VHGI Holdings Reports 32% Reduction in Liabilities
VHGI Holdings commented on its latest 10-K filing, which includes its annual financial statements.
According to Jim Renfro, VHGI President, "This company has taken aggressive and significant steps through fiscal 2009 and first quarter 2010 to concentrate on our business plan and our core beliefs to produce a 32% reduction in current liabilities from $3,701,171.00 in 2008 to $2,549,278.00 in 2009. With the guidance of the current board of directors, our strategic direction now more closely resembles that of a holding company."
The strategy going forward is to add to the company holdings through a series of planned acquisitions of oil and natural gas projects, as well as multiple lease holdings containing proven precious metal reserves. Renfro continued, "It is the goal of the company to realize royalty revenue from these projects in 2010, thus increasing profits and continuing to reduce debt."
VHGI will be providing additional updates on recent acquisitions through the company website as well as through future news releases. The company is also planning a town hall meeting to update and advise shareholders of our progress and an overview of our corporate strategies going forward.