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NEWS
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News |
FRONTERA ANNOUNCES
MAY 2009 REVENUES
San Diego, CA, July 15, 2009 -
Frontera Investment, Inc. (OTC:FRNV) has announced an increase of 33
percent, or $764,500, in revenue for its nine stores in operation
for May 2009, up from $574,400 for its six stores in operation for
May 2008.
Earnings before interest, taxes, depreciation, and amortization
(EBITDA) for May 2009 increased 168 percent to $88,149, or $9,794
per store for the nine stores, up from $32,846, or $5,474 per store,
for Frontera’s six stores the previous May.
In addition, audits of Frontera’s historical financial statements
for the 2006 and 2007 calendar years were recently completed, which
resulted in an unqualified opinion for both of those years. Frontera
Investment, Inc. has engaged the same firm to audit its financial
statements for the 2008 calendar year.
“After the reverse merger that was completed in March 2008, the
Company has pursued the goal of becoming a full reporting Company
with the Securities Exchange Commission,” Allan Youngberg, CFO of
Frontera Investment, Inc., said. “Upon completion of the 2008 audit,
we will be in a position to file the necessary documents to achieve
that goal.”
Frontera Investment Inc.’s primary target market, the Hispanic
market, is currently estimated at 40 million customers. Over half of
those consumers do not use any form of banking service. In addition,
of all the households in the United States, approximately 35 percent
either do not use a banking service or they use alternative
financial services, positioning Frontera Investment, Inc. as a prime
option for consumers in those markets.
Frontera, which currently operates 10 stores in California, opened
its tenth and latest full-service store, in Vista, California, on
July 8. The company is currently in the process of raising capital
to acquire and open two additional stores in Southern California
during calendar year 2009.
Forward-Looking Statements:
Such forward-looking statements are subject to a number of risks,
assumptions and uncertainties that could cause the Company's actual
results to differ materially from those projected in
such forward-looking statements. These risks, assumptions and
uncertainties include the ability to complete expansion within
currently estimated time frames and budgets; the ability to compete
effectively in a rapidly evolving and price competitive marketplace;
ability to raise capital to support its growth strategy; changes in
business strategy; and the successful integration of newly acquired
businesses.
Please forward any inquiries to:
Allan Youngberg, CFO
Frontera Investment, Inc.
IR@fronterainvestment.com
858.549.7061
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