- Long-term debt reduction eliminates $4.5 million, improves capital structure
- New long-term debt is approximately $44.9 million, total debt is $63.8 million
- Targets $15 million revenue generation per quarter in 2023
NEW YORK, NY / ACCESSWIRE / March 7, 2023 / Exxe Group, Inc. (OTC PINK:AXXA), ("Exxe" or the "Company") releases updates on its debt reduction and revenue generation initiatives.
Since March 31, 2022, total long-term debt has been reduced from $56,525,384 to $49,356,045, or approximately $7.2 million. In the same period, total liabilities have been reduced from $80,163,412 to $68,312,081, or approximately $11.9 million.
Exxe Group has identified an additional $4.5 million in long-term debt to be written off as part of ongoing capital structure improvements. Long-term debt following the reduction will be approximately $44.9 million, or an approximately 9.2% debt reduction. Total liabilities are expected to be approximately $63.8 million.
Dr. Eduard Nazmiev, Exxe Group CEO, stated: "Exxe Group continues to optimize its capital structure by strategically eliminating long-term debt. At the same time, Exxe has maintained total assets in the range of $250+ million, along with generating average quarterly profits in FY-2023 of approximately $3.76 million. The optimization is designed to provide scope to increase revenues and profitability."
Separately, Exxe Group has identified several opportunities that target a Quarterly gross revenue goal of approximately $15 million in 2023. In the first three-Quarters of FY-2023 Exxe Group reported approximately $38.2 million in revenues. Average Quarterly gross revenues were approximately $12.7 million, including $13.46 million in the Third Quarter (3Q2023) alone.
About Exxe Group
Exxe Group Exxe is a diversified fintech company with assets in real estate, architectural design, agricultural, automotive, medical, media, and trading technology. Exxe Group acquires controlling equity interests in undervalued assets and undertakes an active role in improving their performance - accelerating their growth by providing both access to capital and management expertise. For additional information please visit the Company's:
Website: http://www.exxegroup.com/
Twitter: https://twitter.com/exxegroup
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release.
CONTACT:
Exxe Group IR: info@exxegroup.com
SOURCE: Exxe Group, Inc.
https://www.accesswire.com/742427/Exxe-Group-Eliminates-92-of-Long-Term-Debt-Targets-15-Million-Revenue-Per-Quarter-in-2023
