Minerco Resources Inc (OTCMKTS:MINE) reported that it divested its remaining holdings in energy business assets for a guaranteed $715,000 over the next twelve months. In addition, the company said it has eliminated almost $300,000 of accrued liabilities by opting for reinvestment of ‘preferred dividends’ into ‘equity.’ The mentioned transactions will result in an approximate $1 million positive equity swing for company’s shareholders.
The management view
Scott Vanis, Minerco’s Chairman and CEO said that on basis of the outstanding success of company’s flagship product known as VitaminFIZZ, Minerco has exited from the energy segment. Since 2012, the sole focus has been on developing innovative, healthful consumer products and now the balance sheet reflects the accomplishment of goals. The company is delighted to grow shareholders’ equity by removing debt and increasing assets in scope and selling of assets that are not linked to current operations. All the measures and plans are designed to offer added value to shareholders and move forward to achieve goal of up listing to a reputed listed exchange.”
Minerco Resources offers its services in the food and beverage industry. Its owns an extensive product portfolio of businesses including Avanzar Sales & Distribution, LLC, Level 5 Beverage Company, Inc. and The Herbal Collection. Its firm Level 5 develops, produces, distributes and markets a diversified collection of healthful consumer brands, like VitaminFIZZ, Vitamin Creamer and Island Style.
Avanzar Sales and Distribution, LLC
Minerco Resources Inc (OTCMKTS:MINE) increased its stake in Avanzar Sales and Distribution, LLC a few months ago. It completed the process through its subsidiary that bought additional 21% holdings in the company. With the recent purchase, the total stake in Avanzar has increased to 51%. The CEO said that increasing the stake in Avanzar Sales is a part of the expansion plans. The main objective of the company is to create investor value by opting for increased investments in cash generating assets.
In early morning trade on Monday, the stock price of Minerco was trading 4.44% lower at $0.00430.