GlobeNewswire Inc | Aug 18, 2021 08:30AM EDT

August 18, 2021

AUBURN, Ind., Aug. 18, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Perpetual Industries Inc. (OTCMARKETS:PRPI) (Perpetual or the Company), an incubator for the development of new and innovative energy-efficient technologies and products, is pleased to announce the highlights of its financial and operating results for the second quarter endedJune 30, 2021.

Second Quarter 2021 Highlights for Six Months Ending June 30, 2021:

-- Revenues of $2,678,361 recorded. -- Gross profits of $1,102,822 recorded. -- Cash recorded of $1,605,259, an increase of 172% over year ending December 2020. -- Total current assets recorded of $2,404,817, an increase of 272% over year ending December 2020. -- Cash flow increased to approximately $1,605,259, an increase of 505% over a 6-month period ending June 30, 2020.

"We are very pleased with our continued improving financial performance during the second quarter. The results again demonstrated our growing potential as we continue to leverage the strengths of our subsidiary and divisions, said Brent Bedford, Perpetuals chief executive officer. We delivered increased growth for the second quarter in a row while making significant progress in the development of our blockchain and new AutoGrafic software divisions.

Perpetuals significant revenue growth was driven by the strong performance of our wholly owned subsidiary, Worldwide Auctioneers. In light of stronger than expected private vehicle sales and our other accelerating revenue streams, we are confident of continued growth as we head into the second half of 2021, said Trip Thomas, Perpetuals chief financial officer.

Read Perpetual Industries Q2 2021 financial report here

About Perpetual Industries Inc.

Incorporated in Nevada and based in Auburn, Indiana, Perpetual Industries Inc. (OTCMARKETS: PRPI) is anincubator for the development of new and innovative energy-efficient technologies. Our mission is to perpetuate industry by bringing value-added technologies to market. At the Companys core is a proprietary technology known as the XYO Mechanical Balancing Technology, designed specifically to dynamically eliminate vibration in rotating equipment to create energy-efficient, environmentally responsible products. We are expanding our expertise and knowledge of energy-efficient technology by developing low-cost, green energy-powered solutions for a variety of industries, including renewable energy, blockchain mining, artificial intelligence, graphic rendering, internet of things (IoT) and cloud computing, while continuing our research, development and commercialization of the XYO Technology in key applications.

Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934; and the Private Securities Litigation Reform Act of 1995; as well as forward-looking information as such term is defined in applicable U.S. and Canadian securities legislation. We may use words such as may, would, could, should, potential, will, seek, intend, plan, anticipate, believe, estimate, expect and variations of these words and similar expressions to identify a forward-looking statement. Such statements reflect the Companys current views and intentions with respect to future events and current information available to the Company and are subject to certain risks, uncertainties and assumptions, including, without limitation: the conditions to closing of the transaction being satisfied, including obtaining all necessary approvals for the transaction. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information or statements prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information or statement is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information or statements. The forward-looking information and/or statements included in this press release are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

For media, press inquiries and further information,please contact: Investor Relations Perpetual Industries Inc. Phone: 702-707-9811 Email: info@perptualindustries.com

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