Press Release: America Prepares to Reopen and Needs Sanitary and Non-Medical Personal Protective Supplies -- Sugarmade Receives $10 Million in New Orders
8:00 AM ET 5/6/20 | Dow Jones
NEW YORK, May 06, 2020 (GLOBE NEWSWIRE) -- America Prepares to Reopen
and Needs Sanitary and Non-Medical Personal Protective Supplies --
Sugarmade Receives $10 Million in New Orders
NEW YORK, May 6, 2020 (GLOBE NEWSWIRE) -- via NetworkWire -- Sugarmade,
Inc. (OTCQB:SGMD) ("Sugarmade", "SGMD", or the "Company"), today
announces the receipt of over $10 million in new orders for consumable
sanitary supplies and non-medical personal protective items, as America
prepares to get back to work. Businesses across the country that are
preparing to reopen face both the moral and legal obligations to protect
their workers and customers. Many are scrambling for supplies as part
of this re-opening process. Sugarmade's CarryOutsupplies.com operating
unit is benefiting via receiving purchase orders in excess of $10
million.
"We have never seen anything like this situation. We believe we are in a
unique situation relative to the re-opening of America," commented Jimmy
Chan, CEO of Sugarmade. "Approximately two months ago we began importing
consumable sanitary supplies and non-medical personal protective gear.
As it turns out, this was a wise move. We sold out of nearly all of what
we received. Fortunately, we have the sourcing and trans-Pacific
logistical experience to bring in much larger quantities to help meet
the insatiable demand that is developing as business, universities, and
government institutions order supplies to protect their workers and
customers. We have a lot more product in the supply chain that will soon
be headed to our customers."
Over the past 15 years of operations, Sugarmade has gained considerable
experience relative to sourcing paper and consumable products from Asian
factories and importing these products into the United States. The
Company has drawn on these experiences and industry contacts to identify
multiple factory sources that indicate a willingness to supply millions
of dollars of products to Sugarmade. By way of this experience, the
Company believes it will be able to facilitate the movement of the huge
amounts of supplies that companies and government entities are now
demanding as they begin to execute plans to re-start operations.
Mr. Chan continued, "America is getting back to work and we are here to
help with many of the supplies businesses and other institutions are
demanding. We are quickly expanding our sourcing and importing efforts
to help U.S. businesses and other institutions protect their employees
and provide safe working environments. While the gating factor in
filling these orders, over the short term, will be the availability of
air freight, we also believe we are well position relative to the longer
term as our considerable experience in trans-Pacific logistics is
brought to bear."
Investors, the public, and other interested parties are advised to
reference the Company's recent filing with the U.S. Securities &
Exchange Commission on Form 8-K concerning these events and to reference
other disclosures and risk factors outlined in other filings put forth
by the Company, which are available on the Commission's website and via
other resources.
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