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And we won’t find out until our money’s gone. I’ve sent Chichester two emails, which were ignored.
This is my last penny stock, won’t be doing that anymore. I’m 1 for 5 and that never balanced out.
I do not think any of that is happening. They really, really are screwing shareholders. Two 10Q's behind now. Not sure what the heck happened here.
One week to go. This is all the news I could find:
https://neironix.io/cryptocurrency/dimo
So... How does this go? Does STCC already know who owns how much, do we contact them, or is it pushed back again?
I was going to ask if anyone had any news.
Expecting news soon with the NT-10Q filed last week!
I just spent some time on the KryptoPal website. Everything there is a year old. I followed some of the links, signed up for an Ethereum wallet, and was asked if I wanted to buy into an ICO that was supposed to be issued a year ago.
This does not give me any feeling resembling optimism.
S-1 abandoned. Good they weren't raising $50m at .95 or even close.
https://www.sec.gov/Archives/edgar/data/1555972/999999999719005996/9999999997-19-005996-index.htm
Clearly decided to do this last year.
This was separate from the dividend they are giving and the creation of the new crypto.
Big industry news. Blockstack had their Reg A+ accepted by SEC and is raising money today.
https://www.coindesk.com/blockstack-plans-one-of-the-first-reg-a-sec-approved-token-offerings
STCC filed same Reg A a year and a half ago trying to raise $50m at .90 a share
https://www.otcmarkets.com/filing/html?id=12551051&guid=VYjxUWt8I-jtith
Little bit of volume this week. Much more needed. Doesn't hurt blockchain/crypto is back in style.
Think its worth .20 to .30 based on current operations.
Not sure what happened with big S-1 and wanting to raise $40m bucks.
Penny Stock Exempt now. Will definitely attract quality investors!
OTCQB Member Since 05/2018
OTCQB
?Verified Profile 01/2019
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Sounds good, agreed.
I been watching this company a long time and like the business overall, but I’m still questioning the crypto side of things.
First of all they said that dividend was gonna be ready last fall. Then it got pushed back a year, which is ok if they underestimated what it takes to actually build a new crypto.
But coming from someone who plays stocks and cryptos, they are trying to build something that already exists. It would save them a ton of time and money just implementing a solution that is already available like VeChain. It is ideal for what they are looking to do.
I mean how do they even expect to pay this DiMO dividend to shareholders? They can’t just pay it into our regular stock accounts. They have to make sure every investor has the correct wallet set up to hold the crypto in. And then getting every shareholder’s wallet address is another hurdle on its own. Most people I talk to who invest in stocks have no idea what a crypto wallet even is or how to go about setting one up. Granted there are probably a few here who already have one, but I’d bet most STCC shareholders would be clueless on the subject.
If anyone from STCC is reading, look into VeChain Toolchain. You would be selling O rings on the blockchain in under an hour for a fraction of what you will spend reinventing the wheel.
OTC DISCLOSURE & NEWS SERVICE
Sterling Consolidated Announces Revised Record Date and Distribution Date for Its Previously Declared CryptodividendPress Release | 01/08/2019
Enters Into Contract with KryptoPal for Blockchain Assistance
NEPTUNE, NJ / ACCESSWIRE / January 8, 2019 / Sterling Consolidated Corp. (OTCQB: STCC) (The Company), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years, and creator of the blockchain based DiMO Token, today shared news regarding its blockchain activities.
The Company today announced a revised Record Date of November 22, 2019 and a Distribution Date of December 13, 2019 for its previously declared cryptodividend. The dividend calls for 950 DiMO (the Company’s internally developed Ethereum based cryptocurrency, currently on the Rinkeby test network) to be distributed for each share of Sterling common stock held as of the November 22, 2019 Record Date.
"Despite the recent volatility in the cryptocurrency markets we believe that blockchain is a game changing technology," said Company CEO Darren DeRosa. "Sterling continues to be committed to be an innovative company in the o-ring industry with our vision of the DiMO marketplace. We are excited to work with KryptoPal (www.kryptopal.io) as a leader in the space of providing blockchain solutions to assist us in achieving that vision."
