MONTVALE, N.J., May 21, 2013 /PRNewswire/ -- Beneficial Holdings
Inc. (OTCPK: BFHJ) today announced the results of operations for
the first quarter ended March 31,
2013.
The Company recorded $50,000 of
revenue for the three months ended March
31, 2013. The net loss for the period was $65,513 ($0.00 per
share). At March 31, 2013 there
were 4,099,999,952 common shares outstanding and the Company's
Series B preferred stock was convertible into 4,267,346,889 common
shares. The weighted average number of fully diluted common
shares for the three months ended March 31,
2013 was 8,367,346,841.
All such reported results and share counts are unaudited.
Operating results for the comparable period in 2012 are not
relevant due to the previously-announced discontinuance of certain
operations and changes in accounting methods.
Joseph Fitzgerald, Beneficial's
Executive Vice President and Chief Financial Officer stated:
"Revenues for the first quarter 2013 were generated by our Project
Solutions operation and consisted primarily of the legacy asset
management activities contributed to Beneficial by its
management. Our Project Solutions business is active on a
number of engagements; however, our policy is to only record
revenues for those projects which have committed funding
sources." Fitzgerald continued: "There were no common shares
or equity-related securities issued by the Company during the
quarter. Additionally, no member of management or their
beneficiaries has engaged in any sale or purchase of the Company's
common shares or equity-related securities during the three months
ended March 31, 2013."
John Johnson, President of
Beneficial's Real Estate Services Group added: "Our asset
management assignments are proceeding in an orderly manner.
Our development project opportunities are in their formative stages
since all do not yet have unconditionally committed funding
sources. We are working diligently within the terms of our
agreements to assist our clients with the completion of their
funding commitments. While this business has a long lead time
until revenue is generated, we have several significant projects
that we expect will generate multiple revenue streams over
time."
Summing up year-to-date activity, Gregory N. Senkevitch, Beneficial's Chairman,
President and CEO said: "Our Project Solutions business is
dependent on real estate owners engaging us to assist them in the
management, development and construction of complex, costly, long
term assets. Our management team has extensive experience and
professional relationships in this sector. Management has
contributed several business opportunities to the Company which
have given us a modest revenue base in the first quarter of
2013. Our strategy is to seek assignments from real estate
owners and users with financially viable projects that can be
replicated within their market segments. We believe our
emphasis on these types of projects will result in a steady source
of prospective revenue for our Project Solutions business.
While the revenue cycle for these projects may have a long
gestation period, we believe that the quality and depth of earnings
will endure with such business relationships."
"Management also continues to evaluate operating businesses in
the energy management and financial services sectors as well as
additional business lines within the real estate services sector,"
Senkevitch pointed out.
"Our goal is to generate strong long-term financial returns from
actively managed investments in operating companies. We seek
to acquire operations which are located in markets with lower
operating costs and to expand them nationally. Additionally,
we believe that adding strong management teams to our core
operations will enable us to offer services to owners and users of
commercial and institutional properties and infrastructure well
beyond those provided by traditional real estate service
providers. With this strategy we will strive to fulfill our
credo to 'Create Value from Market Knowledge', Senkevitch
concluded."
ABOUT BENEFICIAL HOLDINGS, INC.
Beneficial Holdings, Inc. is a holding company currently
operating in the real estate services sector. The Company is
seeking to acquire and invest in operating service-oriented
businesses in the real estate, financial services and energy
management sectors.
For more information on the Company please visit our web site at
www.beneficial-holdings.net.
FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. As a general
matter, forward-looking statements reflect our current expectations
and projections relating to our financial condition, results of
operations, plans, objectives, future performance and business.
These statements may be identified by the use of forward-looking
terminology such as "may", "will", "expects", "plans", "estimates",
"anticipates", "projects", "intends", "believes", "outlook" and
similar expressions.
The forward-looking statements contained in this news release
are based upon our historical performance, current plans,
estimates, expectations and other factors we believe are
appropriate under the circumstances. The inclusion of this
forward-looking information is inherently subject to risks and
uncertainties, many of which cannot be predicted with accuracy and
some of which might not even be anticipated. Future events
and actual results, financial and otherwise, may differ materially
from the results discussed in the forward-looking statements.
Statements regarding the following subjects, among others, may be
forward-looking: our business and investment strategy; our
projected operating results; estimates relating to our ability to
make distributions to our stockholders in the future and economic
trends and economic recoveries.
All information in this release is as of May 21, 2013. The Company does not
undertake a duty to update forward-looking statements, including
its projected operating results.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
news release. The Company may, in its discretion,
provide information in future public announcements regarding its
outlook that may be of interest to the investment community.
CONTACT:
GREG McANDREWS &
ASSOCIATES
Gregory A.
McAndrews
(310) 804-7037
greg@gregmcandrews.com
SOURCE Beneficial Holdings Inc.
