Alentus Net Income Increases by 40 Percentage Points Over Prior Year First Quarter
July 6th, 2011 | Published in Areti Web Innovations
LAS VEGAS, NV–(Marketwire – Jul 6, 2011) – Alentus Corporation (PINKSHEETS: ALNS), an internet solution provider of web hosting, domain registration, dedicated servers, SaaS and E-Commerce hosting, today announced its financial results for the quarter ended March 31, 2011.
Alentus is pleased to report net income of $137,870 or 11% of $1,204,550 in revenue for the quarter ended 2011, a 40% total gain over net income of $(467,260) or (29%) of $1,610,196 in revenue for the prior year first quarter. The Company also reports EBITDA of $169,340. The increase in net income is primarily due to decreased interest expense and a one time gain on settlements. The revenue decrease from the prior year is substantially due to the sale of the UK subsidiary. Full results can be found in the Company’s filings at www.otcmarkets.com.
|Qtr end Mar 31, 2011||Qtr end Mar 31, 2010|
“The first quarter of 2011 marked solid improvement upon our stated goals of growing the business and improving our balance sheet,” said William King, CEO. “By launching our new brand, Areti.com, we are growing our business by meeting the demands of our customer base by helping them market and promote their websites,” King added.
The Company has also announced that the net debt on the balance sheet decreased by $831,000 in the past quarter through certain investors converting debt into series C-2 Preferred stock. The C-2 Preferred stock has a conversion price of .06 per share.
“We are pleased that our investors continue to show confidence in our Company by converting their debt into equity,” King added.
Alentus Corporation is a multinational, US based, Internet focused solution provider with a network of data and network operations center facilities in Canada and the US. The company provides a wide range of Internet based solutions under several brands. Under these brands Alentus provides solutions that include Microsoft Windows hosting, Linux hosting, Sharepoint hosting, SQL and mySQL database hosting, Microsoft Exchange Hosting, Virtual Private Servers (VPS), dedicated server solutions, colocation, and domain name registration to thousands of small- to medium-sized companies and customized solutions to larger organizations including many Fortune 500 clients.
The statements made in this press release, which are not historical facts, may contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company’s operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company’s dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.