Titan Electronics Continues to Leverage High-Growth Business Model with New Customers
November 16, 2007
Titan Global Holdings, Inc. (OTCBB:TTGL), a high-growth diversified holding company, today announced a record $2.4 million in shipments in October for the Company's Electronics division. Titan Electronics generated revenues of $6.9 million for the fourth fiscal quarter of 2007, a 15% percent increase from the division's third fiscal quarter of 2007.
The announcement follows Titan's recent acquisition of the various secured debt and equity instruments held with the assets of Nexus Nano Electronics, Inc. ("Nexus"). Titan intends to exercise its legal rights as its lender to obtain ownership of Nexus' assets. Titan will combine Nexus with the operations of its Titan Electronics Group, creating synergies and efficiencies to growth. Titan Electronics Group includes its legacy PCB divisions of Titan PCB East and Titan PCB West.
The Company's Board of Directors has authorized a definitive strategic plan to spin-off Titan's Printed Circuit Board manufacturing business to its shareholders, creating a new, more strategic independent public entity. The spin-off allows the Company to accelerate strategic transaction flow at all divisions.
According to Management, a spin-off would be accomplished through the pro rata dividend of 100% of Titan EG, a wholly-owned subsidiary of Titan, to all shareholders of record on the record date set by Titan. The Company will file a Form 10 with the Securities and Exchange Commission and will apply for admission to the NASDAQ stock exchange of Titan EG.
"The PCB business units continue to expand their market share through high quality work and customer service," said Curtis Okumura, President of Titan's Electronics Division. "We continue to gain operational efficiencies and reduced operating costs and lead times during this surge of shipments. Our sales team, led by Mike Kadlec and Saul Kennedy, has added over 19 new customers in October, usually a seasonally slow month. Mike Berg and the team at PCB East achieved over $1 million in shipments and revenues in October and kept selling, general and administrative costs constant. This will result in improved profitability in the division."
"Performance gains in our business units continue to strengthen Titan Global Holdings," said Bryan Chance, President and Chief Executive Officer of Titan Global Holdings. "These improvements coupled with recent acquisition of the debt and equity instruments of Nexus will position this division for success as an independent company. We are continuing to explore opportunities to grow this and our other divisions through strategic acquisitions and continued organic efforts."
Titan's Electronics Division includes Titan PCB East, Inc. and Titan PCB West, Inc. These companies specialize in the manufacturing of advanced circuit boards and other high tech products for military and high-tech clients.
About Titan Global Holdings
Titan Global Holdings is a diversified holding company with a dynamic portfolio of subsidiaries spanning international telecommunications, electronics and homeland security, consumer products and energy resources. Through our nine wholly-owned subsidiaries, we take advantage of valuable synergies between our subsidiaries to maximize revenue growth, internal development and strategic acquisitions. In fiscal 2006 Titan generated in excess of $109 million in revenues on a consolidated basis and projects fiscal 2008 revenues up to $747 million. Titan's operating divisions include the following:
Titan's Telecommunications Division addresses a range of high-growth markets in the telecommunications, wireless and mobile segments. Companies include Oblio Telecom, Inc., the second largest publicly-owned company focused on the international prepaid telecommunications segment, StartTalk, Inc., Pinless, Inc., Titan Wireless Communications, Inc. and Ready Mobile.
The Titan Global Energy Division aggregates traditional and next-generation energy and fuel assets that can provide significant opportunities for growth in one of the world's largest and most critical markets.
Titan Global Brands integrates, protects and expands brand management capabilities to leverage and optimize growth across Titan's worldwide distribution channels. We own or manage more than 100 brands that are distributed through efficient, overlapping and expansive distribution channels.
Titan Card Services capitalizes on the burgeoning multibillion dollar international prepaid money transfer sector. The Card Services division provides a seamless brand extension for Titan's growing family of prepaid products, currently sold through a nationwide network of more than 71,000 retailers.
Titan's Electronics and Homeland Security Division includes Titan PCB East, Inc. and Titan PCB West, Inc. These companies specialize in the manufacture of advanced circuit boards and other electronic products for classified military and defense department customers, and other high-tech clients.
For more information, please visit: www.titanglobalholdings.com or http://www.b2i.us/irpass.asp?BzID=1314&to=ea&s=0.
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Safe Harbor Statement Under the Private Securities Litigation Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of TTGL could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.
