Tucson, Arizona, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Publicly traded Titan NRG, Inc. (OTC: TTNN) ("Titan NRG") operating as a downstream energy and transportation holding company through its wholly-owned subsidiaries, releases the second quarter report for fiscal year 2022.
"We have some of the highest asset utilization we've ever seen and it's fueling record third-quarter revenue. The second quarter outpaced the second quarter of 2021 by a decent margin with our trucking sector showing a 23% increase in revenues year over year.," said Alex Majalca Jr., Titan NRG's President, and CEO. "We are paying close attention to new equipment costs, and it may shift our focus in 2023 from organic to more of an acquisition-driven model."
First Quarter Fiscal 2022 Highlights
- $1,567,414 in total revenue for Quarter 2
- $2,009,180 in Receipts from Customers
- $290,024 in gross profits
- $354,957 in Accounts Receivable
- $2,159,270 in capital assets (before depreciation)
- 23% increase in revenue in trucking
Titan NRG, Inc. also announces the possible close of NRG Equipment before the end of the calendar year. "It looks like we may have a path to close the acquisition of NRG Equipment before the end of the calendar year. This should put us in a good position going into 2023 with additional assets and cost savings." said Alex Majalca Jr., Titan NRG's President, and CEO.
Quarterly Report -Quarter ended September 30, 2022, can be seen on the OTC website: https://www.otcmarkets.com/otcapi/company/financial-report/351971/content
Q&A with CEO Alex Majalca Jr. and Secretary/Treasurer Henry Varga can be seen here. https://youtu.be/twSagRWpNGQ
Contact:
Alex R. Majalca Jr.
President/Chief Executive Officer
Titan NRG, Inc.
alex@titannrg.com
About Titan NRG Inc.: Titan NRG is a holding company that operates as a downstream energy and transportation company through its wholly-owned subsidiaries. NRG Dynamics currently has 25+ transports operating in 9 states. APE Fuels offers retail and commercial propane serving southern AZ with 1500+ leased tanks and 2500+ customers. Vespene with wholesale purchasing and sales of LPG products. NRG Rail has a long-term lease on a new 18 car rail facility in Tucson, Arizona with an approved and permitted 1.2mm gallons of propane/butane storage.
We're focused on vertical integration while expanding our operations to cover everything from the refinery to retail. This business model is a win for our customers, company, and shareholders. Additionally, this model can be replicated in other regions.
www.titannrg.com
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NOTES ABOUT FORWARD-LOOKING STATEMENTS
Safe Harbor Statement: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with OTC Markets. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
