Balance Sheet Remains Strong, with Essentially No Debt

SAN CLEMENTE, CA / ACCESSWIRE / November 14, 2019 / Concierge Technologies, Inc. (OTCQB: CNCG), a diversified global holding firm, today announced financial results for the first fiscal quarter ended September 30, 2019.

The company reported revenues of $6.0 million for the three months ended September 30, 2019, compared with $7.2 million for the prior year. Net income for the most recent three-month period amounted to $54,892, equal to $0.00 per share, versus $285,954, or $0.01 per share, for the comparable prior year period.

Results for the fiscal 2020 first quarter, as anticipated, were impacted primarily by lower assets under management (AUM) at the company's Wainwright Holdings funds management subsidiary. Wainwright, which operates under the name, USCF Investments, currently manages 13 commodity-oriented exchange-traded funds (ETFs) that are listed on the New York Stock Exchange.

The company's Other business segment, which comprised approximately 50 percent of total revenues in the most recent first quarter vs 41 percent of revenues in last year's first quarter, achieved improved revenues and income for the fiscal 2020 period. The Other segment is comprised of Gourmet Foods, Brigadier Security Systems and Original Sprout.

Concierge's balance sheet further strengthened at the end of the first fiscal quarter. Cash and cash equivalents totaled $6.9 million, compared with $6.5 million at June 30, 2019. Total stockholders' equity increased to $17.3 million at September 30, 2019 from $17.2 million at the end of fiscal 2019. The company has essentially no debt.

'USCF, our commodities-focused fund management subsidiary, experienced a decline in AUM throughout the past year, as did the entire commodities sector,' said David Neibert, chief operations officer of Concierge Technologies. 'Nevertheless, USCF continues to be profitable at current AUM levels and is expected to benefit when the cyclical trend for commodities shifts upward.'

The table below summarizes the performance of the Financial Services business unit as compared to Other for the three-month periods ended September 30, 2019 and 2018.

'The management teams at our Other operating units continue to make good progress. They are building their respective businesses, with strategies in place for adding new, larger distribution channels to enhance growth,' Neibert said.

'As a global holding company, our corporate goal remains to build a profitable, diverse organization, through organic growth, acquisitions and new ventures,' added Nicholas Gerber, chairman and chief executive officer. 'We are laser-focused on creating and sustaining tangible long-term value for all of our stakeholders, while at the same time not being reliant on any one business sector for that sustainability.'

Business Units

Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in August 2015, is a commercial-scale bakery that produces and distributes iconic meat pies and pastries throughout New Zealand under the brand names Pat's Pantry and Ponsonby Pies.

Brigadier Security Systems, www.brigadiersecurity.com, acquired in June 2016 and headquartered in Saskatoon, Canada, provides comprehensive security solutions to homes and businesses, government offices, schools and other public buildings throughout the province.

The company's USCF Investments operation, www.uscfinvestments.com, acquired as part of the Wainwright Holdings transaction in December 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to 13 exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca.

Acquired by Concierge at the end of 2017, California-based Original Sprout, www.originalsprout.com, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, including a 'reef safe' sun screen, in the U.S. and its territories, the U.K., E.U., Turkey, Middle East, Africa, Taiwan, Singapore, Hong Kong, Malaysia, New Zealand, Australia and Canada.

About Concierge Technologies, Inc.

Concierge Technologies, originally founded in 1996, was repositioned as a global holding firm in 2015, and currently has operating subsidiaries in financial services, food manufacturing, security systems and beauty products. Offices and manufacturing operations are in the U.S., New Zealand and Canada. For more information, visit www.conciergetechnology.net.

Forward-Looking Statements

This press release may contain 'forward-looking statements' that include information relating to Concierge Technologies' future events and future financial and operating performance. Such forward-looking statements, including, but not limited to, adding new distribution channels and an expectation for the USCF operating subsidiary to benefit when the cyclical trend for commodities shifts upward, should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.

For a more detailed description of the risk factors and uncertainties affecting Concierge Technologies or its subsidiary companies, and more detailed information about the individual operating entities, please refer to the Company's Securities and Exchange Commission filings, which are available on the Company's website, (http://www.conciergetechnology.net), or at www.sec.gov.

Financial Tables Follow

CONCIERGE TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

		September 30, 2019				June 30, 2019
						(AUDITED)
ASSETS
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