SOMERSET, N.J., Nov. 18, 2024 (GLOBE NEWSWIRE) -- JP 3E Holdings, Inc. ("JP3E") formerly known as Spooz, Inc. (OTC: SPZI), a provider of innovative financial and commodity trading solutions, has announced its consolidated financial results for the nine months ended September 30, 2024. The results reflect strong revenue growth, strategic acquisitions, and operational efficiency, signaling a period of robust expansion and innovation for the company.
Key Highlights for Consolidated Financials Nine Months Ended September 30, 2024:
- Revenue: $112.2 million, marking the first recorded revenue for JP3E, driven by contributions from recently acquired Bloxcross, Inc.
- Gross Profit: $14.4 million, showcasing the company's ability to manage cost of goods sold effectively.
- Net Income: $6.1 million, a significant improvement from a net loss of $14,014 in Q3 2023.
- Total Assets: Increased to $43.5 million from $8,774 as of December 31, 2023, reflecting acquisitions and asset appreciation.
- Earnings Per Share: $0.001, emphasizing the impact of JP3E's expanded operations.
Strategic Developments
- JP3E acquired Bloxcross, Inc., a digital assets innovation company that specializes in blockchain-driven solutions for global trade and cross-border payments. This acquisition significantly contributed to the company's revenue growth and enhanced its intellectual property portfolio, valued at $25.3 million.
- The company also integrated Hamilton Associates LLC., adding $18.2 million in land and building assets.
Operational Efficiency
- Total expenses were managed at $5.7 million, enabling the company to report operating income of $8.7 million.
Chairman/President Statement:
"During the third quarter, we transitioned and added Diego Baez, CEO of Bloxcross, to become the CEO of JP3E. Since going live on August 8, 2024, with the Bloxcross trading platform, Diego and his team have proven to be instrumental in immediately bringing substantial valuation to JP3E," said John K. Park, Chairman and President of JP3E.
Looking Ahead
JP3E continues to explore opportunities for expansion in the blockchain and commodity trading sectors. In September 2024, the company executed its first shipment of Grade A Chicken Paws to China under its February 2024 contract, marking a significant milestone in its commodity trading operations. Our commodity business is progressing with chicken, sugar, coal, aluminum, and gold transactions. We anticipate our revenues from these commodities to be reflected in the near term with additional shipment and delivery confirmations. The company remains focused on enhancing shareholder value through strategic growth initiatives and operational excellence.
For a more detailed and complete analysis of the Company's financial results for the nine months ended as of September 30, 2024, please refer to the Company's Financials under Disclosure, which were filed earlier on OTC Markets. https://www.otcmarkets.com/stock/SPZI/disclosure
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For additional information on the Global Trade Financing Platform via Bloxcross, Inc., reach out to sgallegos@bloxcross.com.
About JP 3E Holdings, Inc.:
JP3E is a global leader in commodity trading, known for its innovative approach to optimizing trade processes and solutions across numerous sectors. With a commitment to sustainability and market leadership, JP3E continues to drive new trends and solutions in global commodity markets.
About Bloxcross, Inc.:
Bloxcross is at the forefront of financial technology, specializing in blockchain-based solutions for cross-border payments and trade finance. Dedicated to streamlining global financial transactions, Bloxcross provides secure, fast, and cost-effective services to clients worldwide. To learn more about their groundbreaking solutions, visit https://www.blox.global/.
Company Contact:
John K. Park, Chairman
john.park@jp3eholdings.com
732-241-0598 Office
Websites: https://www.jp3e.com/
https://www.jp3eholdings.com/
Twitter: http://www.twitter.com/SpoozInc
Facebook: http://www.Facebook.com/SpoozInc
E-Mail: info@jp3e.com
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). The Companies caution that statements, and assumptions made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, and estimates made by management. Actual results could differ materially from current projections or implied results. The Companies undertake no obligation to revise these statements following the date of this news release.
