PotNetwork Holdings, Inc. Posts First Quarter Results of Record Q1 Revenues of $6.3 Million, and Debt Reduction Of $1.2 Million
May 01 2018 - 6:00AM
InvestorsHub NewsWire
PotNetwork Holdings, Inc. Posts First Quarter Results of Record Q1
Revenues of $6.3 Million, and Debt Reduction Of $1.2
Million
Record Revenues and Strong Profits Put
Company On Track To Greatly Surpass 2017 Sales and
Profits
Ft Lauderdale, FL -- May 01, 2018 --
InvestorsHub NewsWire -- PotNetwork Holdings, Inc.
(OTC Pink:
POTN)
announced today that it has posted on OTC
Markets.com its first quarter 2018 financial results showing record
revenue growth of over 283% compared to the first quarter of 2017,
strengthened overall profitability.
In
addition, during the first quarter, the Company reached an
agreement with a debtholder for the exchange of a $1.2 million
convertible promissory note for common stock purchase warrants at
$.25 per share, shifting the debt to equity. With now less
than $2 million in overall notes payable, the Company has taken a
significant step forward toward improving its ratio of assets to
liabilities, reducing its debt service, and improving its overall
financial metrics.
With over $6.3 million in total revenues
recorded for Q1 of 2018, PotNetwork Holdings, Inc. is well on track
to exceed its performance from 2017. The Company recently
announced the release of audited consolidated
financial statements for 2017 reporting
2017 sales of $14.5 million.
About Diamond
CBD Inc.: Diamond CBD
focuses on the
research, development, and multinational marketing of premium hemp
extracts that contain a broad range of cannabinoids and natural
hemp derivatives. Diamond CBD’s team consists of hemp industry
pioneers and natural product experts, chemists, doctors and
scientists, dedicated to producing the finest and
purest cannabidiol
(CBD) oils.
The result is a robust selection considered among the most powerful
natural CBD oils, tinctures, edibles, and vape liquids found
anywhere. For more information, please visit its website
at www.DiamondCBD.com.
About
PotNetwork Holdings, Inc: PotNetwork Holdings, Inc.
(OTC
Pink: POTN) is a publicly traded company that acts as a
holding company for its subsidiaries, First Capital Venture Co.,
the owner of Diamond CBD, Inc., the maker of Diamond CBD oils, and
PotNetwork Inc.
About PotNetwork Inc.:
PotNetwork Inc., a wholly owned subsidiary of
the Company, brings to market PotNetwork.com, a
counter-culture, cutting-edge digital magazine, publishing
up-to-date news and articles on the cannabis industry.
PotNetwork.com operates as a media resource providing a full range
of industry related topics.
Safe Harbor Act:
Forward-Looking Statements are included within
the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements regarding our expected future financial position,
results of operations, cash flows, financing plans, business
strategy, products and services, competitive positions, growth
opportunities, plans and objectives of management for future
operations, including words such as "anticipate," "if," "believe,"
"plan," "estimate," "expect," "intend," "may," "could," "should,"
"will," and similar expressions are forward-looking statements and
involve risks, uncertainties and contingencies, many of which are
beyond our control, which may cause actual results, performance, or
achievements to differ materially from anticipated results,
performance, or achievements. We are under no obligation to (and
expressly disclaim any such obligation to) update or alter
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
PotNetwork Holdings,
Inc.
Investor Relations:
Marisol Elwell,
1-800-915-3060
investor@PotNetworkHolding.com
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