For more information visit: http://investor.sterlingconsolidated.com
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply is a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years as well as an approved supplier to Amazon and Walmart. The Company has 5 locations throughout the USA, and plans to acquire more through its ongoing acquisition strategy. The Company is also the creator of the DiMO, a blockchain based cryptocurrency, that they hope brings an edge to the industry and improves overall profits and efficiencies through the use of smart contracts.
Investor & Media Contact:
Scott Chichester, CFO - schichester@sterlingconsolidated.com
Source: Sterling Consolidated Corp - http://www.sterlingconsolidated.com
Forward-looking Statements
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may" "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Legal Disclaimer
No money or other consideration is being solicited for our Regulation A+ offering at this time and if sent in to Sterling Consolidated Corp. will not be accepted. No offer to buy securities in a Regulation A+ offering of Sterling can be accepted and no part of the purchase price can be received until Sterling's offering statement is qualified with the SEC. Any such offer to buy securities may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. Any indications of interest in Sterling's offering involves no obligation or commitment of any kind.
1 Source https://www.futuremarketinsights.com/reports/gaskets-and-seals-market
We tend to look at the Balance Sheet first, which is not alarming. The P&L definitely needs some help as the key is not Revenues but Earnings.
We are long until the Crypto dividend distribution occurs, this Fall.
G&A was up about $100k, some likely for acquisition. They need to really start finding ways to reduce costs and start showing solid earnings.
At $9m+ annual revenue there has to be ways to increase margins.
Nice revenue growth. I wish more of it hit the bottom line.
Btw—My red DeRosa is a bike. I’m not a relative. ??
10Q is out.
Looks like there’s a small profit this quarter.
https://seekingalpha.com/filing/4511082?app=1
My only penny stock left. Actually interested in what they do with a company like this.
I think they should look to sell. But the son who is kind of taking over for the dad has plans.
You've certainly been here for a long time, I hope for your sake more than mine this baby gets moving. I'm in small here and planning on sending earnings this way as I can in order to see any real profits here.
Latest Attorney letter shows 7.9m float fwiw.
There has a been a couple of people who got shares over the last year, hopefully they want to run it.
With this float I'm really surprised speculation alone hasn't brought more attention..
But yeah I'm with you! No problems holding here
Assuming acquisition and change of auditors is reason for not being able to file in a timely manner.
Has to be the least traded stock I've ever seen with such a decent sized biz.
If they do the $9.2m in revs and show a Q or two of net income this year maybe some will care.
Yeah I agree... the bitcoin blockchain stuff is hot as heck right now.
Float here is beautiful if it ever decides to wake up
$STCC
Now would be a good time to release an update on their DiMO token.
Q1 should be out soon .
I'm taking a starter here on Wednesday
We are still buying on the bid, when the MM's feel like loosing up shares. We'll hold until after the divi payout.
I’ll wait for them. They’ve been doing what they said they were going to do. And I’ve averaged down enough that I’m in the black.
Great year. With the acquisition maybe they turn a profit in 2019 and get fairly valued.
10k is out:
https://seekingalpha.com/filing/4446389?app=1
Almost forgot. I notice the deal closed because updated SS on OTCmarkets showed they issued about 5m shares for F&S deal.
Totally Agree, we look at the PPS about once a week and have alerts setup with our brokers and one of these days, the alerts will light up our phones.
In the meantime, we're long until the dividend pays out, later this year.
This management needs some serious help in bringing awareness to this company. Going to give $500k in stock soon and PPS is doing absolutely nothing.
If they can improve margins by just a little and if this latest acquisition in accretive I think 2019 will see an increase in PPS.
A company doing $9m to 10m a year w/ maybe $500k net income and actively looking for M&A candiates is worth more than $5m market cap.
We see this as a diamond in the rough and tumble OTC. We are buyers for several reasons including the nice Crypto DIVI coming later this, DiMO and the outstanding SS.
The Company today announced that they are revising the record date and distribution date of the previously declared cryptodividend of the Company's proprietary cryptocurrency, DiMO.
