Xalles Holdings, a fintech holding company providing technology and financial services solutions, is pleased to announce the highlights from the second quarter disclosures and outlook for the remainder of 2020. Xalles has achieved many milestones during the last quarter and has demonstrated its ability to execute against its overall roadmap.
Q2 Achievements
Xalles Holdings released its Quarterly Report and Financial Statements yesterday on August 19, 2020 for the quarter ending June 30, 2020. Despite the challenges posed by the pandemic and the limited mobility of team members to travel, the second quarter of 2020 was record-setting as Xalles recorded its second consecutive quarter of profitability.
The balance sheet recorded a significant increase in the cash balance at the end of Q2 (greater than $200,000) compared to Q1, which was driven by new loans and equity investments.
During the second quarter, Xalles completed the closing of the Intel365, Inc. acquisition on May 15, 2020, and the Argus Technology Partners, Inc. acquisition on May 31, 2020.
2020 Outlook
Xalles will continue to foster the realization of synergies between the recently acquired companies. Argus Technology Partners is committed to selling the Brick by MinervaWorks and their Managed Services offerings to its channel partners and direct prospects. Intel365 is completing the development of its new background check services which can also be distributed through the Argus sales network.
Xalles is preparing to have a cryptocurrency technology-based trading solution ready to launch before the end of the third quarter, leveraging ATN Trading’s technology platform and the one-year-old partnership Xalles has with ATN. The recent strength in cryptocurrency is extremely favorable for our outlook, given Xalles Capital’s plans to acquire cryptocurrency assets in 2020.
In the third quarter, will invite the first group of fintech company applicants to become part of the Fintech Growth Center Program. This program will provide a unique opportunity to a select group of applicants that allows them to grow their company while under Xalles’ guidance and mentoring which could prime them for continued development and potential future acquisitions.
During the third quarter, will aim to complete the closings for 2 acquisitions previously announced, namely Adaptive Metadata Solutions and 1Rivet Global. Closing these acquisitions could result in a large increase in revenues this year and in 2021, while being transformative to the company. Xalles is also in discussions with a large pipeline of acquisition candidates while it pursues continuing fundraising efforts to support those deals.
Xalles is anticipating that its Reg A public offering will be qualified by the SEC during the third quarter which will give Xalles some flexibility in its fundraising plans going into 2021. The Xalles Holdings strategy also includes a plan to Uplist to the OTCQB (Quotation Board) prior to the end of 2020.
Read More: GlobalFintechSeries Interview with Sean Worthington, President at CloudCoin Consortium
