TORRANCE, CA , May 13, 2021 (GLOBE NEWSWIRE) — Video River Networks, Inc. (OTC PINK:NIHK) (the “Company”), an Electric Vehicles and Battery Technology holding company, is pleased to announce the first profitable quarter in its most recent history. The Company posted revenue of $665,667, up 34 percent year over year, and quarterly earnings per diluted share of $0.002, up 4,391 percent.
Major highlight as follows:
- EPS = $0.002
- Cash = $89,021
- Net Income = $443,555
- Current Assets = $478,397
- Working Capital = $447,767
- Current Liabilities = $28,630
- Operating Cash Flow = $155,777
- Price-Earning (P/E) ratio = 25.5
- Return of Equity = 0.99
- Current Ratio = 8.27
“It was really an awesome quarter. This quarter for Video River Networks wouldn’t have been possible without the tireless/innovative work and risk-management expertise of every NIHK team member,” said Frank I Igwealor, Video River Networks’ CEO. “We’re gratified by the enthusiastic this result as we work to launch our electric vehicles operation, which has been made possible through our recently executed Joint Venture Agreement with Lingstar Co. We are also focused on how we maintain consistent profitability quarter after quarter. Our March 31, 2021 quarter business performance was fueled by astute cash management and risk arbitrage, which in overall would achieve a target of reaching consistent net cash flow from operation over time.”
About Video River Networks, Inc.
Video River Networks, Inc. is an Electric Vehicles and Battery Technology holding company that operates and manages a portfolio of Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics (“EV-AI-ML-R”) assets, businesses and operations in North America. The Company’s current and target portfolio businesses and assets include operations that design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices mostly engineered through Artificial Intelligence, Machine Learning and Robotic technologies. NIHK’s current technology-focused business model is a result of our board resolution on September 15, 2020 to spin-in/off our specialty real estate holding business to an operating subsidiary and then pivot back to being a technology company. The Company has now returned back to its original technology-focused businesses of Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimates,” “projects,” “intends,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company’s ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company’s control.
Video River Networks, Inc.
370 Amapola Ave., Suite 200A
Torrance, CA 90501