Business
Movement Industries Corporation (OTC: MVNT) Announces Year-End Capital Expenditure
Movement Industries Corporation (OTC: MVNT) Announces Year-End Capital Expenditure.
About this update from Movement Inds Corp.
[{"type":"text","content":"\n Purchases Over $350,000 of New Computer Numerical Control Machines and Fabrication Equipment Houston, TX, Jan. 07, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Movement Industries Corporation (OTC PINK: MVNT) (the “Company”) announced today that it invested over $350,000 in new Computer Numerical Control (“CNC”) machines and used fabrication machines during the last week of 2019. The CNC machines were purchased through Velocity Manufacturing to increase its production capacity to meet anticipated future demand based on its 2019 growth rate and existing sales pipeline. The fabrication machinery was purchased for the Company’s new process solutions division, which is expected to receive its initial purchase orders in the first quarter of the 2020 calendar year. All purchased equipment was expensed and will not be amortized for tax purposes. Linh Nguyen, CEO of the Company, stated: “Growth in our manufacturing business has remained steady for the past year and appears to be sustaining itself into the new year. These purchases are the result of brisk demand for our manufacturing services. We are pleased with our operational results for the past year and are excited about our opportunities for the new year.” Most of the Company’s growth to date has occurred in off-balance-sheet entities. Financial results for these entities will be included in future disclosure statements once the Company has completed the transition to its new ERP system and made appropriate adjustments to its financial results for GAAP compliance. About Movement Industries Corporation The Company invests in emerging growth companies in energy, oil & gas, renewables and industrial manufacturing sectors. The Company's executive management team brings over 50 years of experience in the global energy market. The Company’s growth strategy includes deepening products and services offered to existing customers as well as acquiring complementary business units.    The Company’s vision is to create prosperity locally and growth globally in every community around the world by empowering individuals and industry to advanced humanity through innovation. Stay up to date by following the Company at twitter.com/mvmntin or subscribe to updates at our website at https://mvmnt.in...