Multi Company Billion Dollar Valuation Creator Bob Barbieri hired as OMHI’s new COO
Operator of Successful, OneMart Grocery in the British Virgin Islands.
Revenue for Year ended December 31, 2020 of $28 Million with $3.8 million in Operating Profits. Consistent Year Over Year Growth Since 1986.
Uber-, Grubhub-, and Instacart-like Platform to Uniquely Satisfies the Needs of Local On-Demand Economies (LODE) in the Caribbean.
Continued Profitability Reported in Third Quarter/Nine Months Results.
5-Year LODE-TECH Contract with Jamaica’s Largest Taxicab Union.
Construction of New 34,000 Sq. Ft. Super Store Underway.
DoGetGo App Launch Event Expected to Be Scheduled within the Next 30 Days
Debit Cards are Expected to be Issued to 200 JUTA Members at Launch Event Allowing Service to Immediately Begin in Montego Bay
Remaining 11,800 JUTA Members are Expected to be Added Progressively After Launch Event
OM Holdings International, Inc. (OTC PINK:OMHI) operates a multi-tenant on-demand technology platform for the delivery of goods and services throughout the Caribbean from a single mobile app. OMHI vertically integrates contactless delivery of these essentials, while simultaneously providing multi-modal transportation.
OMHI was formed through the fusion of Rydeum, an on-demand technology platform founded by Mark Hannah in 2019, and OneMart, a 35-year-old grocery store founded by Mark Vanterpool in 1986. The OMHI technology subsidiary, Rydeum partnered with Jamaica’s largest taxicab union (12,000 drivers) in 2021. This segment provides an Uber-, Grubhub-, and Instacart-like platform which uniquely satisfies the needs of local on-demand economies (LODE) in the Caribbean. The OMHI storefront and essential goods subsidiary, OneMart is the second largest grocery provider in the British Virgin Islands. This segment offers groceries, home goods, electronics, furniture, and some building supplies – just like Walmart. It sells wholesales products to restaurants and hospitality venues and caters to retail customers as well.
OMHI appoints Bob Barbieri as Chief Operating Officer. Bob Barbieri is a finance and operations partner who leverages his experience, knowledge and skills as a Chief Financial Officer, Board Member/Advisor, Chief Executive Officer and Chief Operating Officer to help growth-stage technology, software/SaaS/cloud, services and healthcare IT companies in the USA.
Mr. Barbieri is a Partner at TechCXO and was Senior EVP and CFO Operations and Performance Officer at Lawson Software, where he positioned the firm as the world’s third-largest public ERP company; he led Lawson through its IPO process, which achieved more than $2 billion in valuation. After Lawson, Mr. Barbieri was the Chairman and Chief Executive Officer/Chief Financial Officer at Bravais Analytics, a cloud SaaS platform. He also served as VP and CFO at Apogee, a $1 billion+ NASDAQ glass coatings and service technologies company, and as Controller at Air Products, a $10 billion public company. Mr. Barbieri is a board member of the Investment Committee of Ascension St. Thomas Healthcare. He earned his MBA in Finance/Corporate Strategy and his BS in Accounting at Drexel University
“We are growing at an incredible clip, and Bob Barbieri brings us the experience we need to manage our current growth while planning its next phase,” said Mark Vanterpool, CEO of OM Holdings International. “We have five stores currently under construction, and Bob’s role will be to make sure we finish all of these stores on schedule and within budget, and that we begin driving revenue at each store by year-end. We are thrilled to have someone with such extensive public equities experience helping guide us as we grow beyond the British Virgin Islands and become a regional retail and technology enterprise and public entity.”
“I think the OM Holdings business model is outstanding and exactly what the Caribbean needs, both for its residents and visitors,” said Bob Barbieri. “The growth potential of this story, which combines a decentralized B2C Local On-Demand Technology (LODE-TECH) Platform with a bricks-and-mortar operation, is unlimited. I look forward to opening the new stores, and I am confident with the help of this stellar management team that we will develop and implement an expansion plan that takes OMHI across the Caribbean.”
OMHI Reports Continued Profitability in Third Quarter/Nine Months Results
On July 20th OMHI announced its results for the third quarter, which ended on May 31, 2021.
Although government pandemic regulations were put into effect during the first quarter, OMHI retained all employees and was able to fully-service all customers, either in-store or via delivery, and provide them with the high-quality goods and services they expect from OneMart.
OMHI greatly expanded its marketing initiatives during the third quarter and nine months ended May 31, 2021 and is already seeing increases in its business from these programs, especially in the charter boat and luxury yacht market; historically, this is the largest expansion program undertaken by the company.
During the nine months ended May 31, 2021, OMHI announced the addition of 2 new stores, in addition to these new stores OMHI management is considering four additional sites for new superstores. With its technology subsidiary Rydeum Caribbean and its new stores, OMHI has seen the largest expansion program in company history. Management anticipates increased revenue from these activities by the end of the fiscal 2022.
THIRD QUARTER/NINE MONTHS RESULTS
OMHI nine months sales performance compared to fiscal year ended August 31, 2020, was lower by 4% despite the negative effects of Covid-19 pandemic on the economy during the nine months reporting period. The third quarter reflected less than 1% difference. This demonstrates the resilient nature of the business even during such a pandemic.
