SAN DIEGO, CA – May 26, 2020 – Dalrada Financial Corp. (OTC Pink: DFCO) today announced the release of its quarterly financial earnings for the month ending March 31, 2020. Amid global business disruption from COVID-19, Dalrada Financial Corp. recorded revenues of $351,324 for the quarter compared to $34,407 for the same period 2019. A summary of Q3 2020 highlights include:
920% revenue increase compared to the same period in 2019 – evidence of major advances despite a significant slowdown due to the worldwide pandemic.
Completed acquisition of Shark Innovative Technologies Corp., adding capabilities in product development and subject-matter expertise in antimicrobial and antiseptic solutions.
Launch of GlanHealth Sanitizing and Disinfectant products and services with annual commitments from large customers and distributors.
Acquired 72% of Prakat Solutions Inc. through a stock purchase agreement, offering IT and technology engineering services to healthcare, food and services, insurance, technology, and product development customers in India, North America, and the European Union.
Higher operating expenses required to support development of sales, operations, and engineering teams for future growth that will generate positive results in upcoming quarters.
The company’s momentum was significantly impacted due to the lockdown, particularly production of the Likido machines, advances in VIA clinical studies, manufacturing of precision parts, and stalled orders from existing customers. The GlanHealth product line provided a boost in sales along with existing and recent additions of business opportunities with Prakat Solutions Inc.
“It is an unprecedented time, and we are consistently faced with tough decisions on pushing forward and balancing the safety of our employees which always comes first. Although the beginning of the shutdown was an extreme shock to the system, we continued to push through and remained focused by working remotely and collaboration, avoiding a downsize while instead, growing our staff,” said CEO Brian Bonar.
Bonar continued, “With our diverse portfolio, we are motivated to continue to do our part by developing and offering low carbon, clean energy solutions with increased efficiency and decreased emissions; striving to screen every woman for cervical cancer in low-to-mid income countries; providing safe and effective products that reduce harmful microbials; offering alternative solutions to OEMs for precision parts; and, with the changing times, bringing to the forefront technology and online solutions that meet evolving consumer behaviors that lean more on web-based and remote technologies.”
The company is in the midst of slowly reopening its numerous offices in the U.S., India, and EU by following guidelines from federal and local governments and the CDC to ensure the continuous safety of its employees, customers, and partners.
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About Dalrada (DFCO)
Dalrada Financial Corp. (OTC Pink: DFCO) solves real-world problems by producing innovation-focused and technologically-centered solutions on a global level. Delivering next-generation manufacturing, engineering, and healthcare products and services designed to propel growth, Dalrada is a team of industry experts and an organization built upon a strong foundation of financial capital. The Company and its subsidiaries are positioned for stable long-term growth through intelligent market research, sound business acumen, and established operational infrastructure. For more information, visit www.dalrada.com or call 1-858-283-1253.
About Dalrada Health
A subsidiary of Dalrada Financial Corp., Dalrada Health is focused on solving health problems around the world. The company develops products and services that address the unmet needs of consumers due to accessibility, affordability, or availability. With operations in the U.S., Malaysia, and India, Dalrada Health can reach underserved markets through strong partnerships and the development of efficient supply chains. Dalrada Health is committed to solving universal health problems through improved methodologies resulting in products and services that benefit the global marketplace. For details, visit https://dalradahealth.com
About Likido Limited
Likido is an international technology company developing advanced solutions for the harvesting and recycling of energy. Using its novel heat pump systems (patent pending), Likido is revolutionizing the renewable energy sector with the provision of innovative modular process technologies to maximize the capture and reuse of thermal energy for integrated heating and cooling applications. With uses across industrial, commercial, and residential sectors, Likido seeks to provide cost savings and to minimize carbon emissions across supply chains. Likido’s novel technologies enable the effective recovery and recycling of process energy, mitigating against climate change and enhancing quality of life through the provision of low-carbon heating and cooling systems. For more information, please visit www.likido.net.
About Dalrada Precision
A subsidiary of Dalrada Financial Corp., Dalrada Precision has been focused on solution-based engineering and the customer experience from day one. By continually delivering on its promises, the company has created trust while building mutually-successful long-term relationships. Dalrada Precision is a team of highly-trained and committed individuals that takes pride in solving the unique challenges of a varied customer base and constantly improves and enhances its machining and manufacturing capabilities, ultimately becoming a key strategic partner of many businesses. For more information, please visit www.dalradaprecision.com.
About Prakat Solutions
Prakat Solutions Inc. is a technology solutions company specializing in test engineering, accessibility engineering, product engineering, and application modernization. The company partners with clients to create transparent, value-based relationships by leveraging the extensive experience of its team and by providing innovative solutions in a wide range of technology domains that ultimately enable customers to successfully attain their business goals. The Prakat work culture is based on the belief that, “we believe in what we do; we do what we love.” Prakat is an ISO 9001-certified company with several Fortune 1000 customers. With its main engineering center in Bangalore, India, the company also has offices in Dallas, Texas, Denver, Colorado, and San Diego, CA. The Prakat team provides end-to-end product engineering services across various domains including banking and financial services, telecom, retail, healthcare, manufacturing, legal, and IT infrastructure. For more information, please visit www.prakat.com.
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.