ROCKVILLE, MD / ACCESSWIRE / August 14, 2020 / Clancy Systems International, Inc. (OTC PINK:CLSI), previously announced on 13th, July, 2020, the entry into an agreement to acquire a controlling interest of Anthea, Inc. by exchange of 60,000,000 shares of Company common stock, or 14% of the issued and outstanding shares of common stock after such issuance. The Company is pleased to announce that the acquisition has been consummated. Third party auditing of Anthea's financial statements is under process, and will be filed within the required time.
The Company continues to experience strong growth in all product categories. The Company provided its last update on recently awarded purchase orders, and management believes that the second half of FY20 looks very promising, primarily because of the unique products marketed through our exclusive marketing partnerships with several manufacturers.
The Company's business has benefited from the support of all our strategic partners who have assisted in managing the various supply chain challenges that have arisen during recent months due to Covid-19 pandemic. Overall, management anticipates that during the next 12 months, starting September, 2020, the Company will continue to grow revenues across our key products, and we expect to exceed $25M in annual revenues during this period, primarily as a result of the launch of our specialty food products.
The Company recently retained a brand management firm and the team is aggressively working with the buyers to expand our sales and distribution to nationally. Company is currently seeking capital and has signed a term-sheet to obtain purchase order financing to fulfill the current orders on hand.
Forward-Looking Statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by Clancy Systems International with the Securities and Exchange Commission. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business and although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.
Investor Contact:
Suresh Venkat
Phone - (703) 310-7334
Email - investor.relations@obocon.com
SOURCE: Clancy Systems International, Inc.
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