StealthTechnologies, Inc. Current with Financial Reporting Obligations
Company Provides Update on Business Model
LARGO, FL, Nov. 15, 2019 (GLOBE NEWSWIRE) -- Stealth Technologies Inc., (OTC PINK: STTH), a company engaged in the business of identifying and capitalizing on emerging technology and associated markets is pleased to inform shareholders that it is current with its reporting obligations as a fully reporting company with the Securities and Exchange Commission.
With the filing of its Quarterly Report for the three months ended June 30, 2019, the Company regained compliance as a fully reporting company. The Company’s next filing due will be its Quarterly Report for the three months ended September 30, 2019.
“We are extremely pleased to become current with our financial reporting obligations,” said CEO Alexander Clair. “The recent changes made have been a clear path to current and future success. We will continue to improve process and procedure to drive sales and profitability. “
Update on Business Model
During the first quarter of 2019, the Company shifted its business model in an effort to decrease operating costs and certain liabilities. Under the Company’s prior business model, it was responsible for the cost of the products sold as well as certain liabilities for the products it sold on the direct response tv infomercials.
Starting in February 2019, management elected to shift to a more service-oriented provider for the direct response tv infomercials. As such, the Company is no longer responsible for the cost of the products being sold on air, nor is it liable for the products. The Company will work with multiple companies looking to sell products through DRTV by providing setting layout, scripts, on air personalities and product order management.
The financial benefit of moving to a service-based provider for the DRTV industry versus a direct seller through infomercials is that the Company’s cost of goods sold is significantly reduced allowing for increased gross margins. As the Company’s service-oriented business matures, it anticipates recapturing the revenue levels historically reached allowing the Company to become EBITDA positive.
About Stealth Technologies, Inc.
Stealth Technologies, Inc., incorporated in 2010 and based in Largo, FL, is a publicly traded company that represents and distributes a variety of products solving critical issues in the safety, health, and personal protection industries. Stealth’s represented products solve problems such as emergency response time, electronic pickpockets and hackers, home intrusions and robberies, and more. With such a diverse product offering, Stealth has prepared for long-term growth for our shareholders. For more information, please visit the Company’s website at www.stealthtechinc.com.
Forward Looking Statements:
Statements included in this update that are not historical in nature, are intended to be, and are hereby identified as, "forward-looking statements." Forward-looking statements may be identified by words including "anticipate," "believe," "intends," "estimates," "expect," and similar expressions. The Company cautions readers that forward-looking statements including, without limitation, those relating to the Company's future business prospects are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to factors such as those relating to economic, governmental, technological, and other risks and factors identified from time to time in the Company's reports filed with the SEC. The Company is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.
Alexander J. Clair
Released November 15, 2019