Business
Mogul Energy International Provides Update on Flora Acquisition and 2023 Guidance
Mogul Energy International Provides Update on Flora Acquisition and 2023 Guidance.
About this update from Mogul Energy International, Inc.
[{"type":"text","content":"\n MIAMI, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Mogul Energy International, Inc., (OTC PINK: MGUY) a company specializing in transportation, logistics, warehouse consolidation, and distribution services for perishable and other time and temperature sensitive types of cargo today is providing a corporate update and guidance for calendar year 2023. “First off, we want to say a happy belated Valentine’s Day to everyone’s loved ones out there,” stated, Ronen Koubi, CEO of MGUY. According to USA Today and Forbes Magazine, Valentine's Day spending was expected to hit $26 billion in 2023. “Flowers are a substantial part of our business as we store and distribute them. We offer refrigerated long haul, regional, and dedicated deliveries for industries that include floral, produce, plants, dairy, poultry, and meats, as well as dry high value commodities.” On December 16, 2022, MGUY announced the acquisition of the “Flora” group of companies consisting of Florida Beauty Flora, Inc, Florida Beauty Express, Inc, Floral Logistics of California, Inc. and Tempest Transportation, Inc. This was the first acquisition in line with the company’s new business model and strategy to grow a portfolio of businesses focused on the transportation, logistics, warehouse consolidation and distribution segments for perishable and other time and temperature sensitive types of cargo. According to market research from Technavio, “The Perishable Goods Transportation Market is estimated to grow by USD 6.43 billion from 2021 to 2026, and the market's growth is anticipated to accelerate at a CAGR of 7.22% during the forecast period.” Factors such as rising demand for processed foods and the adoption of eco-friendly vehicles are significantly driving the Perishable Goods Transportation Market. Koubi continued, “MGUY’s strategic acquisition growth program will help secure Flora’s position as a leader in the refrigerated transport and logistics’ industry throughout the United States. The ability to transport and warehouse products throughout the continent will further enhance Flora’s ability to facilitate customer orders from origin to final destination and solidify its status as an industry leader. “In 2023 we expect to continue to strengthen our balance sheet. We will als...