks him for his service a wishes him well as a shareholder of Galenfeha, Inc. and in his future endeavors.
It has been confirmed that the Chief Executive Officer, Ryan Tyszkow, has now acquired in the open market, over 10.0 million shares of Galenfeha, Inc., in his personal portfolio. “I believe in our business plan, I believe in our public company structure and most of all I believe in our human assets and resources as we embark on this journey,” stated Mr. Tyszkow. “We look forward to proving to the shareholders and to ourselves that we can achieve the goals and challenges we have set before ourselves.”
About Galenfeha
We were incorporated under the laws of the State of Nevada. We are a publicly-traded company focused on developing and acquiring businesses that fit into our disruptive DSF business model of Developing, Scaling, and Financing synergistic industry-focused business groups. At Galenfeha, we understand the nature of how technology and innovation can accentuate any business opportunity. Our focus is on how the adaptation of informational technologies, even in brick and mortar businesses, can drive scalable growth and innovation. We also believe that our holdings should benefit synergistically from each other and that the ability to have collaboration across varying industries can facilitate the genesis of new ideas and create fertile ground for competitive advantages. (Website: www.galenfeha.com)
As of the date of this announcement, the Company is a management services and holding company that owns six operating subsidiaries:
-Eminent Auto Group, Inc.
-The Detail Dudes, LLC
-Poff’s Power Solutions, LLC
-Nexgen Environmental Services, Inc.
Contact: Galenfeha, Inc. 561-440-5660 email: info@galenfeha.com
You can follow Poff’s Power Solutions at: https://www.facebook.com/poffspowersolutions/
You can follow The Detail Dudes at: https://www.detail-dude.com
You can follow Galenfeha, Inc. at: https://www.galenfeha.com
This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
