Franchise Holdings International, Inc. Provides Progress Report on Form 10-Q Reports and Exclusive Private Placement Offering
TORONTO, Nov. 30, 2017 (GLOBE NEWSWIRE) — Franchise Holdings International, Inc., the parent company of Truxmart LTD Inc., (OTC:FNHI), an innovative manufacturer of high quality, functional, and aggressively priced tonneau covers for the light truck market, has provided a progress report on its 10Q reports for Quarters 1-3, 2017, stating that its accounting and review team “are working as diligently as they can to finalize the reviews as soon as possible.” FNHI said delays have been “due to adjustments and disclosures needed to re-state the misstated financials reported in 2016.”
“The FNHI accounting team and its auditors are taking extra precautions to ensure all reports are 100 percent accurate and the errors responsible for misstatements in 2016 are not repeated,” said FNHI CEO Steven Rossi. “We’ve made a solemn pledge to shareholders that this will not occur again.” In December, the company expects to be fully current with its filings.
Rossi said the demand for Truxmart tonneau covers remains ‘overwhelming’ and that his team is focusing on increasing Q4 revenues and beginning Q1 2018 with a strong start. “Our goal now is to replenish inventory in our Canadian and U.S. warehouses and scale up for major global growth on sound financial footing,” Rossi added. Truxmart’s Q4 2017 revenues are expected to be greater than the previous three quarters combined.
Once all filings are current, FNHI plans to finalize a previously initiated CSE cross-listing, and regain its OTC: QB listing. It also expects to resume a previously paused exclusive private placement offering under U.S. Securities Act of 1933, as amended, Regulation D, rule 506(c) that had attracted significant investor interest. The offering is paired with several attractive features, permitting the company to move closer and closer to its stated goal for international expansion, growth and profitability. Once the offering is resumed, we hope to close it quickly. Investors are urged to sign up at www.investfnhi.com in advance of the offering.
“With this funding, the FNHI business plan could change our status from an emerging company to a dominant force in the large and expanding international tonneau cover market,” Rossi said. “Within one year after the capital infusion, we hope to achieve revenues of over $5,000,000 US and to reach profitability with $1,500,000 in revenues. In addition, our low operational costs do not scale up with increased revenues.”
About Franchise Holdings International
Truxmart, Franchise Holdings International’s wholly owned subsidiary, was founded in 2011 to take advantage of the limited innovation provided by existing tonneau cover manufacturers. Tonneau covers have remained much the same in price and design since 2005 with one main company controlling a majority of the tonneau cover market. This dynamic market segment is in need of a new innovative manufacturer of high quality, functional, and aggressively priced tonneau covers. Truxmart has developed multiple products for all of the most prominent pick up trucks available in North America. Details of most products can be found at www.Truxmartcovers.com. Truxmart sells its products through master warehouse distributors, dealers, and online retailers in Canada and the U.S.
This document may contain forward-looking statements, relating to Franchise Holdings International Inc. operations or to the environment in which it operates, which are based on Franchise Holdings International Inc. operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Franchise Holdings Internationals Inc. control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Franchise Holdings International Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Source: Franchise Holdings International, Inc
Released November 30, 2017