One World Ventures, Inc. Releases Financial Results for Period Ending June 30, 2010
October 06 2010 - 10:46AM
Marketwired
One World Ventures, Inc. (PINKSHEETS: OWVI) announced it has
released financial results for the period ending June 30, 2010.
"The Company continues to show rapid growth in all sectors of
the business and we are very satisfied we were able to maintain a
small profitability during the quarter," Stephen Prior, CEO of the
Company, commented. "Strong profits in the Tutamen Manufacturing
business were offset by losses in 1WorldCash which started
operation in the quarter. We expect to experience losses in
1WorldCash through the end of the year as the Company builds out
its agency system and gains critical mass and takes advantage of
recently negotiated settlement cost reductions. Looking ahead, as
we continue to reach significant milestones, we expect revenue and
business to increase significantly throughout the year as we
continue to deliver shareholder value in 2010," Prior said.
"Alternative energy sales were significantly better in the
second quarter but still disappointing," said Prior. "The company
has not been able to take advantage of and fund certain projects.
We have bid a significant number of larger projects where we are
expecting but have not yet success. The Company is focusing its
energy and resources on investing in and developing a proprietary
product for the wind turbine business the details of which the
Company expects to announce soon."
3 Months Ended 6 Months Ended
June 30 June 30 June 30 June 30
2010 2009 2010 2009
One World Ventures
Income $ 583,021 $ 102,445 $ 969,992 $ 173,930
Gross Profit $ 118,231 $ 33,806 $ 252,522 $ 57,396
Contribution to Net Income $ 20,114 $ (22,329) $ 79,855 $ (73,361)
Manufacturing & Sourcing
Income $ 202,792 $ 102,445 $ 509,838 $ 173,930
Gross Profit $ 94,951 $ 33,806 $ 211,247 $ 57,396
Contribution to Net Income $ 58,844 $ (8,325) $ 135,262 $ (40,286)
Alternative Energy
Income $ 204,800 $ - $ 266,729 $ -
Gross Profit $ 14,336 $ - $ 19,329 $ -
Contribution to Net Income $ 4,336 $ - $ (671) $ -
Cash Remittance
Income $ 175,430 $ 193,425
Gross Profit $ 8,944 $ 21,946
Contribution to Net Income $ (43,238) $ (14,004) $ (54,737) $ (33,075)
The Company issued a stock moratorium in the last quarter of
2009 and did not increase its share Capital for a period of 6
months; the Company set a goal to raise an additional $1.0 Million
in Capital and was active in this area in the second and third
quarters. The Company has not reached its goal but is not actively
seeking capital at the moment while it focuses all efforts on
execution and refinement of the business.
About One World Ventures, Inc.
One World Ventures, Inc. is a holding company with management
resourced in Asia and the United States that invests in
technologies, communities and systems that facilitate trade,
finance, communication and travel across international boundaries,
cultures and languages.
Safe Harbor Statement:
Any statements contained herein related to future events are
forward-looking statements and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Readers are cautioned not to place undue reliance on
forward-looking statements. One World Ventures, Inc. undertakes no
obligation to update any such statements to reflect actual
events.
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Contact: One World Ventures, Inc. USA Tel (+1) 702-789-1088
http://www.1worldventures.net/
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