FXIT (OTCBB: FXIT), a leading online provider of foreign exchange, or FX, trading and related services for non–U.S. residents, today issued a corporate update.
As a fully reporting entity, it is the goal of Forex International Trading (FXIT) to be as transparent as possible by continually providing shareholders and investors with information on the goals and any progress of the Company as well as provide disclosure with respect to the Company's financials.
Corporate Goals
The Company will continue to focus on the following goals:
- Continue to organically grow its offshore trading platform
- Rollout a Forex trading platform for U.S. residents
- Identify and acquire or invest in companies that may:
- Increase product mix
- Increase customer base
- Increase revenues
- Reduce costs
Milestones Achieved
Through 2010 and into 2011 the Company has achieved various milestones:
- During 2011, the Company moved its offshore trading operations (Triple 8) to a larger facility to allow it to hire more people to grow the business. The Company believes it will begin to see the results of this expansion in the 3rd quarter of this year. Through May 31, 2011, Triple 8 has experienced:
- Year-over-Year Volume is up 156%
- Year-over-Year Trades are up 106%
- Year-over-Year Average Monthly traders is up 143%
- The Company's goal is to have a legal platform to rollout for U.S. residents during the 3rd Quarter of 2011. As part of its expansion efforts in the last three months the Company has actively interviewed candidates to fill the roles of President and Chief Financial Officer as well as replacing its auditors with auditors based in New York City that will have a greater global presence and capabilities. The Company anticipates a new auditing firm will take over during the 3rd quarter of 2011.
- The Company is presently in the process of completing the planned acquisition of Forex New York City LLC and has entered into a Letter of Intent to acquire up to 51% of Paragonex. The goal of the Forex New York City acquisition, if and when consummated, is to add an education product to its existing platform as well as a base of operations for expansion into the United States. The Paragonex acquisition, if and when consummated, should increase product mix and reduce operating costs.
Consolidated Financials
As previously reported, the Company had consolidated revenues of $3.19 million with consolidated EBITDA for the first quarter of $128,000. As part of its ongoing reporting, the Company has been, and anticipates continuing the reporting of its monthly metrics, which provides statistics of trading volume, number of trades and active traders.
Recent Trading Activity
The Company also comments on recent trading activity and stock price decline. The Company's fundamental business strategy and future prospects have not changed in the last few weeks and is on pace to well exceed last year's revenues. The Company believes that its stock is undervalued at these prices and will continue to keep an “open line” with its shareholders so that they are informed as to the Company's operations and results.
“We are still in the beginning stages of building shareholder base and shareholder value. We are excited about our growth and we will continue to strive in becoming a contender in the Forex markets. It has always been important that we remain transparent with the investment community and our shareholders regarding our growth strategy and financial achievements and we will continue to do so,” commented Darren Dunckel, CEO of Forex International Trading.
Currently rated 2.3 by 3 people
- Currently 2.333333/5 Stars.
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