FAIRFIELD, NJ / ACCESSWIRE / November 3, 2022 / Bergio International, Inc. ("Bergio" or the "Company") (OTC PINK:BRGO), an American holding corporation and global leader in fine and fashion jewelry, addresses the latest 500:1 reverse stock split announced on Friday, October 28, 2022.
Berge Abajian, CEO, stated, "We have announced a 500:1 reverse split on Friday, October 28, 2022. This corporate decision was instrumental for BRGO to move forward. The market cap does not reflect the real value of the company compared to its 2021 revenues of $10,997,988 and stockholder equity of $3,740,303 for 2021 and $4,917,043 as of the 3rd quarter of this year."
He added, "We have focused during the past 18 months to turn our Bergio portfolio of brands around. During the past few months, we have significantly lowered our fixed and variable operating costs by approximately $400,000 per year, we are implementing additional cost-saving measures. With the reduction in costs, new product releases, new promotional offers, and a restructured supply chain, the results of our efforts are already showing in our previous month's P & L. And, we also anticipate that we will be cash flow positive in the last quarter of this year and moving forward."
Berge continues, "Per our 3rd quarter results, our margins have improved drastically to 54.88% and our stockholder equity increased to $4,917,043. Also, our liabilities have dropped by 36% to $4,230,026 compared to $7,034,433 on December 31, 2021."
About Bergio International, Inc.
The Bergio brand, the primary portfolio asset, is associated with high-quality, handcrafted, and individually designed pieces with a European sensibility, Italian craftsmanship, and a bold flair for the unexpected. Established in 1995, Bergio's signature innovative designs, coupled with extraordinary diamonds and precious stones, earned the Company recognition as a highly sought-after purveyor of rare and exquisite treasures from around the globe. With family jewelry roots reaching back to the 1930s, founder, CEO, and designer Berge Abajian is a third-generation jeweler, blending superior knowledge in design and manufacturing to create unparalleled collections in craftsmanship and style. The Bergio brand features fine jewelry, silver fashion jewelry, bridal, couture, and leather accessories, ranging in price from $50 to $250,000. For further information, please visit www.bergio.com.
This press release includes forward-looking statements regarding our business strategy and plans as well as expectations of future growth, all of which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical in nature and include those related to future financial and operating results, benefits, and synergies of the Company's subsidiaries, statements concerning the Company's outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including changes in the general economy; changes in demand for the Company's products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological changes; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and obtaining materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company's previous filings with the U.S. Securities and Exchange Commission, including those detailed under the caption "Risk Factors" in our Annual Report for the year ended December 31, 2021 filed with the SEC. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this Press Release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the "Act") protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
Investor Relations
John Guercio
jpguercio@aol.com
(845) 216-3100
SOURCE: Bergio International, Inc.
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