Novation Holdings (OTCQB: NOHO) today announced that its controlled subsidiary, Focus Gold Corporation (OTCQB: FGLD), has reported a net operating profit from its two controlled operating subsidiaries, Focus Gold Commercial Resolution, Inc. and Focus Gold Financial Corp. for the first three months of operations, through February 28, 2014. FGLD is controlled by NOHO through a Series A Convertible Preferred Stock with voting power equal to 55 percent of all voting stock of FGLD. The two FGLD subsidiaries maintain an office in Buffalo, New York, and plan to expand the New York office and to open additional offices in South Carolina and Florida in the next few months. Focus Gold Financial Corp. is focused on the retail collections market, and Focus Gold Commercial Resolution is focused on the commercial recovery market. Combined revenues for the two subsidiaries for the first three months of operations exceeded $50,000, with net operating revenues of $28,000.
The business and retail collection industry employs more than 450,000 people nationwide through more than 4,000 separate collection agencies and in the commercial side alone, more than $150 billion in debt was placed with collection agencies in 2011, resulting in more than $40 billion in collections. FGLD expects to add more employees to both of its corporate divisions and is actively seeking roll-up targets in both retail and commercial collection markets.
About Novation Holdings, Inc.
Novation Holdings, Inc. is a publicly trade holding company which holds controlling interests in several publicly-traded operating companies, including Focus Gold Corporation, Crown City Pictures, Inc. (OTC Pink: CCPI) (PINKSHEETS: CCPI) and others, and also operates an Internet Service Providers (ISP in a wholly-owned subsidiary, Burgoyne Internet Services, Inc., and a public company administrative and financial services support company in a second wholly-owned subsidiary, Novation Consulting Services, Inc.
About Focus Gold Corporation.
Focus Gold Corporation is an exploration stage issuer focused on the acquisition and development of mining properties in the US, Canada, Ireland and Mexico. In December 2013, it acquired a controlling interest in two companies engaged in commercial and retail receivables management, as an additional business model.
FORWARD LOOKING STATEMENT
Certain statements contained herein and subsequent oral statements made by and on behalf of Novation Holdings, Inc. may contain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are identified by words such as "intends", "anticipates", "believes", "expects", and "hopes" and includes, without limitation, statements regarding Novation Holdings, Inc.'s plan of business operations, product research and development activities, anticipated revenues and expenses and potential contractual arrangements and obligations. Also, our management may make forward-looking statements orally to investors, analysts, the media and others. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These risks and others are included from time to time in documents we file with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on our future results. Accordingly, you should not place undue reliance on these forward-looking statements. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company undertakes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the Company. The Company's SEC filings are available at http://www.sec.gov.
Contact:
Novation Holdings, Inc.
Media Department
Attention: Todd Wier
media@novationholdings.com
SOURCE: Novation Holdings, Inc.
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