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Hammer Fiber Optics Holdings Corp Announces Results for Year Ended July 31, 2019
Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced operating and financial results for the fiscal year ended July 31, 2019. “This was a transformative year for Hammer” said Erik Levitt, Hammer’s CEO. “During the period we integrated a number of companies into the portfolio and set the stage for organic growth in the fixed wireless and mobility business units.”
Key results include:
- Total revenues for the fiscal year increased to $2,706,851 from $455,609, a 594% increase.
- The net loss from operations for the year decreased to $468,366 from $5,515,083, an 84.5% decrease.
- 1stPoint Communications, Endstream Communications, Open Data Centers and Shelcomm are consolidated in Hammer’s results.
- Due to the termination of a lease on the 28Ghz spectrum it was using in the Atlantic City, NJ market by Verizon Communications, Hammer discontinued the operations of its fixed wireless network in that market.
- The announcement of fixed wireless deployments in Huntsville, AL, Sierra Leone and various Caribbean markets.
- The first point-of-presence in Sierra Leone has been completed and work on the wholesale voice deployment in Dominica is ongoing.
- The deployment of wholesale voice services in other Caribbean markets is imminent.
- Significant enhancements have been made in the underlying SMS/text messaging infrastructure including the substantial increase in global coverage and the addition of several key customers to the network.
Subsequent to the year end, Hammer has closed on the acquisition of the assets of American Network, Inc and has signed a definitive agreement with Peak One Opportunity Fund, LP for an equity line of credit.
“In the coming quarters we will focus on adding subscribers to both our retail and wholesale networks as we expand our fixed wireless networks, continue to build our wholesale voice and wholesale SMS coverage and begin construction on our Huntsville, Alabama network,” added Levitt.
“We are committed to building on our Everything Wireless strategy,” said Kristen Vasicek, Hammer’s COO. The strategy consists of four pillars: high speed fixed wireless technology using the patented AIR™ technology (“wireless fiber”), mobility, OTT technology including SMS messaging, and Smart City. The underlying platform of “Everything Wireless” is Hammer’s wholesale voice and wholesale SMS networks as well as it’s data center hosting facilities.
Hammer Fiber Optics Holdings Corp. (OTCQB:HMMR) is a telecommunications company investing in the future of wireless technology. Hammer’s “Everything Wireless” go to market strategy includes the development of high-speed fixed wireless service for residential and small businesses using its wireless fiber platform, Hammer Wireless® AIR, Over-the-Top services such as voice, SMS and video collaboration services, the construction of smart city networks and hosting services including cloud and colocation. For more information contact our Investor Relations Team at email@example.com.
Hammer Fiber Optics gets new USD 10 mln credit line
Hammer Fiber Optics said it has received a new USD 10 million credit line from Peak One. The money will go towards the company’s cash flow needs. Hammer Fiber Optics is currently testing the first phase of its fixed wireless deployment projects in Sierra Leone, Dominica, other parts of the Eastern Caribbean and Huntsville, Alabama.
CEO Erik Levitt added that the company’s wholesale voice project in Dominica is nearing completion and that it is seeing traction at its messaging business unit.
Hammer Fiber Optics Holdings Corp Signs Definitive Agreement with PeakOne for an Equity Line of Credit
Hammer Fiber Optics Holdings Corp (OTCQB: HMMR) announced today that it has signed a definitive agreement with Peak One Opportunity Fund, L.P. for a $10 million equity line of credit. Hammer had previously announced projects in Sierra Leone, Dominica, other parts of the Eastern Caribbean and Huntsville, AL. “The first phase of the fixed wireless project in Sierra Leone has been deployed and customer tests are in progress. The wholesale voice project in Dominica is nearing completion and Hammer will begin construction of its network in Huntsville, Alabama. We are also seeing traction in our messaging business unit.” said Erik Levitt, Hammer’s CEO. “The Peak One equity line will provide Hammer a flexible funding source to meet our cash flow needs.”
The details of the transaction are available in an 8K disclosure.
Hammer Fiber Optics Holdings Corp. (OTCQB:HMMR) is a telecommunications company investing in the future of wireless technology. Hammer’s “Everything Wireless” go to market strategy includes the development of high-speed fixed wireless service for residential and small businesses using its wireless fiber platform, Hammer Wireless® AIR, Over-the-Top services such as voice, SMS and video collaboration services, the construction of smart city networks and hosting services including cloud and colocation. For more information contact Investor Relations at firstname.lastname@example.org.
Peak One Opportunity Fund, LP is a private equity fund focused on direct investments into emerging growth companies
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This press release contains projections and other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995