New York, NY, April 11, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Global Arena Holding, Inc. (the “Company”) (OTC Markets: GAHC), a growth oriented, acquisition minded company, focused on specific niche markets offering exponential growth — is pleased to announce that the Company has filed its 10-K, and is excited to share a few highlights which will support management efforts at assisting its subsidiary, Global Election Services, Inc. (“GES”), further its expansion into government elections.
Management reported that revenues for the 12 months ended December 31, 2020 were $641,629, compared to $477,773 for the 12 months ending 2019 – a roughly 34% increase for the period. Management also reported $308,223 in ‘Deferred Revenue’ for the year ending December 31, 2020; expected to be earned during 2021. For the 12 months ending 2019, the Company had reported 'Deferred Revenue' of just $40,500. This increase speaks largely to the growing demand for GES’s election services, even during the Covid-19 pandemic.
Management also reported an important, but easily overlooked item, in that the Company extinguished $622,767 of convertible notes and $199,189 of accrued interest in Q1 of 2021. As reflected in the Subsequent Events footnote to the financial statements, the Company entered into a note settlement agreement, paying $25,000 in cash, and issuing 75,000,000 shares of common stock to the noteholder. Given the conversion features on the extinguished notes, along with the accrued interest, this settlement is potentially accretive to the balance sheet and should lend to further building shareholder confidence.
“There are several successes that can be gleamed from our 10-K, including GES expanding its track record by entering the private government election space, where GES successfully completed the Statewide Presidential Primary for North Dakota Democratic-NPL. I believe it was important to highlight revenue growth and debt reduction as the key points to be aware of,” stated John S. Matthews, Chairman of GAHC. “Coverage of these two items helps establish a narrative around the sincere attention we place on our fiscal health, as well as our absolute intention to build a fundamentally sound company.”
“There is a lot to be proud of, particularly those events born from our 2020 successes and we look forward to taking full advantage of all the opportunities they may bring us in 2021. I would like to thank our shareholders for their support, and I especially want to thank our staff, and outside vendors who continued administering elections under the most difficult of environments caused by the Covid-19 pandemic, and continued working, and improving the reputation of GES.”
As always, management recommends reading the full 10K in its entirety and contact the Company with any questions.
For more information on these and other developments, please visit the Company’s website at: http://GlobalArenaHolding.com,where you can also access all SEC filings, as the Company continues to pursue a more effective investor relations initiative.
Global Arena Holding, Inc. trades on the OTC Markets, under the ticker symbol GAHC. The Company has been publicly traded since 2011 and holds a number of interests, including Global Elections Services, Inc., Tidewater Energy Group Inc., and GAHI Acquisition Corp. Please find the Company’s filings at SEC.gov
Owned by Global Arena Holding Inc., GES provides comprehensive technology-enabled election services to organizations such as craft and trade organizations, labor unions, political parties, co-operatives and housing organizations, associations and professional societies, universities, pension funds and credit unions, and entertainment organizations. GES senior management has been supervising elections since 1981, having managed more than Eight Thousand Six Hundred (8,600) election projects involving over Forty Million (40,000,000) voters, certifying each labor election with the U.S. Department of Labor. The primary method of voting for GES elections is Paper Mail Ballots. No election supervised by GES or its senior management has ever been overturned by the U.S. Department of Labor. Management has an extremely strong reputation in the market and a very extensive, longtime customer list. Our mission is to help our clients conduct efficient, accurate, secure and less costly elections with greater participation. As a viable independent third party managing each election, we work to increase methods and rates of participation while maintaining the One Voter = One Vote Integrity that our management team has been committed to for nearly 4 decades.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, the company. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.
Global Arena Holding, Inc.
208 East 51st St.
New York, NY 10022