Small Cap Company located in the B.V.I. announces East End OneMart Super Store is 80% Complete, and Expected to Open by End of Calendar Year, 20% Increase in Revenue for OM Holdings International, Inc. (OTC: OMHI)
Profitability Continues Amid COVID with Ongoing Expansion in the Caribbean Grocery and Retail Product Sales: OM Holdings International, Inc. (OTC: OMHI)
OMHI an owner and operator of super merchandising stores in the Caribbean, today announced its two stores under construction is anticipated to be completed and open; one by year-end and the second store, by the second quarter of 2022. The Fat Hogs Bay (East End BVI) store, which comprises 22,000 square feet, is approximately 80% completed: the sub level and the main floor structure are complete, the elevator shafts have been installed and the build out of the store is expected to soon commence. The Fat Hogs Bay store is a unique retail location with a substantial amount of selling space with total accessibility for disabled customers. The store will occupy a main floor and a sub level: 12,000 square feet of the main level will be devoted to produce, meat and dairy, household goods, laundry supplies and general merchandise, including personal products and health and beauty aids. The sub level will display furniture, appliances, and household goods.
On May 20, 2021, the company announced the formation and start of construction of OM Builders Depot Store in British Virgin Islands. This store, located in Road Town in Port Purcell, Tortola, BVI, is approximately 20% complete. The sand silos are completed. The 15,000 square foot store, which also has outside acreage, is for building materials; including hardware, tools, home appliances, cement products, paint, plumbing supplies and other products and services required by builders and contractors. The store will also sell rebars, gravel, sand, and blocks. The store will service contractors and builders. OM Builders Depot will open by the second quarter of 2022.
The company’s first store, One Mart, reported revenue for the fiscal year ended August 31, 2020 of $28 million dollars and $1.5 million in net profit. Founded in 1986, OneMart has grown over the years to be the second largest store in the British Virgin Islands. OneMart company remained steady even during the 2020/2021 covid-19 pandemic.
“Although the pandemic has slowed down the availability of building materials, we are still confident we will open the store in December and be ready for the Christmas holidays,” said Mark Vanterpool, CEO of OMHI, “I would like to thank all the local vendors and contractors who have been extremely helpful during the pandemic so we can open in December 2021. We are incredibly pleased with our progress, which is thanks to our great management team. We are aggressively looking at several additional sites for new stores.”
On May 18, 2021, OMHI announced it had completed a reverse Merger and had become profitable with the acquisition of OneMart, the second-largest grocery and merchandise store in BVI.
– Operator of Successful, OneMart Grocery in the British Virgin Islands.
– Revenue for Year ended December 31, 2020 of $28 Million with $3.8 million in Operating Profits. Consistent Year Over Year Growth Since 1986.
-Uber-, Grubhub-, and Instacart-like Platform to Uniquely Satisfies the Needs of Local On-Demand Economies (LODE) in the Caribbean.
– Continued Profitability Reported in Third Quarter/Nine Months Results.
– 5-Year LODE-TECH Contract with Jamaica’s Largest Taxicab Union.
– Construction of New 34,000 Sq. Ft. Super Store Underway.
OM Holdings International, Inc. (OTC PINK:OMHI) operates a multi-tenant on-demand technology platform for the delivery of goods and services throughout the Caribbean from a single mobile app. OMHI vertically integrates contactless delivery of these essentials, while simultaneously providing multi-modal transportation.
OMHI was formed through the fusion of Rydeum, an on-demand technology platform founded by Mark Hannah in 2019, and OneMart, a 35-year-old grocery store founded by Mark Vanterpool in 1986. The OMHI technology subsidiary, Rydeum partnered with Jamaica’s largest taxicab union (12,000 drivers) in 2021. This segment provides an Uber-, Grubhub-, and Instacart-like platform which uniquely satisfies the needs of local on-demand economies (LODE) in the Caribbean. The OMHI storefront and essential goods subsidiary, OneMart is the second largest grocery provider in the British Virgin Islands. This segment offers groceries, home goods, electronics, furniture, and some building supplies – just like Walmart. It sells wholesales products to restaurants and hospitality venues and caters to retail customers as well.
– OMHI Reports Continued Profitability in Third Quarter/Nine Months Results
On July 20th OMHI announced its results for the third quarter, which ended on May 31, 2021.
Although government pandemic regulations were put into effect during the first quarter, OMHI retained all employees and was able to fully-service all customers, either in-store or via delivery, and provide them with the high-quality goods and services they expect from OneMart.
OMHI greatly expanded its marketing initiatives during the third quarter and nine months ended May 31, 2021 and is already seeing increases in its business from these programs, especially in the charter boat and luxury yacht market; historically, this is the largest expansion program undertaken by the company.
During the nine months ended May 31, 2021, OMHI announced the construction of two new stores in the British Virgin Islands; in addition to these new stores OMHI management is considering four additional sites for new superstores. With its technology subsidiary Rydeum Caribbean and its new stores, OMHI has seen the largest expansion program in company history. Management anticipates increased revenue from these activities by the end of the fiscal 2022.
