For Immediate Release
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or Marty@McCloudCommunications.com
AmeraMex International Reports a 24 Percent Increase in Sales for the Year-Ended December 31, 2016
CHICO, CA – April 4, 2017 – AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment to infrastructure, shipping, logging and construction companies, today reported financial results for its financial year ended December 31, 2016.
Highlights for the Year Ended December 31, 2016
Revenue for 2016 Increased 24 Percent
The company reported revenue of approximately $10.1 million compared to revenue of approximately $8.1 million for the year ended December 31, 2015.
Gross Profit for 2016 Increased 17 Percent
The company reported gross profit of $4.6 million compared to gross profit of $4.0 million for the year ended December 31, 2015. Gross profit as a percentage of sales rose 6 percent over the previous year.
Net Income
The company reported net income for the year of approximately $1.0 million compared to net income of $1.4 million for the year ended December 31, 2015. The decline is due to added expenses associated with becoming a SEC reporting company. This is the company’s sixth consecutive years of profitability.
Stronger Balance Sheet
Current assets improved significantly with an approximate $1.0 million increase in Inventory. Additionally, the company acquired two new heavy-haul transport tractor-trailers and a new service truck.
Audit Update
The Company has completed its 2014 and 2015 audited financial statements. Work has commenced on preparing a Registration Statement on Form 10 (the “Registration Statement”) to file with the United States Securities and Exchange Commission (“SEC”). Reviewed interim financial statements and an audit of the 2016 financial statements will be required and those are being prepared as well.
The Company plans to file the Registration Statement with the SEC as soon as possible. Then the SEC comment process will begin. The process can last many months, but the Company and its service providers are committed to responding expeditiously. After the SEC comment process is completed to their satisfaction, they will declare the Registration Statement “effective” and AmeraMex will be a “reporting company” which is a requirement before applying to list on the OTCQB.
Auditor and Legal Firm
In compliance with SEC regulations, the Company retained the firm of Chia & Alton LLP as its auditors and the firm of Fitzgerald, Yap, Kreditor LLP as its legal advisors. The Company recently replaced Chia & Alton LLP with dbbmckennon LLP. The replacement, which slightly delayed the audit of the financials for the year ended December 31, 2016, is better aligned with the needs of AmeraMex.
Shareholder Conference Call
AmeraMex International will be providing a shareholder update April 5 at 9:30 a.m. Pacific Time. The conference call dial-in number for both U.S. and international callers is 1.719.325.2484. Please dial into the conference center five minutes before the call begins and ask the operator for the AmeraMex conference call.
Financial statements for year-end 2016 located in attached PDF.