Novation Holdings (NOHO) Announces Three Month Revenue Growth for Receivables Operations
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BOCA RATON, FL -- (Marketwired) -- 07/09/14 -- Novation Holdings (OTCBB: NOHO) (PINKSHEETS: NOHO) today announced that its controlled subsidiary, Focus Gold Corporation (OTCQB: FGLD), has obtained a nearly 100 percent revenue increase for three consecutive months. Gross collections of $36,283 were achieved in April, $73,383 in May and $144,127 in June of this year, resulting in total gross collections of $253,793 for the calendar quarter ending June 30. The two FGLD subsidiaries maintain an office near Buffalo, New York, and plan to expand the New York office and to open additional offices in South Carolina and Florida in the next few months.
Management attributes the significant growth rate to the application of systematic collection methodology and the intelligent leverage of technology, coupled with a dedicated team effort. Marco Mckithen Senior Vice President, Collections for Focus Gold Financial Corp., stated: "Our system is the key to our success; everything we do is calculated and measured, making it very scalable. Proving our system these last few months has strengthened our use of capital and we look forward now to the significant growth that will occur."
According to Miguel Guzman, Senior Vice President of Personnel Development, "The collection subsidiaries now employ a staff of 23, which will increase to 32 by mid-August, and with a goal of 100 by year end." Novation Holdings has provided the seed capital to FGLD to prove the operating model and is now working to provide the capital needed to expand the proven model significantly over the next six months.
The business and retail collection industry employs more than 450,000 people nationwide through more than 4,000 separate collection agencies and in the commercial side alone, more than $150 billion in debt was placed with collection agencies in 2011, resulting in more than $40 billion in collections. FGLD expects to add more employees to both of its corporate divisions and is actively seeking roll-up targets in both retail and commercial collection markets.
About Novation Holdings, Inc.
Novation Holdings, Inc. is a publicly trade holding company which holds controlling interests in several publicly-traded operating companies, including Focus Gold Corporation, and also operates an Internet Service Provider in a wholly-owned subsidiary, Burgoyne Internet Services, Inc., and a public company administrative and financial services support company in a second wholly-owned subsidiary, Novation Consulting Services, Inc.
About Focus Gold Corporation.
Focus Gold Corporation is an exploration stage issuer focused on the acquisition and development of mining properties in the US, Canada, Ireland and Mexico. In December 2013, it acquired a controlling interest in two companies engaged in commercial and retail receivables management, as an additional business model.
FORWARD LOOKING STATEMENT
Certain statements contained herein and subsequent oral statements made by and on behalf of Novation Holdings, Inc. may contain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are identified by words such as "intends," "anticipates," "believes," "expects," and "hopes" and includes, without limitation, statements regarding Novation Holdings, Inc.'s plan of business operations, product research and development activities, anticipated revenues and expenses and potential contractual arrangements and obligations. Also, our management may make forward-looking statements orally to investors, analysts, the media and others. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These risks and others are included from time to time in documents we file with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on our future results. Accordingly, you should not place undue reliance on these forward-looking statements. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company undertakes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov.
Contact: Novation Holdings, Inc. Media Department Attention: Todd Wier firstname.lastname@example.org
Source: Novation Holdings, Inc.
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