North Randall, Ohio, November 17th 2017, Global Poletrusion Group Corp (GPGC PinkSheets) released its financial statements for Q2 and Q3 of 2017.
Publication of 2017 Q2 and 2017 Q3 Financial Statements
Since the beginning of the year, GPGC has been undergoing a financial and fiscal structuring exercise in which Poletrusion Canada Inc was acquired as the Canadian subsidiary of GPGC. In late April 2017, the GPGC management team has decided to focus its efforts towards the development, manufacturing, sale and distribution of composite utility poles, and a second division of the company was formed to also focus on other infrastructure elements in energy distribution projects in North, Central and South America. As such, effective April 30th of 2017, the company divested itself of its interests in Novacab International Inc, which explains the sudden drop in assets and equity in the consolidated Q2 financials. Acquiring the composite poles business while at its early stages was part the strategy set forth by the management of GPGC, who truly believes much value would be gained in the short term through rapid progress of this new venture.
Looking ahead, GPGC now dedicates its efforts exclusively towards catering to the needs of utility companies, providing poles and towers that outperform their steel, wood and concrete counterparts. The composite products engineered by GPGC are stronger, lighter, easier to install, environmentally safer and longer lasting. Simply put, their total cost of ownership is a fraction of common materials, while also substantially reducing the carbon footprint.
The published consolidated financial statements have been prepared with consideration to Global Poletrusion Group Corp’s requirements (GPGC), and a thorough commitment from the management team has been achieved to plan the publication of all future statements without any delay. Finally, in recent weeks the new management team has also been working with an investor’s relation firm, which will help GPGC in effectively communicating and sharing progress information with its shareholders.
About Global PoleTrusion Group Corp
Our society is looking for safer, cleaner and greener utility solutions, with LED, solar and wind technologies leading the way. Connectivity is a major priority when 60 per cent of the planet does not have Internet access, and 1.4 billion people in underdeveloped countries do not have electricity. This large sector of the population demands faster and better access. With its advanced engineering, manufacturing, and installation capabilities, GPGC is at the forefront of providing creative, effective, state-of-the-art solutions to address these and other issues. GPGC understands the importance of providing custom solutions for varying needs all over the world. Through its unique, environmentally focused technology, GPGC is helping to light, connect, and transform the future, one composite pole at a time.
This news release may contain « forward-looking statements, » as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.