Onfolio Holdings Inc. Reduces Costs to Provide More Streamlined and Efficient Operations
October 26 2023 - 8:00AM
Onfolio Holdings Inc. (Nasdaq: ONFO, ONFOW) (the "Company" or
"Onfolio") announces it has implemented a number of cost-reducing
measures designed to optimize operations and create greater
financial efficiencies throughout the Company, including within its
subsidiaries.
Dominic Wells, Onfolio’s Chief Executive
Officer, stated, “As a growing company, we regularly evaluate and
adjust our corporate spending so we can continue to operate as an
efficient organization. The measures we are announcing today, along
with the potential acquisitions we will make with the $1 million
raised last week and additional capital we seek to raise, will
bring us significantly closer to profitability.”
The Company’s cost reductions included headcount
reductions, the elimination of roles that no longer served
efficient operations, and the combination of some existing roles.
Headcount was maintained in those roles that contribute to
Onfolio’s revenue generation. In addition, significant savings were
obtained from merging two business lines and successfully
re-negotiating certain substantial services agreements.
Altogether, the Company expects these cost
reductions to save approximately $1 million per year.
About Onfolio Holdings Inc.
Onfolio acquires, manages, and optimizes a
diversified portfolio of digital companies. It buys businesses that
are in sectors with long-term growth opportunities, have positive
and stable cash flows, face minimal threats from competitors or
emerging technology, and have strong management teams or can
effectively be managed by the Onfolio team. The Company finds
acquisition targets where the business potential is not yet
maximized and adds increased value by leveraging its experience,
skillset, and the latest tools and technologies. For more
information, visit www.onfolio.com.
Safe Harbor Statement
The information posted in this release may
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. You can identify
these statements by use of the words “may,” “will,” “should,”
“plans,” “explores,” “expects,” “anticipates,” “continues,”
“estimates,” “projects,” “intends,” and similar expressions.
Examples of forward-looking statements include, among others,
statements we make regarding expected operating results, such as
revenue growth and earnings, and strategy for growth and
financial results. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict
and many of which are outside of our control. Our actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not rely
on any of these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: general economic and business
conditions, effects of continued geopolitical unrest and regional
conflicts, competition, changes in technology and methods of
marketing, delays in completing new customer offerings, changes in
customer order patterns, changes in customer offering mix,
continued success in technological advances and delivering
technological innovations, delays due to issues with outsourced
service providers, those events and factors described by us in Item
1.A "Risk Factors" in our most recent Form 10-K and other
risks to which our Company is subject, and various other factors
beyond the Company’s control. Any forward-looking statement made by
us in this press release is based only on information
currently available to us and speaks only as of the date on which
it is made. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Company Contact:Derek McCarthyInvestor
CommunicationsOnfolio Holdings IncInvestors@Onfolio.com
Investors Relations:Bret ShapiroCORE
IRbrets@coreir.com516-222-2560
Media:Kati WaldenburgCORE
IRkatiw@coreir.com516-222-2560
Onfolio (NASDAQ:ONFOW)
Historical Stock Chart
From Oct 2024 to Nov 2024
Onfolio (NASDAQ:ONFOW)
Historical Stock Chart
From Nov 2023 to Nov 2024