August 31, 2020
Posts seventh consecutive profitable year; Annual revenue up 43% over 2020
SAN DIEGO, CA – August 31, 2020 – Trucept Inc. (OTC Pink: TREP) has released its updated financials for Q2 2020. The company has experienced five consecutive quarters of profitability and projects $400 million in annual payroll processing in 2020 with 40 percent gross profit equating to $8.4 million (25 percent net profit equating to $5.8 million, respectively). Additionally, Trucept reported revenues of $4.9 million in June (an increase from $2,295,165 in Q1) and a gross profit of $2,884,115 (an increase from $1,334,266 in Q1).
2020 AND BEYOND OUTLOOK
Trucept is projecting business valued at $412 million in 2020 that will increase to $516 million with a 12 percent CAGR. Projections for Trucept are as follows:
- 2020 gross profit – $11.2 million, net profit: $7.8 million
- 2021 gross profit – $12.6 million, net profit: $8.8 million
- 2022 gross profit – $14 million, net profit: $9.8 million
CAPTIVE INSURER
Trucept plans accelerated growth through the set-up of an insurance captive. This will increase annual payroll processing and extended capabilities. With the addition of segregated captive cells through the parent, an end-to-end business solution could be expected within 18 months. The company will then be in a position to provide a host of reliable services by under the Business Outsourcing market segment including a paycheck processing company, insurance agency, insurance company via a captive, and a third-party administrator (TPA) that manages all claims. Trucept, by establishing this array of business solutions, will enhance its prospective revenue in premiums and collateral reserves.
PROFESSIONAL SERVICES
Trucept’s professional services help businesses navigate growth. The company’s professional services now encompass the following:
- Marketing, technology, and Accessibility Act compliance services
- Insurance offerings and third-party administrator (TPA) services
Payroll - Tax administration
- Human resources and management
- Employee benefits administration
- Accounting support
- Safety and risk management
For additional information, visit www.trucept.com
About Trucept Inc.
True solutions, today and tomorrow: Trucept Inc. helps organizations focus on growing their business. With a dedicated suite of powerful tools and services designed to put business owners in charge of running their businesses and increasing efficiency, Trucept tackles a variety of important administrative needs and provides a host of value-added advantages.
For more information, call 858-798-1620 or visit https://trucept.com
Disclaimer
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.
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