Sugarmade Receives $10 Million in New Orders
Dow Jones
(Editor's Note: This item was released on May 6, 2020, but wasn't published on Dow Jones Newswires at that time due to technical issues.)
America Prepares to Reopen and Needs Sanitary and Non-Medical Personal Protective Supplies -- Sugarmade Receives $10 Million in New Orders
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 Mixed Egg 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. Mixed Egg 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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