Recaps 2019 Activitiesand Major Accomplishments, Provides Outline of New Vision for 2020
Houston, Texas - (NewMediaWire) - December 19, 2019 - Movement Industries Corporation (OTC PINK: MVNT) (the “Company”)is excited to provide an update as the Company nears the end of its firstcalendar year as a public entity. Mr. Linh Nguyen, CEO of the Company, stated:“From the very beginning, our focus has been on generating long-termshareholder value by creating a great company with predictable revenues thatcan weather significant fluctuations in the economy. As such, it has beena paramount concern of ours to create a solid foundation from which to build.Most of our efforts this past year have been spent doing the really hard workbehind the scenes to lay this foundation.”
The Company would liketo highlight several major accomplishments from 2019:
· The Company completedits reverse merger in March.
· The Company cleaned upexisting legal issues and updated public information with OTC Markets.
· The Company cancelledover $600,000 in debt that was beyond the statute of limitations.
· The Companyrepurchased and retired 230 million shares of common stock, reducing theoutstanding share count by 43%.
· The Company broughtits state filings and transfer agent into compliance.
· The Company completedthe initial financials, bringing the company to current reporting status.
· The Company completedits initial acquisitions of Hi-Alloy Valve and Velocity Manufacturing.
· The Company filed fora name change and symbol change which were approved by FINRA.
· The Company announcedmultiple letters of intent to acquire additional companies.
· The Company completedthe acquisition of SGX Industrial.
The Company’s originalplan was to roll up five specific companies into one. What the Company didn’tanticipate was the response that it received from other companies that wantedto join the Company’s team. Over the summer and early fall, members of theCompany’s executive team evaluated over a dozen interested companies to see howthey might fit into its overall plan. The executive team has decided to bringat least five of the companies that were evaluated into the group over thecoming year, in addition to the five companies that were already identifiedwhen the Company first became public. The Company hopes to announce letters ofintent for several of these new acquisition targets in the near future. TheCompany also decided to create two additional business units to address newopportunities that are expected to generate a significant portion of theCompany’s 2020 revenues. The result is that the Company’s overall product andservice offerings will be much broader in scope and serve a wider range ofindustries than was originally planned.
Because of thesechanges, the Company has more than doubled its internal revenue targets for thenext five years. Acquisitions now represent approximately one-fourth of thetarget revenues with the rest of the revenues coming from organic growth andsynergies created by bringing all the pieces together. Manufacturing is stillthe core competency of the business, and since its machining capabilities areagnostic to any particular industry, the Company is able to quickly move intonew industries and capitalize on specific opportunities as they presentthemselves.
One of the biggestefforts involved in laying the Company’s foundation has been the establishmentof internal processes and procedures for corporate governance and the financialdisclosure requirements to become a public company. Over the last few months,the Company has upgraded its Enterprise Resource Planning (ERP) system and theCompany is currently moving all the operational data for its initialacquisitions into the new system. Since most of the acquisitions areestablished companies with long histories, this conversion process is takinglonger than the Company had initially thought. The effort has also affected theCompany’s ability to report its financial statements on time. For example, VelocityManufacturing has hundreds of work orders from just the past few years thatmust be converted to the new ERP system and each of them needs to be reviewedfor GAAP compliance.
The Company will besending its revised financials for September 31 to its certificated publicaccountants in the near future and the Company expects to be on time with itsDecember 31 filing. Once the books of each of the companies that arestill being converted are included in the Company’s filings, the historicalnumbers for these quarters will be updated to reflect the Company’s overallhistorical results. Now that the Company has implemented most of the proceduralchanges for its corporate governance and financial disclosure requirements, theCompany expects future acquisitions to be integrated into the Company mucheasier than in the past, so any new acquisition should not affect the Company’sability to report its financials on time.
Details of theCompany’s new vision will be released on its new corporate website that isexpected to launch early next year. Here is a brief overview of the mainbusiness units in the Company’s new business plan:
Upstream Solutions –artificial lift, site construction, site operation, site maintenance, assetmanagement, predictive monitoring to prevent unexpected downtime, flow controland other products used at the well site.
Downstream Solutions –turnaround services, turnaround equipment rental, predictive asset monitoringto prevent unexpected downtime, tower internals, flow control and otherproducts used in refineries and petrochemical plants.
Flow Control Solutions– API 6A & 6D valves made in the United States, patented pumps for chemicalinjection and artificial lift, electric, pneumatic and hydraulic valveactuation and product support for our Upstream and Downstream Solutions.
Technology Solutions –IoT platform, intellectual property licensing, SaaS monitoring solutions andmonitoring support for our Upstream, Downstream and Flow Control Solutions.
Agricultural Solutions– Dryers, irrigation systems, greenhouse construction and equipment andindustrial-grade, continuous hemp extraction units with capacities from 0.5-tonto 20-tons per day.
ManufacturingSolutions – Contract manufacturing, machining and job fabrication utilizingstate of the art, multi-axis CNC machines and equipment, water jet cutting,welding and fabrication. Manufacturing Solutions is the Company’s corecompetency and should allow us to manufacture multiple products for manyindustries.
In closing, Mr. Nguyenhad this to say, “It has been a busy year for us at Movement Industries as webegan this journey as a public company. There have been many hurdlesalong the way, but we have laid a solid foundation and we are very optimisticabout the future. We believe we are now ready to begin reaping the fruits ofour labor and we expect the coming year to be a breakout year for us in termsof revenue growth. I would like to thank all our shareholders, investors,employees, customers and partners for the support they have shown us over thepast nine months. I and the entire team are dedicated to ensuring that yourpatience with us is worthwhile. I would like to wish you all a very happyholiday season and we look forward to an exciting and prosperous 2020.”
About MovementIndustries Corporation, formerly Visual Healthcare Corp.
Movement Industries,formerly Visual Healthcare Corp., invests in emerging growth companies inenergy, oil & gas, renewables, agricultural and industrial manufacturingsectors. Movement's executive management team brings over 50 years ofexperience in the global energy market. The Company’s growth strategy includesdeepening products and services offered to existing customers as well asacquiring complementary business units and new customers.
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To learn more aboutHi-Alloy Valve, please visit their web site at:
Please direct allinquiries to:
Contact Information:
VSHCShareholder/Investor Inquiries
LTN Capital Ventures
1-713-849-1300
investors@ltncap.com
Safe Harbor Statement– In addition to historical information, this press release contains statementsthat constitute forward-looking statements within the meaning of the SecuritiesAct of 1933, as amended, and the Securities Exchange Act of 1934, as amended,and the Private Securities Litigation Reform Act of 1995, as amended.Forward-looking statements contained in this press release include the intent, belief,or expectations of the Company and members of its management team with respectto the Company’s future business operations and the assumptions upon which suchstatements are based. Prospective investors are cautioned that any suchforward-looking statements are not guarantees of future performance, andinvolve risks and uncertainties, and that actual results may differ materiallyfrom those contemplated by such forward-looking statements. Factors that couldcause these differences include, but are not limited to, failure to completeanticipated sales under negotiations, lack of revenue growth, clientdiscontinuances, failure to realize improvements in performance, efficiency andprofitability, and adverse developments with respect to litigation or increasedlitigation costs, the operation or performance of the Company’s business unitsor the market price of its common stock. Additional factors that would causeactual results to differ materially from those contemplated within this pressrelease can also be found on the Company’s website. The Company disclaims anyresponsibility to update any forward-looking statements.