Mr. Jimmy Chan, President of CarryOutSupplies.com commented, "We expect to soon sign merger agreements with two Vietnam-based companies. The first of these utilizes up to 90% recycled paper to produce napkins for U.S. fast food operators and traditional restaurants. The second is a producer of plastic yogurt spoons."
The two companies are currently shipping multiple containers of product to the U.S. each month.Because CarryOutSupplies shipments are also currently being shipped out of Asia, there will be strong possibilities to combine shipments of products, thus potentially significantly reducing overall costs across many of the product lines.If the acquisitions are successfully completed, Sugarmade expects to boost its revenue forecast by approximately $1.7 million per year.
"These two factories are well know to us and we have good relationships with the management teams," Mr. Chan continued. "We expect both to add to not only our revenue growth, but also to our operating income. We are very pleased thus far with our business combination with Sugarmade as a public company and look forward to keeping our investors informed as we continue to grow our operation."
Sugarmade, Inc. is the 100% tree-free office paper company.
