$WCCP *Provides a Corporate Update and Announces Acquisition Discussions
Wealthcraft Capital Inc. (OTC PINK: WCCP) ("Wealthcraft" or the "Company" is pleased to provide a corporate update and the commencement of negotiations to purchase a European-based wellness company.
Corporate Update Through it’s 51% owned subsidiary Geaux Industries (Geaux), Wealthcraft has achieved $1.4million in revenues as reported in the Annual Report for the year ended December 31, 2019 (available at www.OTCmarkets.com). These revenues were generated from Geaux’s security and janitorial services offerings to over 30 customers in the southern California market.
COVID-19 Update In California, security and janitorial services havebeen deemed as 'essential' which has allowed for continued operation during the COVID-19 crisis. The Company has taken the necessary measures to ensure the protection of its employees, suppliers and customers. As a result of retail and office closures, Geaux has seen a decline in its revenues during the pandemic. However, as these facilities are reopened, the Company believes that Geaux’s janitorial business will benefit from a permanent increased emphasis on clean work environments. In addition, the backups in the California court system resulting from COVID-19 have led to less offender detentions,resulting increase in demand for retail and institutional security services.
Acquisition
Discussions Wealthcraft is pleased to announce that it has entered into discussion with a European based company which manages retail sales and distributes a range of health and wellness products. The wellness company has first mover advantage in it’s country of origin through various unique retail and wholesale assets. Additional details regarding these discussions and a potential transaction are expected in the near future.
