Mogul Energy International, Inc. (Ticker: MGUY) Unveils Aggressive Cost-Cutting Initiatives to Benefit Shareholders
Source: GlobeNewswireMIAMI, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Mogul Energy International, a distinguished leader in the energy and transportation sector, specializing in transportation, logistics, warehouse consolidation, and distribution services for perishable and time-sensitive cargo, is thrilled to announce significant strides in its strategic endeavor to expedite strengthening its balance sheet in Q1 2024, surpassing its initial objectives originally slated for the latter half of 2024.
Leveraging our inflationary models, we have adeptly mitigated elevated operational expenditures, encompassing the costs associated with trucks and trailers. CEO and Founder Ronen Koubi confidently remarks, "Mogul Energy boasts longstanding contracts resilient even in economic downturns. In fact, we anticipate growth across various segments of our business, with expectations of energy cost reductions in the latter part of the year."
Central to Mogul Energy's Q1 cost-cutting initiatives was a commitment to minimizing short-term price adjustments through our inflationary models. Koubi emphasizes that these short-term concessions are an investment in our long-term prosperity, steering clear of actions that could alienate existing customers during economically challenging periods. "We maintain our unwavering commitment to integrity while focusing on higher-margin divisions, such as our refrigerated warehouses."
These resolute efforts have resulted in a notable $3,000,000 reduction in debt, a development set to directly benefit the organization and its valued shareholders. Koubi, at the helm of Mogul Energy International, underscores this achievement by stating, "Our dedication to enhancing our company's financial standing and creating value for our shareholders is resolute. The reduction of over $3,000,000 in debt marks a pivotal milestone in delivering optimal returns to our shareholders."
Moreover, the debt reduction has catalyzed Mogul Energy's expansion, as previously revealed. The company is presently in the process of augmenting its fleet through the acquisition of 40 trucks, both as a partial upgrade and replacement of older models, ushering in a more efficient and eco-friendly era.
Koubi concludes, "The reduction in debt is universally acknowledged as a commendable strategic move, diminishing risk, fortifying financial stability, and holding the promise of bolstered profitability and heightened shareholder value. We anticipate these measures will generate an upward trajectory as we advance through 2024."
About: Mogul Energy International, Inc.
Mogul Energy International, Inc., through its subsidiaries, provides transportation, logistics, and warehouse consolidation and distribution services for perishable and other time and temperature sensitive type of cargo. It offers refrigerated long haul, regional, and dedicated deliveries for industries that include floral, produce, plants, dairy, poultry, and meats, as well as dry high value commodities.
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Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations and assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Some of these uncertainties include, without limitation, the company's ability to perform under existing contracts or to procure future contracts. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, successful implementation of our business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward-looking statements.
Contact:
Ronen Koubi
305-503-2553
