CHARLOTTE, N.C., Feb. 02, 2022 (GLOBE NEWSWIRE) — LiveToBeHappy, Inc. (OTCM: CAVR, soon to be LTBH) (“LiveToBeHappy” or the “Company”), a platform company that acquires undervalued assets and professionally manages them, today announced several updates, demonstrating meaningful momentum in the Company’s growth strategy.
- The Company issued its audited financial statements for fiscal years 2019 and 2020, completed by the independent accounting firm of HoganTaylor, the last major step in the uplisting process, with the expectation of being uplisted to the OTCQB no later than the second quarter of fiscal year 2022.
- LiveToBeHappy has undergone a major transformation of the business over the last two years, from generating $8 million in revenue in fiscal 2020, to what is currently being forecasted as $20-$25 million for fiscal 2022.
- As outlined in 2021, five of the seven acquisitions have been completed and the Company is in the final stages of the due diligence process on the final two companies under Letter of Intent (LOI), with expected closure in the first half of 2022.
- DRIP Fitness will expand its offering and recently acquired exclusive patent rights for a revolutionary new exercise bike that enables injured patients to remain active with no additional pain. This product, to be branded as the DRIP Bike, will be released in conjunction with the patent pending DRIP Climber.
- The Company signed a lease and plans to open its new corporate headquarters in Charlotte, N.C. in the first quarter of 2022.
Fiscal 2022 Outlook
Kevin Vincent Cox, Chief Executive Officer of LiveToBeHappy, commented, “We are making significant progress on the integration of our acquired companies, while continuing to evaluate additional opportunities where we believe we can provide professional management experience and create sustainable long-term value. We are very optimistic about the remaining companies we have under LOI as we approach the conclusion of our due diligence. We are also very excited about the completion of the financial audit for fiscal years 2019 and 2020, the last major step in our uplisting process to the OTCQB. The forthcoming uplist is expected to help increase the overall visibility to LiveToBeHappy’s value proposition.”
Cox concluded, “For fiscal year 2022, we expect consolidated revenue to be in the range of $20-$25 million and adjusted EBITDA to be between $2-$5 million. We are encouraged by the contribution from, and synergies provided by, the numerous brands we have added to our portfolio throughout the last few quarters. With several of Sinacori’s large projects underway, we have started the year with significant momentum and anticipate the second quarter of 2022 to be a meaningful inflection point in the Company’s transformation. Finally, our new headquarters in Charlotte, North Carolina is indicative of our business expansion and the confidence we have in our growth plan as we continue to build lives not just places to live. I look forward to sharing our progress throughout 2022 with all of our stakeholders.”
Grant Edwards, Chief Financial Officer of LiveToBeHappy, commented, “The completion of the 2020 and 2019 audit is a huge milestone for us. This validation by an independent accounting firm shows our commitment to good process and sound financial reporting. These audited financial statements will provide the foundation for our future financial reporting.”
About LiveToBeHappy, Inc.
LiveToBeHappy, Inc. is a platform company that acquires undervalued assets and professionally manages them. LiveToBeHappy Inc.’s wholly owned subsidiary, Sinacori Builders, is a residential land development and custom single- and multi-family home builder in Charlotte, N.C. LiveToBeHappy, Inc. has two remaining pending acquisitions under Letters of Intent which are expected to transform the Company into a vertically integrated real estate development company with a broader footprint and more diversified revenue stream. The Company’s mission is to build lives, not just places to live. For more information, please visit our website at www.livetobehappy.com.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. With these statements, there is no assurance that the acquisitions under letter of intent will close. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect actual results, new information, future events, or changes in assumptions, except as required by law.
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