DALLAS, May 21, 2020 /PRNewswire/ -- Puration, Inc. (USOTC: PURA) today announced publishing its Q1 2020 financial report. The company's revenue for the first quarter of 2020 increased 173% to $805,000 compared to same period in the previous year. First quarter 2020 gross revenue was $241,790. Management is confident that the first quarter financial results support the company's recently published 100% annual revenue growth outlook for 2020 and going forward.
The company recently published its 2019 annual financials reporting 121% annual revenue growth to over $2.7 million for the year ended December 31, 2019 compared to $1.2 million for the year ended December 31, 2018. In addition to achieving continued high revenue growth, the company reported over $200,0000 in net profit.
Tomorrow, Friday, May 22, 2020, management plans to publish a narrative update highlighting further details regarding the first quarter financial report in conjunction with the company's 100% annual revenue growth outlook for 2020.
The update tomorrow will include further detail on a one-time expense realized in the first quarter added to the company's ordinary general expenses averaging approximately $130,000 per quarter.
The management update tomorrow will also include new information on the company's past spinoff of its cannabis cultivation operations to Nouveau (NOUV) that included an intended dividend distribution to PURA shareholders.
For more information on Puration, visit http://www.purationinc.com
This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.
SOURCE Puration, Inc.