CONOVER, NC, May 3, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – FortranCorporation (OTC: FRTN), an emerging telecommunications technology systems integrator, ispleased to announce that it has filed its audited annual financial statements with the OTCMarkets Group Inc. for the financial years ended December 31, 2021 and 2020.
Full Year 2021 Operational and Other Financial Highlights
Revenues were $1,243,000.00
Gross profit for 2021 was 28.8%
Loss from operations in 2021 decreased by 39% from 2020Total net loss in 2021 decreased by 41% from 2020
Loss per share for 2021 decreased to (.03) per share
Outlook
“We believe our financial results for 2021 were a significant improvement compared to theprevious 12 months of 2020. We believe Fortran is now positioned to become a profitablecompany based on our two most recent acquisitions in 2022 of Comconexx, LLC, and M & BCommunication, LLC,” stated Fortran President Glenn Withers.
“Moving forward, we expect 2022 to be a successful year and I look forward to accomplishingnumerous milestones for our shareholders,” added Withers.
About Fortran Corporation
Fortran Corporation is a telecommunications system integrator dedicated to designing,implementing and maintaining complex communications solutions. Fortran is comprised ofengineering and design, network service, sales, remote monitoring, and on-site services.
Fortran’s subsidiary companies include Comconexx, LLC, M & B Communication, LLC, B andL Telephone, and Fortran Communications.
Each of our subsidiary companies is in the process of converting their historical and traditionaltelecom business models to a TaaS model. The TaaS model that our subsidiary companies offeris comprised of design, network service, technical certifications, remote monitoring, and on-siteservice, with dedicated sales and engineering.
With our subsidiaries’ ability to offer these modern telecommunication technologies, we believethat companies and organizations requiring upgrades, expansion, or replacement of existingequipment will be able to realize significant savings compared to aging copper or wired digitalinfrastructures.
Companies can now integrate their voice platform with data network technology to improvecollaboration and usability. Our subsidiary companies offer one-stop service and products toprovide organizations with the very best in both value and quality for communications and datanetwork services.
For more information contact us at: info@fortrancorp.com. Visit us atwww.fortrancorp.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Statements and information contained in this communication that refer to or include Fortran’sestimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Fortran’s current perspective of existing trends and information asof the date of the communication. Forward looking statements generally will be accompanied bywords such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,”“forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,”“predict,” “project,” or other similar words, phrases or expressions. Such forward-lookingstatements include, but are not limited to, statements that Fortran believes its financial results for2021 were a significant improvement compared to the previous 12 months of 2020; that Fortran believes it is now positioned to become a profitable company based on its two most recentacquisitions in 2022 of Comconexx, LLC, and M & B Communication, LLC; and that movingforward Fortran expects 2022 to be a successful year and that it looks forward to accomplishingnumerous milestones for its shareholders. It is important to note that Fortran’s plans, objectives,expectations and intentions are not predictions of actual performance. Actual results may differmaterially from Fortran’s current expectations depending upon a number of factors affectingFortran’s business. Factors that could cause or contribute to such differences include, but are notlimited to, fluctuation in operating results, the ability of Fortran to compete successfully andother events. These factors also include, among others, the risks associated with the COVID-19pandemic and related public health measures on its business, customers, markets and theworldwide economy; the inherent uncertainty associated with financial and other projections; theanticipated size of the markets and continued demand for Fortran’s products; the impact ofcompetitive products and pricing; changes in generally accepted accounting principles;successful compliance with governmental regulations applicable to Fortran’s facilities, productsand/or businesses; changes in laws, regulations and governmental policies; the loss of key seniormanagement or staff; and other events, factors and risks previously and from time to timedisclosed in Fortran Corporation’s filings with the OTC Markets Group Inc. including,specifically, those factors set forth in any “Risk Factors” section contained in such fillings.
Contact:
Glenn Withers
Tel: 828-324-4611
Email: Gwithers@fortrancorp.com
