US Highland, Inc. Reviews Its Financial Position
(firmenpresse) - TULSA, OK -- (Marketwired) -- 09/08/15 -- US Highland, Inc. (OTC PINK: UHLN) ("" or the "") today reviewed its financial position.
The Company reduced its operating expenses by approximately 72% for the six months ended June 30, 2015 compared to the same period in 2014;
The Company secured approximately $210,000 of additional financing during the six months ended June 30, 2015;
The Company renegotiated the maturity on over $750,000 in debt resulting in deferment of repayment until December 31, 2015; and
The Company continued to negotiate with several possible acquisition targets.
According to accounting principles generally accepted in the US ("GAAP"), the Company was required to reflect a loss of $17,908,057 and $32,107,140 for the fiscal years ended December 31, 2014 and 2013, respectively, and liabilities of $92,739,103 as of June 30, 2015. However, included in these totals are non-cash expenses and liabilities attributed to common stock purchase warrants issued by the Company in connection with debt settlement and capital raising activities as well as convertible notes issued by the Company in raising capital from January 2010 to July 2013. Since the value of these warrants and notes is based on the underlying market value of the Company''s common stock, the value of these securities fluctuate from day-to-day in a manner completely unrelated to core operations.
Therefore, adjusting for these non-cash fluctuations, the Adjusted Net Loss of the Company for the fiscal years ended December 31, 2014 and 2013 are as follows:
and the Adjusted Liabilities of the Company at June 30, 2015 are as follows:
Josh Whitaker, the Company''s President and Chief Executive Officer, commented, "Although we have not yet generated revenue from the sale of our OEM product line, we are pleased that we have successfully reduced our losses, secured additional financing, and renegotiated more favorable terms with our current investors. I am confident these improvements will allow us to move forward with our business plan."
To view the Company''s December 31, 2014 Annual Report and June 30, 2015 Quarterly Report filed with the US Securities and Exchange Commission, please visit the following links:
This press release makes reference to "Non-GAAP Adjusted Net Loss" and "Non-GAAP Adjusted Liabilities" which constitutes a "non-GAAP financial measures" as defined by the SEC in Regulation G. These non-GAAP measures are presented exclusively as a supplemental disclosure because we believe this information may enhance an investor''s understanding of our underlying results. These non-GAAP measures should be considered in addition to, but not as a substitute for, other measures reported in accordance with GAAP. The terms "Non-GAAP Adjusted Net Loss" and "Non-GAAP Adjusted Liabilities" may not be comparable to similarly titled measures presented by other companies. A copy of the press release is posted on the Company''s website, .
The foregoing contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. These forward-looking statements include statements relating to, or representing management''s beliefs about, our future transactions, strategies, operations, events and financial results. Such forward-looking statements often contain words such as "will," "anticipate," "believe," "plan," "estimate," "expect," "intend," "is targeting," "may," "should" and other similar words or expressions. Forward-looking statements are made based upon management''s current expectations and beliefs and are not guarantees of future performance. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others, those risks and uncertainties described in any of our other filings with the SEC. Certain other factors which may impact our business, financial condition or results of operations or which may cause actual results to differ from such forward-looking statements are discussed or included in our periodic reports filed with the SEC and are available on our website at under "Investor Info." You are urged to carefully consider all such factors. We do not undertake or plan to update or revise forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this news release, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. If we make any future public statements or disclosures which modify or impact any of the forward-looking statements contained in or accompanying this news release, such statements or disclosures will be deemed to modify or supersede such statements in this news release.
: This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such
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Datum: 08.09.2015 - 17:13 Uhr
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