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LANGHORNE, Pa. - TEN Holdings, Inc. (NASDAQ:XHLD), a provider of event planning, production, and broadcasting services, announced today the appointment of Virgilio D. Torres as Chief Financial Officer, effective immediately. According to InvestingPro data, Torres joins at a crucial time as the company maintains impressive gross profit margins of 82% despite facing cash flow challenges.
Torres brings experience in corporate finance, having previously served as Vice President of Finance at Obsess Inc., where he managed financial strategy and oversaw transactions including debt financing and an acquisition. At Obsess, he developed revenue recognition frameworks, launched internal accounting systems, and ensured GAAP compliance. His expertise in debt management could prove valuable, as InvestingPro analysis indicates the company currently faces challenges with its short-term obligations exceeding liquid assets.
Prior to Obsess, Torres worked as Senior Manager of Corporate Finance and Strategy at Exactera LLC, managing merger and acquisition activities and capital raising efforts. His background also includes over five years in investment banking, where he executed transactions including high yield and investment grade bonds.
"I am confident that his background and experience in accounting operations, corporate finance, capital raising, and mergers and acquisitions will give us the knowledge and skillset that will assist our Company," said Randy Jones, Chief Executive Officer of TEN Holdings, in a press release statement.
Torres, who holds a Bachelor of Business Administration in Finance with a minor in Economics and Statistics from Pace University, expressed enthusiasm about joining the company.
TEN Holdings specializes in producing virtual and hybrid events as well as physical events, offering planning, production, and broadcasting services. The company is headquartered in Pennsylvania and utilizes its proprietary Xyvid Pro Platform for virtual and hybrid events. With a market capitalization of $11.7 million and analysts forecasting sales growth this year, investors can access detailed financial analysis and 15 additional key insights through InvestingPro.
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