Bulova Technologies Group, Inc. (OTCMKTS:BTGI) was a big mover in the market after it confirmed the acquisition of Global Trucking Inc. The stock was up by more than 100%, clocking new highs of $0.0101 a share. There is no word on how much the company paid to acquire the trucking company. The transaction is set to close on or before September 30, 2016, pending final due diligence
The acquisition will go a long way in boosting Bulova Technologies trucking business with the addition of six late model trucks and seven new refrigerated trailers. Founded in 2010 Global Frozen Trucking Inc comes with an expansive customer base in the trucking business that Bulova Technologies plans to take advantage of.
Chief executive officer Stephen L Gurba expects the acquisition to add a minimum of $3 million of profitable annual revenues given its current business connections. The acquisition of Global Trucking Inc comes on the heels of yet another merger as Bulova continues to look for ways to bolster its prospects in the industry.
Gulf Transportation Group Merger
Last month, the company confirmed it had signed merger agreement with Gulf Transportation Group through its subsidiary BT-TWISS Logistics. Finalized on July 21, the merger will bolster Bulova technologies portfolio with the addition of more than 500 owner operators. The merger is also expected to increase annual sales by about $2million.
According to merger terms, Gulf Transportation Logistics Director of Sales and Operations, Joseph Drago is to join the parent company. He comes with vast experience in the transportation industries that Bulova plans to make good use of. The merger and acquisition should go a long way in enhancing Bulova Technologies presence in the US-Canadian border.
Given investors sentiments so far, it seems most of them remain confident about Bulova Technologies Group, Inc.(OTCMKTS:BTGI) prospects at the back of the acquisition and merger. Early this year, the company reported record sales for the first quarter a momentum it is hoping to build on at the back of the recent developments.
HERITAGE PRINTING NPV (OTCMKTS:HAGE) Reports Yet Another Loss For 2Q2016
HERITAGE PRINTING NPV (OTCMKTS:HAGE) had filed its financial report for the 2Q2016, on August 15, posting no revenues and a loss of $1,674, almost four times of that a year ago. Until December 10, 2015, the company had been operating under the name Spearhead Limited Inc, before changing it to Heritage Action Corp. However, more recently, on June 28, 2016, HAGE changed its name once again to Heritage Printing Technology Corp. Currently, HAGE describes itself as a provider of professional IT services. Moreover, Tom Graves, the president of the company holds 97.24% ownership of the company.
Since its inception in 1977, HAGE has incurred over $642,000 in cumulative losses. The biggest red flag surrounding the company is the fact that even after such a long time; the company does not have a definite source of revenue. Currently, the majority of the financing is provided by the management and significant HAGE shareholders.