Red Bank, NJ, November 30, 2023 — VeeMost Technologies, Inc. formerly, Global Developments Holdings, Inc. (OTC: GDVM), a publicly listed innovative cloud/cybersecurity global solutions and digital transformation services provider with locations in the United States, India, and West Africa, recently posted its third quarter financials on the OTC. With the quarterly report for the period ending 9-30-2023 posted, the company would like to inform shareholders of upcoming expected activities in 2024.
The quarter’s reported income was $835,330.80, a significant decrease from the previous quarter’s $2,383,911.80. The company attributed this decrease to the nature of the technology industry’s purchasing cycles.
For the quarter, the company also recorded a net income loss of $16,368.36 as a result of the decrease in income, a bad debt not collected on, and an increase in contracted labor costs.
Despite these numbers, VeeMost is confident in the company’s future as we have some exciting things coming in 2024.
2024 FORECAST
At present, a significant portion of our revenue comes from the sale of hardware and software licenses and subscriptions. We have mostly relied on manual processes to take orders and fulfill them. Therefore, we are currently working on building an online technology store as a means of streamlining this process and boosting our bottom line. Through this online platform, we will be able to easily display products from our vendors, checking their inventory and stock automatically. Using this platform, we will be able to receive orders and payments from customers, place these orders with our vendors, and track their delivery, all with minimum human intervention. There will be no need for us to maintain inventory. This platform, powered by artificial intelligence, will enhance the user experience, increase efficiency, reduce human error, and increase profitability.
Once the platform is launched, we will enhance marketing efforts to create awareness and encourage existing and potential customers to use it for ordering hardware, software, and licenses. This system is built for growth and can handle thousands of orders a day. It is anticipated that this platform will eventually compete with industry leaders such as CDW and others. We anticipate the launch of this online webstore by the end of Q1 2024.
Update on Cisco Gold Certification
Our final internal review of the Cisco gold partnership revealed that achieving this partnership level is not something that can be accomplished without the necessary automation to handle the workload that is sure to accompany it. Therefore, we set a goal to ensure we have the people, processes, and tools needed to leverage this partner status successfully. Our target date for completing the Cisco gold partnership process is Q3 2024.
Name, Ticker Symbol and CUSIP change
In spite of being approved for a new CUSIP, our initial application to apply it to this stock was denied. Even though we disagree with the reasons for the denial, we will continue to explore this option as we believe it may be necessary to stabilize the stock price. We will keep our shareholders updated on the outcome of this once the status changes.
Minority Status:
As part of the process to receive minority MBE status, the company name was changed to VeeMost Technologies Inc. It should give us an advantage in a few industries, especially in government contracting and large enterprises that promote diversity. Our goal is to complete this status for all states we are registered in by the end of Q1 2024.
Erate
Our expansion into the erate space in 2023 was successful, and we won a number of contracts. In 2024, we anticipate an increase of 20-40% in the number of erate contracts awarded.
Marketing
We plan to significantly increase our marketing efforts by 2024 in order to increase our sales pipeline. Having all automation tools ready will enable us to close more deals and ensure that our customers are satisfied.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimates,” “projects,” “intends,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company’s ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company’s control.
