Business
Eightco's Forever 8 Signs Inventory Management Agreement with Prominent Electronics Distributor Mobi-hub
SAFETY HARBOR, Florida, May 17, 2023 (GLOBE NEWSWIRE) -- Eightco Holdings Inc. (NASDAQ: OCTO) announced today that its subsidiary, Forever 8, has renewed and
About this update from Eightco Holdings Inc.
[{"type":"text","content":"SAFETY HARBOR, Florida, May 17, 2023 (GLOBE NEWSWIRE) -- Eightco Holdings Inc. (NASDAQ: OCTO) announced today that its subsidiary, Forever 8, has renewed and expanded an Inventory Management Agreement (IMA) with Mobi-hub Ltd. (Mobi-hub), a prominent electronics distributor that specializes in premium refurbishment of electronics, most notably, mobile devices. The IMA will guide existing business activities for the upcoming year, as well as provide additional growth opportunities that stand to benefit both companies in the future. The IMA will allow Forever 8 to provide inventory management solutions for Mobi-hub, enabling them to expand their global sales efforts while Mobi-hub focuses on other aspects of their business. The IMA includes minimum order quantities that exceed those of fiscal year 2022, giving Forever 8 the ability to better forecast inventory needs and be prepared to meet increased demand. The updated IMA will also allow Forever 8 increase its presence in the refurbished cellular phone market, which is projected to reach $66.8 billion in global sales by [date]1. \"Our expanded IMA with Mobi-hub represents an enhanced driver of growth for Forever 8. Through Mobi-hub's extensive global network, we are well-positioned to rapidly expand our presence in the booming refurbished cellular phone market. This growth opportunity reinforces our commitment to delivering innovative and valuable inventory management solutions to customers around the world,\" said Eightco Holdings Inc. CEO Brian McFadden. “Through our wholesale and retail segments, Mobi-hub’s mission is to provide a sustainable, yet highly profitable solution for reclaimed and refurbished consumer electronics,” says Moheb Pirzada, CEO of Mobi-hub. “This IMA should provide our company the resources to expand our global presence and grow our revenue exponentially. Lastly, our continued commitment to the environment through reusing and recycling electronics remains a vital component to Mobi-hub’s pursuit to build a better future, one device at a time,” added Naz Pirzada Co-Founder About Eightco Holdings Inc. Eightco Holdings Inc. (NASDAQ: OCTO) is committed to growth focused around its existing subsidiaries, Forever 8, an inventory management platform for e-commerce sellers, and Ferguson Containers, a provider of complete manufacturing and logistical solutions for p...