LOS ANGELES, Aug. 23, 2011 /PRNewswire/ - Horiyoshi Worldwide, Inc. (OTCBB:HHWW.ob - News) announces its financial results for the six months ended June 30, 2011. For the six months ended June 30, 2011 the company saw revenues increase from the corresponding six months of June 30, 2010 by 76%. The company focused its efforts in Q2 2011 on further building brand recognition, developing its distribution capabilities and designing innovative new products.
Revenues for the nine months ended September 30, 2011 are projected to increase 29% over the nine months ended September 30, 2010 figures.
Mitsuo Kojima, CEO of Horiyoshi Worldwide, Inc. had this to say about Q2, June 30, 2011, "We continue to remain highly focused on implementing our strategic plan to build Horiyoshi Worldwide into a successful international brand. With our current product line there is a great deal of seasonality in our reported revenues and earnings. As we develop our new product lines this seasonality will fade and we will be in a position to build on every quarter. Our company continues to assemble the infrastructure necessary to create a dynamic platform for growth. We have received a great deal of attention for our design innovation and the quality of our clothing and strongly believe that the goodwill we have created will open doors for our new product lines. Our company also continues to develop a number of new channels to distribute our collections and increase recognition of the Horiyoshi brand. We believe in the coming quarters there will be many new opportunities and we are positioning our company in every way to take advantage of them".
The company plans to implement the following strategic initiatives in the upcoming quarters:
• Development of our new collections aimed at significantly larger markets, which will alleviate the seasonality of our earnings;
• Introduction of our first retail store in London, England dedicated to the distribution of the Horiyoshi collection.
• The roll out of the new Heroes and Demons line aimed at mass market distribution;
• Growth of our new Online Store during Q3 and future quarters;
Raymond Catroppa, CFO of Horiyoshi Worldwide, Inc. added this "The new initiatives the company is executing will deliver value for investors for many years to come. The founders and the management of Horiyoshi Worldwide, Inc. have made a commitment to position our company to build a successful brand, grow the revenue base and attain financial profitability. Our company will continue to make the investments that are necessary to increase shareholder value for the future".
About Horiyoshi Worldwide Inc.
Horiyoshi Worldwide Inc., designs, manufactures, and markets Horiyoshi the Third - a luxury clothing and accessories product line based on the artistry of World renowned Japanese Tattoo Artist, Yoshihito Nakano (Horiyoshi III). The Company is rapidly expanding its distribution platform and its products are being marketed worldwide. The Horiyoshi the Third Collection has been featured in leading fashion publications such as the New York Times, Vogue, Harper's Bazaar, Marie Claire, Stylist Magazine, You Magazine, International Herald Tribune, Tatler Magazine, the Los Angeles Times, Anotherman Magazine, and Style.com.
Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, HHWW's ability to design and manufacture its products, the ability of the products to gain market acceptance, and the difficulties faced by an early stage retail fashion company in the competitive retail fashion industry. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the Company's recent current reports on Form 8-K, our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other periodic and current reports filed from time to time with the Securities and Exchange Commission.
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