Drake Gold Resources Inc. (DKGR:OTC) files its Quarterly Report for the Period Ended September 30th.
November 24 2014 - 10:09AM
InvestorsHub NewsWire
November 24, 2014 - InvestorsHub NewsWire - Drake Gold
Resources Inc. (DKGR:OTC)
is pleased to announce that it has filed its quarterly report with
OTC Markets Group Inc. for the period ended September 30th
which includes its financial statements. The overall,
financial position of the company has improved pursuant
to the dramatic increase in revenues, profits and liquidity
relative to previous quarters.
Revenues of $741,469 were strong this quarter caused by a
robust, wholesale appetite for Universal Apparel's textiles. The
demand for Universal Apparel’s product continues to
remain strong for the upcoming quarter as we are in negotiations
with many, new wholesalers. However, the net profit for the
quarter was relatively low because of both the sudden
increase in material prices as well as higher labor costs in our
overseas factories. We see this as an anomaly and do not expect
this to continue in coming quarters.
Mr. Kabir, newly appointed CEO of Drake Gold Resources Inc.
(DKGR:OTC),
is pleased with the financial statements and states, “ This
is Universal Apparel’s 2nd quarter as a wholly-owned
subsidiary of Drake Gold in which we continued with
both revenue growth and profitability. Our customers remain
pleased with both our quality products and delivery times and, as a
result, have indicated that they will place additional orders
with Universal Apparel.”
Updates will be forthcoming.
This release includes forward-looking statements, which are based
on certain assumptions and reflects management’s current
expectations. These forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results
or events to differ materially from current expectations. Some of
these factors include: general global economic conditions; general
industry and market conditions, sector changes and growth rates;
uncertainty as to whether our strategies and business plans will
yield the expected benefits; increasing competition; availability
and cost of capital; the ability to identify and develop and
achieve commercial success; the level of expenditures necessary to
maintain and improve the quality of services; changes in the
economy; changes in laws and regulations, including codes and
standards, intellectual property rights, and tax matters; or other
matters not anticipated; our ability to secure and maintain
strategic relationships and distribution agreements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise
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