LOS ANGELES, CA / CRWEPRESSRELEASE / AUGUST 25, 2015 / Bitzio, Inc., d/b/a Democratique (OTCMKTS:BTZO) announced financial results for the quarter ended June 30, 2015. The following are highlights for the company’s recently filed 10Q:
- Revenues for the quarter ended June 30, 2015, increased 150% as compared to the same period last year, from about $87,300 to about $222,000.
- Strong gross margins of nearly 40%, significantly above industry standards.
- $566,000 in current assets to support quarterly growth.
- Derivative liability decreased 67% since December 31, 2014.
Dr. Marilu Brasington, Bitzio’s Chief Financial Officer, stated that, “The increase in revenues mostly due to the completion of the acquisition of Lexi Luu Designs Inc. which was completely in mid July 2014. Lexi Luu Designs Group experiences seasonality in sales with the second quarter typically experiencing the slowest sales.”
“Our second quarter financial results reflect the growth and stability of Bitzio group,” added Hub Blanchette, Chief Executive Officer of Bitzio. “We are evaluating alternatives to capitalize the additional growth, as well as the development and growth of additional strategic brands and companies that we hope to acquire before year end. Additional information on those efforts will be made available as appropriate.”
About Bitzio, Inc.
Bitzio, Inc. develops and supports emerging fashion brands.
Forward Looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
SOURCE: Bitzio, Inc.