For the third quarter ended May 31, 2021, sales revenue reached $7,361,292 as compared to $7,421,909 for the same prior year period; for the nine months ended May 31, 2021, revenue reached $20,629,528 as compared to $21,493,749 for the same prior year period.
The net Income for nine months which exceeded $1 million, reflected a 5% decrease over the previous year because of the COVID pandemic effect.
5-Year LODE-TECH Contract with Jamaica’s Largest Taxicab Union (JUTA) with 12,000 Drivers
On July 13th OMHI announced its first business to business (B2B), Local On-Demand Technology (LODE-TECH) contract with the largest taxicab company in Jamaica. Rydeum Caribbean, Inc., which was acquired from Rydeum Technologies, is developing a platform to connect multiple established businesses with local consumers through an on-demand mobile app.
OMHI will vertically integrate Local-On Demand Economy (LODE) technologies to power the purchase and delivery of retail merchandise and services for all of its customers. Via the app DoGetGo, customers will be able to shop OMHI superstores and the company’s Builders Depot from their phones and have these purchases delivered. It supports less expensive ordering and delivery from restaurants which have struggled to profitably offer delivery services. The app also enables people, both residents and visitors, to get around by car.
In Jamaica, Rydeum executed a 5-year contract with the Jamaican Union of Travelers Association (JUTA), a not-for-profit organization based in Montego Bay. JUTA, founded in 1960 with 50 drivers, now boasts 12,000 drivers. Rydeum Caribbean will receive a percentage of gross bookings from JUTA that is typical for mobile app providers in the transportation industry. Rydeum’s relationship with JUTA will position the company to expand beyond transportation into delivery and other professional services that require drivers in Jamaica.
The Rydeum platform can be adapted for many business-to-consumer (B2C) and peer-to-peer (P2P) business needs, and OMHI intends to approach third-party vendors in Jamaica to expand the use of DoGetGo throughout the country.
Construction of New 34,000 SQ. FT. Super Store on Tortola, British Virgin Islands – Anticipated Opening Before End of 2021
On May 25th OMHI announced it has broken ground on its second location: the construction of its 34,000 square foot supermarket in Fat Hogs Bay (East End) British Virgin Islands (BVI) and will be completed by the end of 2021. The store will be located on 5 acres, which will give OMHI ample room for expansion.
The first OMHI store, OneMart, reported revenue for the year ended December 31, 2020 of $28 million dollars and $3.8 million in operating profits. Since it was completed in 1986 the store has seen year over year growth, even during 2020 during the global Covid-19 pandemic. The first OneMart, located in Road Town in Port Purcell, Tortola, is one of the leading food service providers for residents and tourists, as well as for hotels, restaurants, charter boats and yacht provisioning. OMHI management has developed a plan based on the success of OneMart to open a number of stores throughout the Caribbean.
With construction now underway the OMHI management team is aggressively looking for several additional sites in the Caribbean to build comparable stores. Prior to the virus, BVI alone had 400,000 visitors who stayed an average of seven days; coupled with a population of 50,000 permanent residents, this makes BVI very attractive for growth.
OMHI Five-Year Growth Plan
Over the last several months the OMHI management team and board of directors have put a five-year growth plan in motion, and expects to build and open additional stores, not only in the BVI, but throughout the Caribbean. The locations being considered are all in densely populated areas, and OMHI expects some of the new stores to be much larger than its first store. These retail centers will also serve as logistic hubs throughout the Caribbean. These logistics hubs will help to reduce consumer prices for the 42.7 million residents of the Caribbean.
OMHI is also exploring the possibility of expanding into building materials to give retail and commercial customers additional products and services. The OMHI philosophy is that store sales are driven by empowering people to access products of all kinds through physical purchases and technology.
The OMHI management team, based in the Caribbean and in the United States, comprises professionals who have spent on average 20 years in the business and know how to build stores from first shovel to opening, on time and within budget, and their expertise in buying in greater volumes and high quality consistently satisfies our customers. This will also add value to the OMHI bottom line.
As Covid-19 accelerated worldwide demand for contactless payments, and over the next 12 months OMHI expects to combine contactless logistics technology with its retail business to vertically integrate a LOCAL ON-DEMAND ECONOMY (LODETECH) within the Caribbean and other underserved markets.
OMHI customers will be able to open an app on any mobile device, place an order for pick up or delivery. The convenience factor is a major marketing tool. OMHI will take charge of the supply chain, manage all logistics and associated costs to bring lower cost goods to island nations in the Caribbean. OMHI envisions its LODETECH as a single platform for the provision of a comprehensive and ever-expanding range of direct services.
For more information on OM Holdings International, Inc. (OMHI) visit: https://omholdingsinc.com.
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Media Contact
Company Name: OM Holdings International, Inc.
Contact Person: Mark Vanterpool CEO
Email: Send Email
Phone: 305-901-1497
Address:1221 Brickell Ave, Suite 900
City: Miami
State: FL 33131
Country: United States
Website: https://omholdingsinc.com/
