CONROE, TX / ACCESSWIRE / March 6, 2020 / Custom Protection Services Inc. (OTC PINK:CSPS) (“Custom Protection”, “CSPS”, or the “Company”), an emerging leader in the tailored security and protection services marketplace, is pleased to announce the release of the Company’s 2019 Annual Report (the “Report”), which includes financial statements for the years ended December 31, 2018 and December 31, 2019.
“It was just October of last year when we brought in a new team with a new vision targeting a new market,” commented George Rutherford, President of Custom Protection. “Before the close of the year, we had already set in motion substantial commercial operations in the security and protection market, landing our first client contracts, and booking our first appreciable revenues. This year, we have already surpassed what we accomplished in 2019. But the closing quarter of last year will always stand out as the period when the foundation was laid for this Company’s rebirth and future success.”
Included in the Report is the Statements of Operations and Comprehensive Loss for the year ended December 31, 2019 and December 31, 2018, which shows revenues of $112,194 for the year ended December 31, 2019 (which compares with revenues of $0 for the year ended December 31, 2018).
All revenues cited in the Report were booked during the final quarter of 2019, after the Company announced that it would no longer be focused on the power generation market and would instead transition into a security solutions and risk management services company. In addition, from December 31, 2018 to December 31, 2019, Cash, Accounts Receivable, and Total Assets all increased significantly, and Total Liabilities decreased significantly.
Rutherford continued, “Custom Protection Services was really brought into existence just a few months ago. We have well-established momentum already in place because we have a unique growth model and a great deal of domain specific expertise. Our initial quarter of results has established a new trajectory for this Company, and we’re excited about proving that this success was really just the tip of the iceberg.”
About Custom Protection Services Inc.
Custom Protection Services Inc. is a Delaware incorporated company with head offices in Conroe, Texas. It offers a comprehensive portfolio of security and protection services which can be tailored to meet specific needs and situations. Services offered include personal protection, risk analysis, crisis response, guidance & strategic planning, maritime protection, travel security, legal investigation and POA security programs. Client contracts range from hourly to yearly depending on the type of service being provided. The Company can fulfill any client contract by utilizing a network of specialized consultants. Management has 100+ combined years of experience conducting security and protection operations.
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Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Custom Protection Services Inc.’s filings with OTC Markets, which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Custom Protection Services Inc.
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