FRANCHISE HOLDINGS INTERNATIONAL, INC. PROVIDES PROGRESS REPORT
ON Form 10-Q REPORTS AND EXCLUSIVE PRIVATE PLACEMENT OFFERING
Toronto, ON -- November 30, 2017 -- InvestorsHub NewsWire
-- Franchise Holdings International, Inc., the parent company
of Truxmart LTD Inc., (OTC: FNHI), an innovative
manufacturer of high quality, functional, and aggressively priced
tonneau covers for the light truck market, has provided a progress
report on its 10Q reports for Quarters 1-3, 2017, stating that its
accounting and review team "are working as diligently as they can
to finalize the reviews as soon as possible." FNHI said delays have
been "due to adjustments and disclosures needed to re-state the
misstated financials reported in 2016."
"The FNHI accounting team and its auditors are taking extra
precautions to ensure all reports are 100 percent accurate and the
errors responsible for misstatements in 2016 are not repeated,"
said FNHI CEO Steven Rossi. "We've made a solemn pledge to
shareholders that this will not occur again." In December, the
company expects to be fully current with its filings.
Rossi said the demand for Truxmart tonneau covers remains
'overwhelming' and that his team is focusing on increasing Q4
revenues and beginning Q1 2018 with a strong start. "Our goal now
is to replenish inventory in our Canadian and U.S. warehouses and
scale up for major global growth on sound financial footing," Rossi
added. Truxmart's Q4 2017 revenues are expected to be greater than
the previous three quarters combined.
Once all filings are current, FNHI plans to finalize a
previously initiated CSE cross-listing, and regain its OTC: QB
listing. It also expects to resume a previously paused exclusive
private placement offering under U.S. Securities Act of 1933, as
amended, Regulation D, rule 506(c) that had attracted significant
investor interest. The offering is paired with several attractive
features, permitting the company to move closer and closer to its
stated goal for international expansion, growth and profitability.
Once the offering is resumed, we hope to close it quickly.
Investors are urged to sign up at www.investfnhi.com in advance of the offering.
"With this funding, the FNHI business plan could change our
status from an emerging company to a dominant force in the large
and expanding international tonneau cover market," Rossi said.
"Within one year after the capital infusion, we hope to achieve
revenues of over $5,000,000 US and to reach profitability with
$1,500,000 in revenues. In addition, our low operational costs do
not scale up with increased revenues."
About Franchise Holdings International
Truxmart, Franchise Holdings International's wholly owned
subsidiary, was founded in 2011 to take advantage of the limited
innovation provided by existing tonneau cover manufacturers.
Tonneau covers have remained much the same in price and design
since 2005 with one main company controlling a majority of the
tonneau cover market. This dynamic market segment is in need of a
new innovative manufacturer of high quality, functional, and
aggressively priced tonneau covers. Truxmart has developed multiple
products for all of the most prominent pick up trucks available in
North America. Details of most products can be found
at www.Truxmartcovers.com. Truxmart sells its
products through master warehouse distributors, dealers, and online
retailers in Canada and the U.S.
Forward-Looking Statements
This document may contain forward-looking statements, relating
to Franchise Holdings International Inc. operations or to the
environment in which it operates, which are based on Franchise
Holdings International Inc. operations, estimates, forecasts and
projections. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult
to predict, and/or are beyond Franchise Holdings Internationals
Inc. control. A number of important factors could cause actual
outcomes and results to differ materially from those expressed in
these forward-looking statements. Consequently, readers should not
place any undue reliance on such forward-looking statements.
Franchise Holdings International Inc. disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
For more information contact:
Franchise Holdings International
investors@Truxmartcovers.com
1-888-554-8789