LAS VEGAS, July 21, 2020 (GLOBE NEWSWIRE) — Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., announced today that the financial results for the 2nd quarter ending June 30, 2020, will be published in the coming weeks confirming the Company’s second highest quarterly gross profit to date, despite the imposed temporary shutdown due to the Covid-19 outbreak. Gold production more than doubled in the 1st quarter of 2020, in comparison to the 4th quarter of 2019, due to the higher daily throughput levels and metals extraction efficiencies achieved with the new production facilities that began the operational phase-in process early this year. Additionally, the economies of scale from higher productions levels and lower energy prices both reduced production costs and added to the bottom-line gross profits for the 1st and 2nd quarters. Fortunately, the ramp-up of production near the end of the 1st quarter could not be completed and booked by March 31st and was carried over to the 2nd quarter results, significantly counteracting the financial impact of the mandated government shutdown in April and May. Prior to the repercussions of the pandemic, the Company expected to have its highest production and gross profit to date in the 2nd quarter. Management is now expecting this to be achievable in the 3rd quarter. Based on the preliminary results being finalized for the 2nd quarter of 2020, AABB is updating its annual gross profit budget and is projecting it to exceed $12 million in 2020.
Asia Broadband Inc. (OTC : AABB), through its wholly owned subsidiary Asia Metals Inc., is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Guerrero, Mexico, to our client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of Asia Broadband and differentiates the Company to its shareholders.
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Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.’s (the “Company”) expected current beliefs about the Company’s business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.