"The cryptodividend requires a certain technological implementation by blockchain programming specialists," said Company CFO, Scott Chichester. "We have had conversations with our transfer agent and blockchain developers regarding the mechanics of the dividend distribution and getting this unique asset to our shareholders. At the moment we are still negotiating a received proposal on the dividend distribution from a New Yorkblockchain development company, and while we are disappointed that we did not meet our previously announced record and distribution date, we feel it is more important to give the development team ample time to get the technology correct."
The Company expects to announce a revised record date and distribution date before the end of the fourth quarter after it signs an agreement with a blockchain development firm.
Mr. Chichester added, "Our overall strategy remains the same. We are moving forward with our pending Regulation A filing, our acquisition roll-up strategy, and bringing blockchain technology to the gasket and seal industry."
For more information on the DiMO Token, consolidation strategy, Reg A filing and company history, visit: http://investor.sterlingconsolidated.com
Sterling Acquires F&S Distributors, Inc.
Press Release | 01/25/2019
Continues Execution of its Strategy With Its 3rd Acquisition
NEPTUNE, NJ / ACCESSWIRE / January 25, 2019 / Sterling Consolidated Corp. (OTCQB: STCC) (The Company), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years, and creator of the blockchain based DiMO Token, today shared news regarding its acquisition of F&S Distributors, Inc. a 58-year old Jackson, New Jersey o-ring distributor (www.fnsdistributors.net).
"This acquisition exemplifies our business model," said Sterling CEO, Darren DeRosa. "F&S has been a quality competitor in the o-ring business for over 58 years and has a steady customer base with many custom parts. Additionally, the operations are close to our headquarters in New Jersey. The consolidation of operations will reduce post-acquisition overhead and create other economies of scale."
The deal is structured as an asset purchase and the terms call for a majority of the Company's common stock. Sterling will retain all key performers including the top management and sales positions.
F&S reported $2.7 million in sales on its most recent federal corporate tax return along with $283k in receivables and $718k in inventory.
Mr. DeRosa stated, "When we include the projected $2.7 million sales from F&S, we forecast breaking the $9.2 million mark in total sales for 2019. This represents an approximate 40% increase in our current sales level. This type of acquisition is exactly what we envisioned when we went public in 2013. We are committed to being one of the most forward-thinking companies in the o-ring sector. Our intent is to continue to grow Sterling both through acquisition and the technological innovation of our blockchain endeavor known as DiMO".
For more information visit: http://investor.sterlingconsolidated.com
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply is a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years as well as an approved supplier to Amazon and Walmart. The Company has 5 locations throughout the USA, and plans to acquire more through its ongoing acquisition strategy. The Company is also the creator of the DiMO, a blockchain based cryptocurrency, that they hope brings an edge to the industry and improves overall profits and efficiencies through the use of smart contracts.
Investor & Media Contact:
Scott Chichester, CFO - schichester@sterlingconsolidated.com
Sterling Consolidated Corp - http://www.sterlingconsolidated.com
Sterling Consolidated Secures $2.5 million Asset Based Line of Credit
NEPTUNE, N.J., Dec. 19, 2018 /PRNewswire/ -- Sterling Consolidated Corp. (OTC: STCC) (The Company), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years, and creator of the blockchain based DiMO Token, today shared news regarding its financing activities.
The Company today announced that they have secured a $2.5 million loan with New York City asset-based lender, Access Capital, Inc. ("Access Capital"). The loan calls for capital availability of $2.5 million based on a formulaic review and analysis of the Company's accounts receivable and inventory. As part of the loan agreement, the Company paid in full its existing mortgage of $1,061,131 and its line of credit of $832,297 currently held by a New York commercial bank.
"This is another crucial next step in our expansion plans," said Company CEO Darren DeRosa. "In signing this loan agreement, we will not be subject to the restrictive net income covenants of a commercial bank and it frees up additional capital to align with our growth and acquisition plan."
For more information visit: http://investor.sterlingconsolidated.com
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply is a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years as well as an approved supplier to Amazon and Walmart. The Company has 5 locations throughout the USA, and plans to acquire more through its ongoing acquisition strategy. The Company is also the creator of the DiMO, a blockchain based cryptocurrency, that they hope brings an edge to the industry and improves overall profits and efficiencies through the use of smart contracts.
