Profitable Caribbean Conglomerate OM Holdings International, Inc. (OTC: OMHI) Opens First Dockside Marina Store in Tortola, BVI
Profitable Caribbean Conglomerate OM Holdings International, Inc. (OTC: OMHI) Opens First Dockside Marina Store in Tortola, BVI
OneMart Dockside is Located in the Largest Charter Yacht Marina in BVI
Store Expected to Open in 1st Quarter of 2022
Fourth New Store Under Construction Since May 2021
OMHI today announced a 25-year-lease of a building at Wickham’s Cay II in Road Town, Tortola, BVI.
The existing building will require remodeling, which is anticipated to be completed by December 2021, in time for an expected robust charter yacht tourist season. The store is located at the entrance of Wickham’s Cay II, within a five-minute walk of the largest charter yacht marina in the Caribbean, the Moorings and BVI Yacht Charters Group. The Moorings marina has slips for more than 300 catamarans and yachts of all sizes.
The location of the new dockside marina store (the “Store”) is in the center of the city carriage way. The Store will provide goods and services for visitors, for residents and for people who work at the marina and nearby offices in Road Town. The Store will occupy 6,000 square feet and will carry every grocery product available at OneMart, plus general merchandise mariners and yacht crews may need. The Store will also offer a full line of fresh baked goods and coffee and freshly made sandwiches.
“As I have announced previously, our business plan calls for a major expansion of new stores and the development of new store concepts,” said Mark Vanterpool, CEO of OMHI. “To date we now have two stores under construction, our flagship store is having a good year despite the Covid-19 pandemic, and our first Builders Depot and convenience stores are nearing completion.”
“Our management team has years of experience in the provision of the pleasure craft industry in the Caribbean, and we are leveraging this experience as we examine potential locations for new community stores, particularly near busy marinas in the region, which are seeing strong bookings post pandemic for the 2021/2022 season,” Mr. Vanterpool added. “We believe there are huge opportunities for our company [“OM Holdings International Inc. “] in the Caribbean, and the larger we become the better able we are to take advantage of economies of scale and use our buying power to continually bring lower-priced goods and services to the communities where we do business. This increased buying power also means we can make our product mix more diverse and provide our customers with products heretofore unavailable in the region.”
With its new technology subsidiary Rydeum Caribbean, Inc and its new stores, the nine months ended May 31, 2021, has seen the largest expansion program in company history. Management anticipates increased revenue from these activities by the end of 2021.
– Operator of Successful, OneMart Grocery in the British Virgin Islands.
– Revenue for Year ended December 31, 2020 of $28 Million with $3.8 million in Operating Profits. Consistent Year Over Year Growth Since 1986.
– Uber-, Grubhub-, and Instacart-like Platform to Uniquely Satisfies the Needs of Local On-Demand Economies (LODE) in the Caribbean.
– Continued Profitability Reported in Third Quarter/Nine Months Results.
– 5-Year LODE-TECH Contract with Jamaica’s Largest Taxicab Union.
– Construction of New 34,000 Sq. Ft. Super Store Underway.
OM Holdings International, Inc. (OTC PINK:OMHI) operates a multi-tenant on-demand technology platform for the delivery of goods and services throughout the Caribbean from a single mobile app. OMHI vertically integrates contactless delivery of these essentials, while simultaneously providing multi-modal transportation.
OMHI was formed through the fusion of Rydeum, an on-demand technology platform founded by Mark Hannah in 2019, and OneMart, a 35-year-old grocery store founded by Mark Vanterpool in 1986. The OMHI technology subsidiary, Rydeum partnered with Jamaica’s largest taxicab union (12,000 drivers) in 2021. This segment provides an Uber-, Grubhub-, and Instacart-like platform which uniquely satisfies the needs of local on-demand economies (LODE) in the Caribbean. The OMHI storefront and essential goods subsidiary, OneMart is the second largest grocery provider in the British Virgin Islands. This segment offers groceries, home goods, electronics, furniture, and some building supplies – just like Walmart. It sells wholesales products to restaurants and hospitality venues and caters to retail customers as well.
– OMHI Reports Continued Profitability in Third Quarter/Nine Months Results
On July 20th OMHI announced its results for the third quarter, which ended on May 31, 2021.
Although government pandemic regulations were put into effect during the first quarter, OMHI retained all employees and was able to fully-service all customers, either in-store or via delivery, and provide them with the high-quality goods and services they expect from OneMart.
OMHI greatly expanded its marketing initiatives during the third quarter and nine months ended May 31, 2021 and is already seeing increases in its business from these programs, especially in the charter boat and luxury yacht market; historically, this is the largest expansion program undertaken by the company.
