Apollo Releases Q2 2014 Results

Hamilton, Bermuda – 24 September, 2014 – In a filing with the Bermuda Stock Exchange (“BSX”), Apollo Enterprise Solutions, Ltd. (“AES”; Tickers: AES.BH & OAL.GR), announces results for the 6 months ended June 30, 2014. The filing read:

“AES was incorporated on 26 September 2012 in Bermuda with the primary objective of offering investors a high growth technology investment opportunity. The Company’s primary listing is on the Bermuda Stock Exchange (AES:BH). It has a secondary listing on the Frankfurt Stock Exchange (OAL:GR) and also listed on the XETRA trading platform (OAL:GY).

Reporting Currency

The Company’s results are reported in US Dollars.

Business Review

AES has largely performed in line with budgeted expectations during the 2nd Quarter of 2014. Revenue for the 2nd Quarter 2014 was $411,766. Revenue in the 2nd Quarter of 2013 was $414,496 and included one-time non-recurring revenue of $100,000 from a customer. The net loss for the 2nd Quarter 2014 was $1,410,488 a worsening of $362,000 compared to the $1,048,509 loss from the 2nd Quarter of 2013. The 2nd Quarter 2014 SG&A expenses reflected public listing expenses incurred in the UK of $195,000 that did not occur in the 2nd Quarter of 2013 and an increase of Contingent Liabilities of $237,500 representing settlement of the company’s sole outstanding litigation. The Company has no minority interests, and there were no other unusual items in the 2nd Quarter. Basic Earnings (Loss) per share for the 2nd Quarter 2014 were ($0.03). Fully diluted Earnings (Loss) per share for the 2nd Quarter were ($0.02) which was the same as 2nd Quarter of 2013. 

For the 6 months ended June 30, 2014, revenue was $792,913. The revenue for the 6 months ended June 30, 2013 was 896,484 which included $250,000 of one-time non-recurring revenue. Total operating expenses for the 1st half of 2014 were $2,861,091 and a loss of ($2,355,760). Total operating expenses for the 1st half of 2013 were $3,014,447 and a loss of ($2,395,806).

Over the course of the 2nd quarter of 2014, AES entered into negotiations with New England Funding Technologies, LLC (NEFT). Negotiations with two additional payment gateways in the world whereby AES’ technology would be white labeled for their existing banking clients. Additionally, the Company is in final discussions with one of the largest banks in Spain. The Company continues to work closely with its marketing partners regarding potential clients in the UK.

Dividends

The Company has declared no Common Stock dividend for the period under review. The Company accrued Dividends on the few remaining Preferred Class A and Preferred Class A-2 stock through the period of June 30, 2014 as required by their terms in each class (all Preferred Dividends are 6%). This accrual equaled $186.00. No Preferred Dividends are payable until the Company has achieved three consecutive quarters of profitability and receives Board of Directors approval to pay such dividends.

Basis of Presentation

The unaudited consolidated results for the three months ended 30 June 2014 have been prepared in accordance with US Generally Accepted Accounting Principles (USGAAP).

Accounting Policies

The quarterly results below have not been audited by the Company’s external auditors although a 6 month review is currently underway. The accounting policies adopted are consistent with those published in the Audited Annual Financial Statements for the period ended 31 December 2013.

Changes to the Board

There was one change to the Board of Directors in the 2nd Quarter of 2014. Director Jay Davis replaced resigned Director Jacqueline Kosecoff in June 2014.”

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About AES

AES is the leader in advanced Agent Emulation™ Systems for consumer credit portfolios for banks and financial institutions.  AES offers the patented TRUE™ System that empowers consumers to self-serve on a highly individualized basis according to their personal profile.  Consumers are empowered to take positive financial actions to resolve their situations using any device, at any time. AES’ patented TRUE™ System helps banks and financial institutions achieve significantly improved operational effectiveness, large increases in profit, while enhancing the customer experience and brand loyalty.  More information about Apollo Enterprise Solutions, Ltd. (AES:BH; OAL:GR) is available at http://www.aestrue.com  

AES Contact:

Europe

John Everitt

Global Equity Manager

41 91 228 0237

john.everitt@contiadvisors.com

USA

Sha’Dona Brewer

Marketing & External Communications

(562) 513-3723

sbrewer@aestrue.com