Universal Power Industry Corp (UPIN)

[NewJerichoMan]

News out!

https://www.stocktitan.net/news/UPIN/upin-acquires-the-import-export-group-tvr0ju8fmofs.html

GREAT NECK, NY / ACCESSWIRE / April 7, 2022 / Universal Power Industry Corporation (OTC:UPIN) ("Universal Power" or the "Company"), a diversified holding company with an emphasis on the manufacturing and the importation of denim clothing and other apparel items for the private label and retail sectors as well as the company's own Indigo Brands label, today announced that it has acquired The Import Export Group, Inc. a Global Supply Chain Logistics Company based in Los Angeles, CA. The acquisition was made with a combination of cash and stock for approximately $2.1 million dollars.

The acquisition is part of Universal's overall strategic growth plan of controlling all aspects of its business in house and becoming 100% self-reliant while increasing margins. The Import Export Group, Inc. will add approximately $1.6 to 1.8 million dollars of revenue to the company at this time while reducing logistical costs currently being outsourced by the company. The company will operate as a stand-alone wholly owned subsidiary with an eye towards continued growth.

"We are very excited about this acquisition and the opportunity it provides Universal to have control of our own logistics internally. We are continuously looking for opportunities to strategically increase our global assets while increasing revenues and margins. The more in house control of our operations we have, results in increased control and margins." stated Mr. Chiu President of UPIN. "Our aggressive but cautious strategy will complement other upcoming acquisitions and new contracts that are in the pipeline."