Complete restructuring completed, Fractional Jet Business, Company Fully Operational and Profitable; Profit projection in the $ 800,000 to $2 Million Dollar Range
WEST PALM BEACH, FL / ACCESSWIRE / November 4, 2019 / Flitways (OTC PINK:FTWS) www.Flitways-FTWS.com (corporate web site) and (jet operational web site) www.magellan1.com The Company is providing this news release as a general update to its shareholders and followers. Daniel Sobolowski the Interim CEO and turn around management team said 'October 15, 2018 8k we filed with SEC is a good starting point. https://www.otcmarkets.com/filing/html?id=13008751&guid=WFhSUWNAL3fJk3h That document is self-explanatory. Since that time, FTWS management has made tremendous positive strides. For example:
- FTWS has cut its cash expenses down to virtually zero by relocating its offices with the preferred shareholder.
- FTWS is utilizing the preferred shareholders existing infrastructure (Physical office space, sales team, and clerical staff). This has allowed FTWS to restart the business post-2018 ex-management corporate sabotage (see 8k above)
- FTWS has secured two separate unsecured lines of credit one from the preferred shareholder $150,000 and one from a corporate investor $100,000. This much-needed cash infusion has allowed the company to resume and restructure its operations again.
- Post-2018 8k FTWS departed the car rideshare business. The Company temporarily operated a rental car and yacht charter business in order to maintain continuous operations as it worked out its issues and restructuring logistics.
- The Company has reached a certain consignment agreement allowing it to offer a Challenger private jet as fractional ownership. The Company earns its revenue from the sales it makes from the gross sales of the aircraft
- The Company is working in concert with both the aforementioned financiers and the current jet owners towards owner financing to allow FTWS and or its newly formed operating subsidiary to acquire 100% of the jet rights in ownership. Obviously, this will significantly impact the bottom line of FTWS and return the company to profitability.
- The Company is also currently working towards adding luxury yachts as OEM (white label type program) which will allow it to enter the market and make available for sale to the general public both the yachts and the jets business.
- The Company recently recapitalized its share structure with the Nevada SOS. The Company intends to use the recapitalized shares towards securing these assets and entering the jet and yacht business as aforementioned.
- FTWS expects to be able to secure OTC Markets back-office access codes where its security is currently quoted and to begin filing various documents within the next 10 business days.
- FTWS will shortly name a new management team to its board. One as a consultant in the jet and aviation industry and the other a well-known CEO in the aviation maintenance and luxury & exotic car industry space. FTWS management is of the opinion that moth of these board additions will elevate the company to a new level of profitability and respect.
- FTWS has launched and operates two unique and different web sites www.Flitways-FTWS.com (Corporate web site) and www.magellan1.com The fractional jet sale and Jet Charter web site. In addition, the company communicates through its social media account Twitter Twitter @FTWSFlitways
- The Company co participated with its OEM white label partners in the West Palm Beach Home and Design show on October 18-20 2019 and is currently sharpening its teeth at the currently running Fort Lauderdale Yacht Show Oct 30 to Nov 2, 2019.
- The Company expects to show a no loss and no share increase in its 2019-year end financials and expects to show a good tidy profit between $200,000 to $500,000 in the 1st quarter of 2020.
- One of the nagging questions of our followers is the toxic debt the ex-management involved itself and engaged into. The Company in its 2018 8k disclosed several of these toxic type financiers which the previous management entered into. The current management is pleased to report that 1 of these financiers has been paid out in full. 1 financiers' investment is questionable and legal steps are being taken to prevent any sort of wrongful monetization. See the company web site for this non-newsworthy event and update. The 3rd creditor has agreed by any measurement of accounts a very reasonable win-win type settlement.
- All of these aforementioned settlements acquisitions and corporate maneuvers will be tabled outlined and disclosed in the company's upcoming OTC Markets Adequate Disclosure and Supplemental Updates which will be filed with the OTC Markets as per item #9 above.
- The aircraft is located in the hanger at the Boca Raton FL airport. The new home hub will be West Palm Beach FL.
- In addition to the fractional jet ownership sales, in Q1 in 2020, the Company plans on launching a corporate sales division to cater to industries such as the real estate, insurance and similar type of service-based industries. These firms will be able to purchase 'block of time' at a discounted rate to offer perks to their clients and customers to utilize the Magellan1 and FTWS private aircraft services. All of these additional revenue faucets will greatly improve our bottom line.
- The Company intends to apply with the State of Nevada and other regulatory bodies for a name change and a symbol change to better reflect its new business model
- At this point, the Company has no immediate or near-future plans of conducting any sort of a reverse split and or to disturb its common share corporate share structure.
- The Company projects its 2020 revenues to be in the $2,5 million to $5 Million range with profits in the $ 800,000 to $2 Million per annum.
More updates and filings will be released on a timely basis.
The Company offers weekly seminars on the benefits of fractional jet ownership. The Company invites all of its followers and critics to visit us and our operation center in Florida including the Challenger jet we are currently making available for sale to qualified buyers. Additionally, the company will over the course of the next few weeks/months provide further updates on the above points as they materialize, come to fruition and or crystallize further. The majority of these tasks have either been completed or are in the process of being completed. The anticipated or targeted date is on or before January 1, 2020'.
Information in this news release may contain statements about future expectations, plans, prospects or performance of FTWS that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases 'can be', 'expects', 'may affect', 'believed', 'estimate', 'project' and similar words and phrases are intended to identify such forward-looking statements. FTWS cautions you that any forward-looking information provided by or on behalf of FTWS is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind FTWS's actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond FTWS's control. In addition to those discussed in FTWS's press releases, public filings, and statements by FTWS's management, including, but not limited to, FTWS's estimate of the sufficiency of its existing capital resources, FTWS's ability to raise additional capital to fund future operations, FTWS's ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match FTWS's capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. FTWS does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events
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