LAS VEGAS, May 16, 2011 (GLOBE NEWSWIRE) -- Ideal Financial Solutions, Inc. (OTCQB:IFSL), a fully reporting company listed on the OTCQB, and a creator of various financial products and services for businesses and individuals, has filed its first quarter financials on Form 10-Q with the Securities and Exchange Commission. The full document, including financial statements and management's discussion and analysis, may be viewed online at the SEC's EDGAR website and our corporate site: www.idealfsi.com later today.
"I am pleased to report that Ideal Financial has completed the transition of its core business and that the company has returned to profitability, though nominal," stated Steve Sunyich, CEO, Ideal Financial Solutions. "We have built a foundation that will provide the best possible future for our company and its shareholders through diversification of our business model, more secure payment processing, and a dramatic decrease in our cost per sale."
Sunyich added, "The progress we have made is the direct result of the hard work of our team to improve every aspect of our model and to think of new ways to take our existing product line to bigger and better venues. Our goal for 2011 is to provide our unique services to employee service companies, large employers and lenders of all sizes from micro-loan providers to credit unions and banks."
Financial Highlights:
- After considerable innovation and business diversification the company has returned to profitability with a small net income.
- The company is ostensibly debt free.
- No sale of stock or financing was required to see the company through the transition and establishment of new business development.
- With the transition completed, the business model is fully scalable.
- Aside from the credit card-related fine accrued last year, our balance sheet is in good condition for a technology/service-based company.
- As a result of direct marketing to corporations instead of consumers this quarter, sales have decreased significantly from $2,650,761 for Q1, 2010, to $678,359 -a decrease of $1,972,402 this quarter; however, marketing expenses decreased by an even greater $2,165,739 over the same period, and contributed in a strong way to our improved bottom line.
About Ideal Financial Solutions
Based in Las Vegas, Nevada, Ideal Financial Solutions () provides the education, support and automated tools to create additional cash resources, rapidly eliminate all non-asset-building debt and build financial independence. As a leader in debt relief services, Ideal uses its automated CashFlow Management© tools () and its Credit to Wealth Systems to assist individuals, families and small businesses in building financial independence. To view more information on Ideal's new humanitarian program soon to be launched please visit www.idealgoodness.com. To view a short video demo of our services go to:
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Forward Looking Statements. This release may contain forward-looking statements as well as historical information. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks include, without limitation, the risk that the company's revenues will not continue to grow and that they may not meet projections because of a down turn in its new marketing efforts and that the company will not become, or will be significantly delayed in becoming, a fully reporting company for one or more reasons, including a decision by the company not to pursue fully reporting status, absence of capital or other resources to satisfy compliance status, an adverse action or decision by a regulatory agency or other events. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein.
CONTACT: Ideal Financial Solutions, Inc. Paul Currie 678-772-3456 ir@idealfsi.com www.idealfsi.com www.idealfinancialhr.com