Investor & Media Contact:
Scott Chichester, CFO - schichester@sterlingconsolidated.com
Source: Sterling Consolidated Corp - http://www.sterlingconsolidated.com
https://www.otcmarkets.com/stock/STCC/news/Sterling-Consolidated-Secures-25-million-Asset-Based-Line-of-Credit?id=213731
Sterling Announces It Has Surpassed $6 million in Sales for the Second Consecutive Year
PR Newswire
NEPTUNE, N.J., Nov. 29, 2018
NEPTUNE, N.J., Nov. 29, 2018 /PRNewswire/ -- Sterling Consolidated Corp. (OTC: STCC) (The Company), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years, and creator of the blockchain based DiMO Token, today shared news regarding its year-to-date sales results.
The Company today announced that as of November 28, 2018, it has reached $6.106 million in sales for the year. This marks the second consecutive year that the Company has surpassed the $6 million mark in total revenue.
"Passing the $6 million mark in under 11 months, is a significant achievement for the company," said CEO, Darren DeRosa. "We continue to work on our expansion strategy, including searching for acquisition targets and expanding our online presence via Amazon, eBay, Groupon and Walmart. We also continued to research and develop Blockchain Technology alongside our core business. This sales milestone validates the strategies and efforts to grow Sterling Consolidated within the automotive and industrial marketplace."
For more information visit: http://investor.sterlingconsolidated.com
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply is a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years as well as an approved supplier to Amazon and Walmart. The Company has 5 locations throughout the USA, and plans to acquire more through its ongoing acquisition strategy. The Company is also the creator of the DiMO, a blockchain based cryptocurrency, that they hope brings an edge to the industry and improves overall profits and efficiencies through the use of smart contracts.
Investor & Media Contact:
Scott Chichester, CFO - schichester@sterlingconsolidated.com
Source: Sterling Consolidated Corp - http://www.sterlingconsolidated.com
Forward-looking Statements
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may" "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Legal Disclaimer
No money or other consideration is being solicited for our Regulation A+ offering at this time and if sent in to Sterling Consolidated Corp. will not be accepted. No offer to buy securities in a Regulation A+ offering of Sterling can be accepted and no part of the purchase price can be received until Sterling's offering statement is qualified with the SEC. Any such offer to buy securities may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. Any indications of interest in Sterling's offering involves no obligation or commitment of any kind.
Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/sterling-announces-it-has-surpassed-6-million-in-sales-for-the-second-consecutive-year-300757687.html
Sterling Increases Its Online Presence With 257 Online Orders Over Cyber Weekend
https://www.otcmarkets.com/stock/STCC/news/Sterling-Increases-Its-Online-Presence-With-257-Online-Orders-Over-Cyber-Weekend?id=211705
Sterling Consolidated Posts 3rd Quarter Gain, 8% Sales Growth, and Positive Adjusted EBITDA and Cash Flows
NEPTUNE, N.J., Nov. 20, 2018
NEPTUNE, N.J., Nov. 20, 2018 /PRNewswire/ -- Sterling Consolidated Corp. (OTCQB: STCC), a supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, reported its results for the 3 months ended September 30, 2018.
Key Highlights for the 3 and 9 months ended:
3rd quarter net income came in at $32,925
Annual 3rd quarter revenues increased to $1,713,726, up 8% from 2017
August 2018 sales surpassed $700,000.
3rd quarter Adjusted EBITDA* came in at $112,727
3rd quarter cash flows from operations came in at $72,091
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "The results of operations indicate a very strong quarter for the Company. We continue to work on our dual strategy of growing through acquisition and endeavoring to introduce Blockchain technology to the o-ring industry with our concept of the DiMO marketplace."
To be added to the Sterling Consolidated investor email list, please email Scott Chichester at schichester@sterlingconsolidated.com
https://www.otcmarkets.com/stock/STCC/news/Sterling-Consolidated-Posts-3rd-Quarter-Gain-8-Sales-Growth-and-Positive-Adjusted-EBITDA-and-Cash-Flows?id=210938
8k about $2.5m asset backed financing. They needed some more cash.
https://www.otcmarkets.com/filing/html?id=13014032&guid=dasMUaS_1fZmoth
News out on Walmart, Amazon, and Groupon distribution channels
Long time no see hope this keeps going for you fellas
Big potential here. With this float and with the solid biz they clearly have, I'd like to see some bottom line improvement.
