Business
Nano Magic Inc. Marks Progress
Nano Magic Inc. Marks Progress.
About this update from Nano Magic Inc.
[{"type":"text","content":"\n DETROIT, Michigan, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Nano Magic Inc. (OTC: NMGX) (“Nano Magic” or the “Company”), a leader in cutting-edge nanotechnology powered solutions formulated in the U.S.A. released a Progress Report from President & CEO Tom Berman following the Company’s filing on October 5, 2020 of its quarterly report on Form 10-Q for the quarter ended June 30, 2020. Berman explained: “Next week marks my two-year anniversary with Nano Magic. PEN Inc., as it was known then, was struggling. The Company had capped out its revolving credit line, had a substantial working capital deficit, and had lost major customers. Over the course of the past two years, we have clawed our way ahead. Although we are still not where we want to be, I think it’s important to take a step back to acknowledge some the progress we have made. The new equity capital we have raised, in large part thanks to the vision of Ron Berman, has been a huge help. A few key highlights over the past 24 months include – We created a new Nano Magic brand identityWe developed and are now launching our new Nano Magic product lineWe paid off our secured credit line and substantially reduced legacy obligationsWe brought manufacturing operations back in-houseWe are in the process of upgrading our IT infrastructure – including the implementation of a CRM system and the impending launch of a new ERP system that will serve as the backbone of our manufacturing, inventory management and accounting organizationWe have brought on new key talent in Sales, Accounting, Customer Service, IT, HR, R&D and OperationsWe are current with our public filings with the SEC Move of HQ and Manufacturing – “We are in the process of moving our headquarters and Product Segment manufacturing operations from Cleveland, Ohio to Madison Heights, Michigan pursuant to the Lease we signed this summer. We anticipate that the move will be completed by the end of this month. The move to Michigan is another big step in the evolution of our rebirth. “Our new headquarters will embody our ‘work hard, play harder’ mentality. We are focused on building a great team and culture that collectively is stronger than any single person. In order to attract, develop and retain top talent, the single biggest reward we offe...