Purchases Over $350,000 of New Computer Numerical Control Machines and Fabrication Equipment
Houston, TX, Jan. 07, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Movement Industries Corporation (OTC PINK: MVNT) (the “Company”) announced today that it invested over $350,000 in new Computer Numerical Control (“CNC”) machines and used fabrication machines during the last week of 2019. The CNC machines were purchased through Velocity Manufacturing to increase its production capacity to meet anticipated future demand based on its 2019 growth rate and existing sales pipeline. The fabrication machinery was purchased for the Company’s new process solutions division, which is expected to receive its initial purchase orders in the first quarter of the 2020 calendar year. All purchased equipment was expensed and will not be amortized for tax purposes.
Linh Nguyen, CEO of the Company, stated: “Growth in our manufacturing business has remained steady for the past year and appears to be sustaining itself into the new year. These purchases are the result of brisk demand for our manufacturing services. We are pleased with our operational results for the past year and are excited about our opportunities for the new year.”
Most of the Company’s growth to date has occurred in off-balance-sheet entities. Financial results for these entities will be included in future disclosure statements once the Company has completed the transition to its new ERP system and made appropriate adjustments to its financial results for GAAP compliance.
About Movement Industries Corporation
The Company invests in emerging growth companies in energy, oil & gas, renewables and industrial manufacturing sectors. The Company's executive management team brings over 50 years of experience in the global energy market. The Company’s growth strategy includes deepening products and services offered to existing customers as well as acquiring complementary business units.
The Company’s vision is to create prosperity locally and growth globally in every community around the world by empowering individuals and industry to advanced humanity through innovation.
Stay up to date by following the Company at twitter.com/mvmntin or subscribe to updates at our website at https://mvmnt.in
About Hi-Alloy Valve
Hi-Alloy Valve is a leading supplier of valves across multiple industries with the primary focus on wellhead (API 6A upstream) and pipeline (API 6D midstream) valves for the oil and gas industry. Hi-Alloy is a certified ISO 9001:2015 and API Q1 company that provides the global energy market with an extensive product line and exceptional service.
For more information about Hi-Alloy Valve visit www.hialloyvalve.com. Make sure to follow Hi-Alloy on Twitter at www.twitter.com/hialloyvalve.
Please direct all inquiries to:
Contact Information:
MVNT Shareholder/Investor Inquiries
LTN Capital Ventures
1-713-849-1300
[email protected]
Safe Harbor Statement – In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief or expectations of the Movement and members of its management team with respect to the Movement’s future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Movement’s business units or the market price of its common stock. Additional factors that would cause actual results to differ materially from those contemplated within this press release can also be found on the Movement’s website. Movement disclaims any responsibility to update any forward-looking statements.