I know they have plenty going on in terms of registration and dimo cyrpto, still Q2 could be key in terms of setting stage. Showing any net income in Q2 would be big. They did an inventory write down and expensed R&D for Dimo, let see actual biz show profitability.
Some volume today. Might be getting close to that SEC approval for $50m Reg A and crypto dividend.
https://www.otcmarkets.com/stock/STCC/disclosure
Why Blockchain Projects in Logistics Have Taken Off
https://www.blockchaindriven.com/news/logistics-supply-chain-progress
Blockchain and logistics are a perfect match. The use cases surrounding logistics are simple, one of the primary reason for so many of the blockchains currently active and in use are logistics or supply chain based. But another reason many haven't considered, is that blockchain benefits logistics and supply chain corporations more obviously than any other.
Our experts and consultants at BlockchainDriven saw initial interest and knowledge about blockchain coming from those in finance, but more often than not little came of it or they chose to proceed slowly. In supply chain and logistics we've seen the opposite. Once we've given executives the initial consultation and understanding of how they can utilize blockchain and explain the risks versus the benefits, they were prepared to dive right in.
For corporations, the first and primary benefit, is economic value. Reducing loss, faster and more efficient shipping or transactions, accountability throughout the chain, having advantages over the competition resulting in a higher volume of clientele. The finance industry wouldn't see these advantages as immediately, and while the finance industry is adopting blockchain, progress is simply slower.
The other reason is that many industries looking into blockchain are adamant about a horizontal network rather than vertical.
When it comes down to integrating a blockchain solution, enterprises can decide between three choices: public blockchain, private blockchain, or consortium blockchain. Consortium blockchain rightfully presents the best architecture for enterprises due to flexibility of adding new nodes to the network, while having capabilities open to decentralized or even distributed networks.
Current consortium blockchain solutions are mostly focused on horizontal architectures where a number of competitors in one industry are bundled up together as validators or miners of all transactions that take place inside the network. The reason why horizontal architectures take longer to be implemented is that they are vouching for a much more distant future thinking process where access to data is not as important as real-time analysis of that data and real-time analysis and pivoting of business processes.
Enterprises value data tremendously, since their current business models are based on certain information assymetry, which while important, does not present the major factor in shared economy. The fact that enterprises value their data so much and are not willing to make it open to other stakeholders (whether in public or consortium blockchain networks) even if encrypted sabotages the entire process of blockchain revolution for public and private enterprises. Another thing is quite clear: businesses that do not jump on a blockchain train will be missing the train entirely.
BlockchainDriven consulted a number of public and private enterprises and came up with the most relevant solution that would suit existing realities. Instead of focusing on horizontal structures with competitors fighting for the same pieces of data, we decided to focus on vertical consortium blockchains. The major difference is that vertical blockchains incorporate stakeholders in the entire supply chain of a business as opposed to its horizontal counterparts.
When we are talking about supply chain, we do not mean supply chain / logistics only, as any industry from financial to healthcare to marketing to government has a number of vertical intermediaries who could all become validators in the blockchain network. But supply chain is the easiest field test to understand, so even banks building out blockchains are opting to field test the logistics aspect of their blockchain technology.
The majority of intermediaries are interested in the successful implementation of blockchain network as such architecture will make business processes more efficient and more frictionless. Those intermediaries who base their business models on assymetry of information or exclusive business relationships will be less willing to become part of the network in the short-term, missing out on the opportunities presented in the long-term due to the fact that blockchain - the network of trust - will solve the problem of trust supremely well.
One of the rather public use cases includes STCC, an SEC-registered company involved in the distribution of o-rings in the United States. Due to a number of stakeholders in their supply chain, STCC forecasts tremendous savings in regards to transaction fees. Based on their 8K report, STCC reports that "the DiMO smart contract system can potentially minimize these [transaction] fees and anticipate charging a nominal fee of 90 basis points (...) of the total transaction value for every transaction executed through the DiMo marketplace."
