Sortis Holdings Results for Second Quarter 2020
Portland, OR, Aug. 18, 2020 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Sortis Holdings, Inc. (OTC PINK: SOHI), a diversified investment firm, today announced results for the second quarter of 2020. For the quarter ending June 30, 2020, Sortis Holdings reported total revenue of $1,232,656 and a net income of $586,958 or around $0.04 earnings per share.
Management Commentary
Jef Baker, President and Chief Executive Officer, stated: “Sortis Holdings now has a stable, growing level of assets under management that provide a predictable and ongoing source of revenue. Since the sale of our Bank in 2017 and the subsequent building of our Company, we have back-to-back quarters of profitability, and our business continues to grow. While the current impact of COVID-19 on our economy is devastating, we are built for a distressed environment. Our experience through the Great Recession has not only validated the efficacy of our conservative approach in our Fund Management practices, but has also allowed us to launch the Sortis Rescue Fund during the second quarter focused on acquiring distressed assets.”
Recent Developments
In July 2020, Sortis announced the second quarter returns for its Sortis Income Fund, a real-estate debt fund, which produced net, annualized yields to investors of 10.2%. The Sortis Income Fund is an unleveraged mortgage fund, which focuses on short-term notes that are collateralized by real estate.
During the second quarter Sortis Holdings completed the acquisition of Rudy’s Barbershop out of bankruptcy, bringing ownership back to its roots in the Pacific Northwest. The acquisition was made in connection with the Sortis Rescue Fund, private investments and resulted in an ownership stake for Sortis Holdings.
“What intrigued us most beyond the investment itself was the opportunity to help preserve an iconic Seattle business and the culture it represented,” says Executive Chairman Paul Brenneke. “It’s these small to mid-sized companies with unique visions and customer experiences that can thrive in a new era of retail post-pandemic.”
As exciting as the results of the second quarter have been, to-date in the third quarter we have completed a second acquisition out of bankruptcy, Bamboo Sushi, which previously received backing from the Bain Capital Double Impact and Kitchen Fund. “We are thrilled to bring our team’s experience, ideas, and energy to the Bamboo Sushi brand,” said Paul Brenneke. “Bamboo Sushi was built on a thoughtful approach to dining, food sourcing, and growth. It had poor timing for its rapid growth opening four restaurants in the months prior to the pandemic’s global economic impact, but it’s the kind of company that we believe will survive and thrive in a post-pandemic world.”
About Sortis Holdings, Inc.
Sortis Holdings, Inc. (OTC PINK: SOHI) is a leader in diversified alternative investment strategies. Focused on real estate, distress and rescue opportunities, and high potential consumer-focused private equity, Sortis leverages creative thinking to create ecosystems in which all partners align under common goals for gain. Top priorities include capital protection and the long-term economic growth and revitalization of the Pacific Northwest. In the most harrowing economic climate of the digital age, Sortis continues to innovate, manifest opportunity, and create meaningful returns for its partners and investors. *Returns are based on un-audited financial results.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Sortis Holdings, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Sortis Holdings’ ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Sortis Holdings’ and Sortis Income Fund’s disclosure documents and filings.This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. Any offer will be made only by means of an offer memorandum. This announcement is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction other than the United States.
Read the full press release on Yahoo Finance.
Photo by Sean Benesh