Monday, 19 October 2015 09:00 AM
VALLEY CENTER, CA / ACCESSWIRE / October 19, 2015 / Concierge Technologies, Inc. (OTC: CNCG) (the "Company"), a supplier of mobile video devices through its wholly owned subsidiary, Kahnalytics, and now a commercial-scale manufacturer and distributor of New Zealand meat pies through its wholly-owned subsidiary Gourmet Foods, Ltd., filed its annual report on Form 10-K with the U.S. Securities and Exchange Commission on October 9, 2015. The acquisition of Gourmet Foods had not yet been completed as of the end of the Company's fiscal year ended June 30, 2015, and therefore was not included in the consolidated financial statements. Also eliminated from the financial statements were the operations of Wireless Village, dba/Janus Cam, which was sold to the executive management of Wireless Village on May 7, 2015 through a stock redemption agreement. Janus Cam had net revenues of $1,786,287 and expenses of $1,646,681 which were eliminated as a result of the divestiture. The Company realized a gain of $109,600 of the sale of the subsidiary which was recorded on the consolidated statement of operations. The transaction included the redemption and subsequent cancellation of 68 million shares of common stock. After giving consideration to the gain realized on the sale of Wireless Village, the operations of Kahnalytics and those of Concierge Technologies, the total income for the fiscal year ended June 30, 2015, on a consolidated basis, was $14,191.
Earlier in the fiscal year ended June 30, 2015 the Company raised $3 million through a direct equity investment and the board of directors underwent a change with Hansu Kim and Samuel Wu resigning, David Neibert stepping down as CEO and assuming the duties of CFO, Scott Schoenberger replacing Hansu Kim and Nicholas Gerber replacing Samuel Wu as a director while assuming the role of Chairman of the Board and CEO.
Mr. Gerber, as CEO and Chairman, commented on the Company's operations and relayed his vision for the future.
"The past 12 months were a period of significant change for Concierge, both from a managerial perspective and a refocusing on core strategy. Moreover, the Company was able to shed most of its debt and retain significant working capital as a resource to apply towards its growth initiatives. Barely one month into the new fiscal year founder and chairman Allen Kahn died. At the time he was the firm's CFO but he was much more. He founded Concierge Inc. in 1996 and instigated a going-public transaction in 2002. He set the tone and vision of the firm. To say the absence of his passion and drive was noticed is an understatement. I never knew the man but after listening to those who did talk about his character and life, I am sad we never had the chance to become friends. David Neibert took over the CEO role prior to Allen's sickness and began a different strategy to recapitalize the Company. Our paths crossed in October of 2014 and I proposed infusing a large amount of capital into Concierge, becoming the new CEO of the Company myself, and giving the Company a new direction. I envisioned Concierge not as a small holding company, but eventually becoming a true conglomerate: A company providing real shareholder value through diverse holdings in profitable operating companies with no restraint to industry or domicile."
"With this goal in mind, I've set about to build our team and get to work. In the process we've made only minimal changes to the Company. We still have two of the Company's former directors, the same law firm, the same accounting firm and the same bank. David also agreed to stay on in the role of CFO helping to insure continuity and institutional memory."
"Traditional firms begin with a product or service to sell for money which they then use to make and sell more of the same product or service. We have reversed this order, beginning with cash, looking for situations in which to make money by creating goods and services to sell, and ending up with more cash that will in turn enable us to look for new opportunities. Our search led us to New Zealand and Gourmet Foods, which we purchased on August 11, 2015, for cash. Gourmet Foods distributes its products under distinct brands including Pats Pantry, Ponsonby Pies and Gourmet Patisserie which are marketed throughout New Zealand in major grocery stores, convenience stores and many local cafes. Gourmet Foods, in business since 1966, is one of the most recognized names in the industry. Do they have anything to do with mobile recording devices? No, but they're an established business not susceptible to disruptive technologies or price pressures from offshore competition and they have a higher likelihood to make a profit well into the future, and that is what we are about. For more information on my vision for Concierge Technologies and corporate philosophy please visit our website and navigate to the About Us tab at conciergetechnology.net."
"Soon we will be filing our amended Form 8-K which will contain the audited financial statements of Gourmet Foods for the prior two years. After that will come our Form 10-Q for the quarter-ended September 30, 2015. This will be our first disclosure of consolidated operations including Kahnalytics and, for a portion of the period, Gourmet Foods and without Janus Cam. Meanwhile we continue to search for other acquisition candidates in furtherance of our expansion plans. If you know of any that might meet our criteria, please feel free to contact me."
This release may contain "forward-looking statements" that include information relating to future events and future financial and operating performance. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. For a more detailed description of the risk factors and uncertainties affecting Concierge Technologies or its subsidiary companies, please refer to the Company's recent Securities and Exchange Commission filings, which are available at the Company's website or at www.sec.gov.
Contact:
Concierge Technologies, Inc.
www.conciergetechnology.net
Nicholas Gerber, CEO
[email protected]
866-800-2978 ext. 3
SOURCE: Concierge Technologies, Inc.