Geo Global Group Limited
("Geo Global" or the "Company")
Audited Final Results
The Company is pleased to present the audited financial results for the twelve
month period to 30 September 2014.
Over the past year, Geo Global Group has continued to expand its work on
various projects, that allowed a deepening of its presence in emerging markets,
with several projects being started at both an initial due diligence level and
at more advance phases for some that include the establishment of more
substantive business deriving from advisory activities.
The Company has established new streams of revenue based on the new consultancy
services it has offered, generating fees from companies, particularly in the
U.S. through the Company's extensive international network. In addition, the
Company streamed tine its structure white maintaining the ability to generate
activities from both China and Brazil: it chose to forego the subsidiary
structure model replaced by direct intervention directly or from one single
subsidiary incorporated in Delaware. That approach decided within the calendar
year and implemented post calendar year resulted in a leaner structure that has
as a purpose the saving of operational costs going forward.
Post reporting period, a major development occurred through the addition of
Ivory Mint Holdings as a major shareholder and the resulting holding of a
position of 20 million shares in Millennium Energy Corp, a Nevada corporation
that has a 50 % joint venture with Westoil LLC, a Russian Oii and Gas business
and that also has a joint venture and equity swap agreement with Avis Energy
inc. a Canadian company that is a leader in patented technology related to
renewable energy for waste to energy projects together with Avis Global Energy.
We have to report a loss of USD 32,112 (2013: USD (325,508)) for the year
ending 30 September 2014, after an increase in revenue and a fall in the fair
value of investments during the year, and a cash position of USD 3,420 (2013:
USD 4,280).
The new capital structure of the Company and the existence of a strong asset in
the shares newly owned in Milennium Energy Corp, valued by the bid size of such
shares on the OTC markets in the U.S. at $ 40 million dollars, should allow
management to seek financing in order to leverage that asset for the purpose of
expanding business through direct investments in different asset classes; thus
enhancing and diversifying the company's portfolio in the near future to
benefit shareholders' value.
I would like to take this opportunity to-thank shareholders for their continued
support and look forward to updating the market on developments in the near
future.
Marc Koplik
Non-Executive Chairman
27 February 2015
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2014
Year to 30 Year to 30
September September
2014 2013
US$ US$
Continuing operations
Revenue 840,083 290,083
Operating expenses :
Selling expenses (53,791) (4,979)
General and administrative expenses (548,868) (488,801)
Rent expense (3,415) (3,210)
Total operating expenses (606,074) (496,990)
Operating profit/(loss) 234,009 (206,907)
Other income and expenses
Change in fair value of investments (7,807) (59,448)
Loss on fair valuation of assets held (5,810) (1,440)
for sale
Share of the loss of the joint venture - (54,034)
Impairment of non-current available for (250,000) -
sale investments
Finance costs (2,504) (3,679)
Loss before taxation (32,112) (325,508)
Taxation - -
Profit/(loss) for the year attributable (32,112) (325,508)
to owners of the parent
Other comprehensive income/(loss) for - -
the year
Total comprehensive income/(loss) for (32,112) (325,508)
the year attributable to owners of the
parent
Earnings per share:
Basic (cents) (0.04) (0.43)
Diluted (cents) (0.04) (0.43)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2014
2014 2013
US$ US$
ASSETS
Non-current assets
Investment in Joint Venture - 84,216
Available for sale investments - 250,000
Total non-current assets - 334,216
Current assets
Assets held for sale 53,500 -
Available for sale investments 5,864 11,570
Trade and other receivables 200,000 33,302
Cash and cash equivalents 3,420 4,280
Total current assets 262,784 49,152
Total assets 262,784 383,368
EQUITY AND LIABILITIES
Current liabilities
Borrowings 53,500 54,842
Trade and other payables 74,965 162,095
Total liabilities 128,465 216,937
Equity
Issued capital 7,970 7,970
Share premium 3,080,042 3,080,042
Retained Earnings (3,899,253) (3,867,141)
Share option reserve 945,560 945,560
Total equity attributable to equity 134,319 166,431
shareholders
Total equity and liabilities 262,784 383,368
The financial information set out in this announcement does not constitute
statutory accounts. This financial information has been extracted from the
audited full accounts of the Company which will be available on the Company's
ISDX Growth Market webpage.
Geo Global has complied with Guidance Note 69.1 of the ISDX Growth Market -
Rules for Issuers (which relates to the number of directorships held by
directors) throughout the financial year ended 30 September 2014.
The Directors do not propose to pay a dividend for the reported period.
The Directors of Geo Global Group Limited accept responsibility for this
announcement.
Enquiries
Roger Bendelac, CEO Geo Global Group Ltd Tel: ++ 1 (347) 688 6901
© 2015 PR Newswire