While the short-term outlook is to save transaction fees, the long-term goal of implementing a vertical blockchain-based marketplace could have a number of advantages among others, including greater network of influence, lower cost of inventorying, pricing competition, and anonymity of buyer and seller. St Gobain, one of the major global supply chain players, was exploring opportunities presented by blockchain technology with the BlockchainDriven team to understand relevance, suitability, and value-add advantages presented by blockchain technology compared to traditional database systems such as ERP.
To recap, we expect to see more supply chain and logistics corporations looking to quickly build out their own blockchain projects, while large enterprises are already testing the water using the simplest, most readily beneficial use case of blockchain technology. It is now that we are compiling information about how revolutionary and disruptive this tech can become, and as we see results, new use cases will be built out and tested. For now, logistics and supply chain remain the industry championing blockchain progress.
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Has served the industrial community for over 50 years. To continue to serve you better, we are strategically located in four states along the East Coast with 200 million items in stock. Sterling Seal continues to thrive and serve customers both old and new through the hard work of its dedicated employees.
Built on guiding principles of innovation, leadership, and creating value for customers, we are highly skilled distribution service experts who specialize in providing standard and customized sealing solutions.
Customer success is matched only by our knowledge and experience in developing sealing solutions for a wide range of static and dynamic industrial applications. We offer one of the world’s most extensive and readily available line of shaft seals, O-rings, fluid power seals, HVAC furnace filters, gaskets, Teflon Round Rod, and much more.
We serve a wide variety of commercial customers in the Automotive, Chemical, Food & Beverage, Healthcare, and Petroleum industries. Our products meet some of the most stringent standards and are utilized within the government sector around the globe, operating in Space, Land, Sea, and Air.
Our subsidiary, Integrity, is a freight forwarding business. They are primarily responsible for transporting products we order from our suppliers back to our warehouse in Neptune, NJ. After Sterling Seal confirms from its supplier that a product is ready to be picked up, Integrity Cargo is responsible for picking up the products and getting them to the dock and delivered to the Sterling Seal warehouse.
Integrity shares a facility with Sterling Seal and manages the importation of Sterling Seal’s products and its exports to various countries. Currently eighty percent (80%) of Sterling Seal’s imports come from Asia, and ten percent (10%) of the Company’s sales are exported to various countries. However, all payables are billed and collected in USD, so Sterling Seal does not bear any foreign exchange risk on open payables.
We incorporated Integrity in order to vertically integrate our operations and not have to rely on third parties to deliver our products from the supplier. This has resulted in quicker delivery and more predictable delivery times.
This provides the Company with a competitive advantage over other importers of O-rings and seals as we can utilize our own freight company and consolidate our operations. As a result, the Company is able to provide lower prices to its customers. This also provides us with a much greater level of control over our shipping, which expedites lead times and deliveries to our customers.
Entering the freight forwarding market has provided the Company with a competitive advantage as compared with other importing distributors of rubber O-Rings. By having the ability to utilize our own freight company, we are able to consolidate shipments from various sources and ship as frequently as needed, which has resulted in improved efficiencies and delivery times.
Integrity also performs freight forwarding services for third party customers. Integrity currently has about twenty (20) customers for whom performs freight forwarding services. However, roughly fifty percent (50%) of its revenues derive from freight forwarding for Sterling Seal.
Integrity shares a facility and certain overhead costs such as information technology with Sterling Seal, so both entities have lower operational costs due to economies of scale.
ADDR is one of our two subsidiaries that owns real property. ADDR owns a 28,000 square foot facility in Neptune, NJ. Roughly ninety percent (90%) of this property is used by Sterling Seal as its principal executive office and primary warehouse. The Company does not pay rent to ADDR for the use of this facility. The remaining 3,000 square feet of this facility is rented out to the Children’s Center of Monmouth County.
Q5 Ventures, LLC
Q5 owns a 5,000 square foot facility in Apopka, Florida, which is used by Sterling Seal for its Florida operations. This facility was specifically built for Sterling Seal’s operations. Sterling Seal does not pay rent to Q5.
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