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Hammer Fiber Optics Holdings Corp (Hammer Technology Holdings) Announces Results for Year Ended July 31, 2021

New York, New York – (Newsfile Corp. – October 29, 2021) – Hammer Fiber Optics Holdings Corp (OTCQB: HMMR), soon to be Hammer Technology Holdings, announced operating and financial results for the fiscal year ended July 31, 2021, “Hammer is constantly evolving as a company, “said Erik Levitt, Hammer’s chief financial officer and CEO of the Telecommunications division. “During the year, the company achieved its goals in the telecommunications segment with the construction of its new wireless network in Huntsville, the completion of the rollout of its HammerCall conferencing application and the significant expansion of its messaging network.”

In the first quarter of the new fiscal year, Hammer diversified its activities to include financial technology services. “HammerPay is a converged product offering that enables traditional banking institutions to work with financial technology providers to deliver financial services to a far broader, more inclusive audience than traditional banking,” said Michael Cothill, Hammer Executive Chairman.

The company has made significant progress in simplifying its balance sheet. The balance sheet liabilities were increased based on a settlement with multiple creditors of discontinued operations and a settlement of 5.272 million. “This transaction was a sign that the board of directors believes in our corporate strategy,” added Levitt.

The main results include:

  • Total income from continuing operations for the fiscal year increased 23.75% to $ 2,199,167 from $ 1,781,139 in the previous fiscal year. This increase is mainly due to the growth in the OTT or “Over-the-Top” business practice, which also includes SMS / SMS.

  • EBITDA (non-GAAP) loss decreased 72.72% from $ -233,211 to $ 63,619, with the majority of the EBITDA loss coming from the first two quarters of the reporting period.

  • On the balance sheet, liabilities decreased 76.91% from $ 10,482,774 to $ 2,420,318.

  • During the reporting period, the company successfully established its wireless network in Huntsville, AL, and that network is now operational.

About hammer
Hammer Fiber Optics Holdings Corp. (OTCQB: HMMR), soon to be known as Hammer Technology Holdings, is a company investing in the future of technology. Hammer has expanded its strategy to focus on the rapidly evolving world of innovative technology and in order to keep up, Hammer has restructured the group to enable the creation of several related industries. In addition to its “Everything Wireless” strategy, which includes the deployment of high-speed wireline wireless services for homes and small businesses, Hammer aims to enter the fintech industry, which is rapidly becoming the mainstream technology for today’s telecommunications applications developed. Further information is available from Investor Relations at info@hmmrgroup.com.

Forward-Looking Statements
This press release contains projections and other forward-looking statements about future events or our future financial performance. All statements contained in this press release, except for current and historical facts and conditions, including any statements regarding our future business results and financial positions, business strategies, plans, and our goals for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995 , Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations about future events and are based on assumptions and are subject to risks and uncertainties and are subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks arise from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results could differ materially from those contained in the projections or forward-looking statements. Forward-looking statements in this press release are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/101434