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.
About Sugarmade, Inc.
Sugarmade, Inc. (OTCQB: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Our Brand portfolio includes CarryOutsupplies.com, SugarRush™ and Budcars.com. For more information please reference www.Sugarmade.com.
CarryOutSupplies.com specialized in Sanitary supplies and disposable take out supplies for the food service industry, we are all about having the assurance of quality products, competitive pricing and reliable customer service.
FORWARD-LOOKING STATEMENTS: This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “would,” “could,” “will” and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company’s actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others. such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward looking statements.
Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
Corporate Contact: Jimmy Chan +1-(888)-982-1628 info@Sugarmade.com Corporate Communications: InvestorBrandNetwork (IBN) Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office Editor@InvestorBrandNetwork.com