During the nine months ended May 31, 2021, OMHI announced the construction of two new stores in the British Virgin Islands; in addition to these new stores OMHI management is considering four additional sites for new superstores. With its technology subsidiary Rydeum Caribbean and its new stores, OMHI has seen the largest expansion program in company history. Management anticipates increased revenue from these activities by the end of the fiscal 2022.
THIRD QUARTER/NINE MONTHS RESULTS
– OMHI nine months sales performance compared to fiscal year ended August 31, 2020, was lower by 4% despite the negative effects of Covid-19 pandemic on the economy during the nine months reporting period. The third quarter reflected less than 1% difference. This demonstrates the resilient nature of the business even during such a pandemic.
– For the third quarter ended May 31, 2021, sales revenue reached $7,361,292 as compared to $7,421,909 for the same prior year period; for the nine months ended May 31, 2021, revenue reached $20,629,528 as compared to $21,493,749 for the same prior year period.
– The net Income for nine months which exceeded $1 million, reflected a 5% decrease over the previous year because of the COVID pandemic effect.
– For the nine months ended May 31, 2021, shares were 47,101,422, as compared to 44,400,596 the same prior year period.
– 5-Year LODE-TECH Contract with Jamaica’s Largest Taxicab Union (JUTA) with 12,000 Drivers
On July 13th OMHI announced its first business to business (B2B), Local On-Demand Technology (LODE-TECH) contract with the largest taxicab company in Jamaica. Rydeum Caribbean, Inc., which was acquired from Rydeum Technologies, is developing a platform to connect multiple established businesses with local consumers through an on-demand mobile app.
Rydeum Caribbean, Inc. has a regional exclusive software license and IT managed services agreement with Rydeum Technologies, Inc., based in Atlanta, GA. These exclusive agreements allow Rydeum Caribbean, Inc. to efficiently launch LODE-TECH in 27 additional Caribbean countries at a fairly rapid pace. Rydeum Technologies, Inc. is in the process of applying for three U.S. patents for a novel decentralized architecture which will have the ability to power multiple Local On-Demand Economies, allowing numerous local businesses to onboard and many customers to obtain transportation, delivery, and professional services via a single mobile app.
OMHI will vertically integrate Local-On Demand Economy (LODE) technologies to power the purchase and delivery of retail merchandise and services for all of its customers. Via the app DoGetGo, customers will be able to shop OMHI superstores and the company’s Builders Depot from their phones and have these purchases delivered. It supports less expensive ordering and delivery from restaurants which have struggled to profitably offer delivery services. The app also enables people, both residents and visitors, to get around by car.
In Jamaica, Rydeum executed a 5-year contract with the Jamaican Union of Travelers Association (JUTA), a not-for-profit organization based in Montego Bay. JUTA, founded in 1960 with 50 drivers, now boasts 12,000 drivers. Rydeum Caribbean will receive a percentage of gross bookings from JUTA that is typical for mobile app providers in the transportation industry. Rydeum’s relationship with JUTA will position the company to expand beyond transportation into delivery and other professional services that require drivers in Jamaica.
The Rydeum platform can be adapted for many business-to-consumer (B2C) and peer-to-peer (P2P) business needs, and OMHI intends to approach third-party vendors in Jamaica to expand the use of DoGetGo throughout the country.
– OMHI Five-Year Growth Plan
Over the last several months the OMHI management team and board of directors have put a five-year growth plan in motion, and expects to build and open additional stores, not only in the BVI, but throughout the Caribbean. The locations being considered are all in densely populated areas, and OMHI expects some of the new stores to be much larger than its first store. These retail centers will also serve as logistic hubs throughout the Caribbean. These logistics hubs will help to reduce consumer prices for the 42.7 million residents of the Caribbean.
OMHI is also exploring the possibility of expanding into building materials to give retail and commercial customers additional products and services. The OMHI philosophy is that store sales are driven by empowering people to access products of all kinds through physical purchases and technology.
The OMHI management team, based in the Caribbean and in the United States, comprises professionals who have spent on average 20 years in the business and know how to build stores from first shovel to opening, on time and within budget, and their expertise in buying in greater volumes and high quality consistently satisfies our customers. This will also add value to the OMHI bottom line.
As Covid-19 accelerated worldwide demand for contactless payments, and over the next 12 months OMHI expects to combine contactless logistics technology with its retail business to vertically integrate a LOCAL ON-DEMAND ECONOMY (LODETECH) within the Caribbean and other underserved markets.
OMHI customers will be able to open an app on any mobile device, place an order for pick up or delivery. The convenience factor is a major marketing tool. OMHI will take charge of the supply chain, manage all logistics and associated costs to bring lower cost goods to island nations in the Caribbean. OMHI envisions its LODETECH as a single platform for the provision of a comprehensive and ever-expanding range of direct services.
For more information on OM Holdings International, Inc. (OMHI) visit: https://omholdingsinc.com.
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