The company’s consolidation of business functions is expected to result in more than $500,000 per year in savings and move the company to profitability.
WILMINGTON, Del., June 05, 2024 (GLOBE NEWSWIRE) -- Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) (the "Company" or "Onfolio"), a holding company that acquires and manages a diversified portfolio of online businesses, today announced the positive results a business analysis which shows the company saving more than $500,000 per year starting in Q3, 2024.
“As we acquire more businesses, we periodically review how each addition to our portfolio can be integrated with our existing businesses. Our latest internal review and analysis showed that as a result of our Company consolidating business functions within operating units, we are expected to reduce operating expenses by more than $500,000 per year. The analysis also indicated that we have moved significantly closer to our immediate goal of becoming a sustainably profitable company,” commented Onfolio CEO Dominic Wells.
“As previously disclosed, we anticipate completing several acquisitions in the near term, which we anticipate will generate sufficient cash flow for us to attain profitability,” said Wells.
About Onfolio Holdings
Onfolio acquires and manages a diversified portfolio of online businesses. Onfolio acquires business that meet its investment criteria, being that such businesses operate in sectors with long-term growth opportunities, have positive and stable cash flows, face minimal threats of technological or competitive obsolescence and can be managed by our existing team or have strong management teams largely in place. The Company excels at finding acquisition opportunities where the seller has not fully optimized their business, and Onfolio's experience and skillset allows it to add increased value to these existing businesses. Visit www.onfolio.com for more information.
Safe Harbor Statement
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continues," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing new customer offerings, changes in customer order patterns, changes in customer offering mix, continued success in technological advances and delivering technological innovations, delays due to issues with outsourced service providers, those events and factors described by us under the caption "Risk Factors" included in our SEC filings and other risks to which our Company is subject, and various other factors beyond the Company's control.
Investor Contact
investors@onfolio.com
