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TULSA, OK, Feb. 14, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – Ladybug Resource Group, Inc.; (OTC PINK: LBRG) ("Ladybug" or the "Company"), proudly announces financial results for its wholly-owned subsidiary Growhouse Nutraceuticals Ltd., during the twelve months ending December 31, 2023. The company is reporting revenues totaling USD $3,296,000 million, marking a substantial increase from the reported revenues of USD $2,064,000 million for the same period in the prior year. For the fiscal year ended December 31, 2023, the company achieved net income of $160,000, a significant turnaround from the net loss recorded during the corresponding period in the prior year. The fourth quarter and year-end results are expected to be released in the next four weeks.
Highlighting its quarterly performance, Growhouse Nutraceuticals Ltd. demonstrated strong growth in 2023. Poised for further growth, the Company anticipates achieving double-digit sequential quarterly revenue growth for the fiscal year ending December 31, 2024.
Various strategic initiatives, including introducing new product lines, strategic acquisitions, and the remarkable success of the eCommerce NutraBuddy platform, have significantly expanded the company. Growhouse Nutraceuticals Ltd. remains steadfast in its commitment to online marketing and sales, leveraging its innovative products that blend nutritional and pharmaceutical elements to offer consumers holistic health benefits. In an era where health and wellness consciousness are on the rise, coupled with an aging population's demand for natural and preventive health solutions, the nutraceutical industry has experienced a surge in popularity. This trend has been further amplified by the convenience of e-commerce platforms, which provide consumers with easy access to a diverse array of nutritional options from the comfort of their homes.
Alan Fetzer, Chairman and CEO of Ladybug Resources, proudly commented on the financial results, "We are pleased to report these results to our shareholders, and we look forward to a remarkable 2024, which we believe will reflect the hard work and the foundation we have put in place."
Stay updated with the latest announcements by visiting our websites at https://ladybugnutratech.com and https://growhousenutraceuticals.com or via social media channels.
Safe Harbor for Forward-Looking Statements: This news release contains forward-looking statements which are not statements of historical fact. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes,” “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include but are not limited to changes in general economic and financial market conditions. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.