THIRD QUARTER/NINE MONTHS RESULTS
– OMHI nine months sales performance compared to fiscal year ended August 31, 2020, was lower by 4% despite the negative effects of Covid-19 pandemic on the economy during the nine months reporting period. The third quarter reflected less than 1% difference. This demonstrates the resilient nature of the business even during such a pandemic.
– For the third quarter ended May 31, 2021, sales revenue reached $7,361,292 as compared to $7,421,909 for the same prior year period; for the nine months ended May 31, 2021, revenue reached $20,629,528 as compared to $21,493,749 for the same prior year period.
– The net Income for nine months which exceeded $1 million, reflected a 5% decrease over the previous year because of the COVID pandemic effect.
– For the nine months ended May 31, 2021, shares were 47,101,422, as compared to 44,400,596 the same prior year period.
– 5-Year LODE-TECH Contract with Jamaica’s Largest Taxicab Union (JUTA) with 12,000 Drivers
On July 13th OMHI announced its first business to business (B2B), Local On-Demand Technology (LODE-TECH) contract with the largest taxicab company in Jamaica. Rydeum Caribbean, Inc., which was acquired from Rydeum Technologies, is developing a platform to connect multiple established businesses with local consumers through an on-demand mobile app.
Rydeum Caribbean, Inc. has a regional exclusive software license and IT managed services agreement with Rydeum Technologies, Inc., based in Atlanta, GA. These exclusive agreements allow Rydeum Caribbean, Inc. to efficiently launch LODE-TECH in 27 additional Caribbean countries at a fairly rapid pace. Rydeum Technologies, Inc. is in the process of applying for three U.S. patents for a novel decentralized architecture which will have the ability to power multiple Local On-Demand Economies, allowing numerous local businesses to onboard and many customers to obtain transportation, delivery, and professional services via a single mobile app.
OMHI will vertically integrate Local-On Demand Economy (LODE) technologies to power the purchase and delivery of retail merchandise and services for all of its customers. Via the app DoGetGo, customers will be able to shop OMHI superstores and the company’s Builders Depot from their phones and have these purchases delivered. It supports less expensive ordering and delivery from restaurants which have struggled to profitably offer delivery services. The app also enables people, both residents and visitors, to get around by car.
In Jamaica, Rydeum executed a 5-year contract with the Jamaican Union of Travelers Association (JUTA), a not-for-profit organization based in Montego Bay. JUTA, founded in 1960 with 50 drivers, now boasts 12,000 drivers. Rydeum Caribbean will receive a percentage of gross bookings from JUTA that is typical for mobile app providers in the transportation industry. Rydeum’s relationship with JUTA will position the company to expand beyond transportation into delivery and other professional services that require drivers in Jamaica.
The Rydeum platform can be adapted for many business-to-consumer (B2C) and peer-to-peer (P2P) business needs, and OMHI intends to approach third-party vendors in Jamaica to expand the use of DoGetGo throughout the country.
– OMHI Five-Year Growth Plan
Over the last several months the OMHI management team and board of directors have put a five-year growth plan in motion, and expects to build and open additional stores, not only in the BVI, but throughout the Caribbean. The locations being considered are all in densely populated areas, and OMHI expects some of the new stores to be much larger than its first store. These retail centers will also serve as logistic hubs throughout the Caribbean. These logistics hubs will help to reduce consumer prices for the 42.7 million residents of the Caribbean.
OMHI is also exploring the possibility of expanding into building materials to give retail and commercial customers additional products and services. The OMHI philosophy is that store sales are driven by empowering people to access products of all kinds through physical purchases and technology.
The OMHI management team, based in the Caribbean and in the United States, comprises professionals who have spent on average 20 years in the business and know how to build stores from first shovel to opening, on time and within budget, and their expertise in buying in greater volumes and high quality consistently satisfies our customers. This will also add value to the OMHI bottom line.
As Covid-19 accelerated worldwide demand for contactless payments, and over the next 12 months OMHI expects to combine contactless logistics technology with its retail business to vertically integrate a LOCAL ON-DEMAND ECONOMY (LODETECH) within the Caribbean and other underserved markets.
OMHI customers will be able to open an app on any mobile device, place an order for pick up or delivery. The convenience factor is a major marketing tool. OMHI will take charge of the supply chain, manage all logistics and associated costs to bring lower cost goods to island nations in the Caribbean. OMHI envisions its LODETECH as a single platform for the provision of a comprehensive and ever-expanding range of direct services.
For more information on OM Holdings International, Inc. (OMHI) visit: https://omholdingsinc.com.
DISCLAIMER: CAP/FrontPageStocks/CorporateAds.com (CA) is a third-party publisher and news dissemination service provider. CAP/FPS/CA is NOT affiliated in any manner with any company mentioned herein. CAP/FPS/CA is a news dissemination solutions provider and is NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. CAP/FPS/CA’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release or opinion of the writer. CAP/FPS/ CA is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. CAP/FPS/CA has been compensated $500 by a third party for dissemination of this article.
These news releases and postings may contain forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.