Yesterday, Greene Concepts Inc (OTCMKTS:INKW) made a significant new announcement with regards to a new product offering but it did not quite get the thumbs up from investors, and the stock tanked by as much as 13% for the day.
Trading Data
On Wednesday, INKW stock slid 12.74% to $0.0137 with more than 20.98 million shares, compared to its average volume of 11.66 million shares. The stock moved within a range of $0.0126 – 0.0159 after opening trade at $0.0159.
Greene Concepts Invests In New Production Line to Add Gallon-Sized Water Jugs to Expanding List of Product Offerings
The company announced yesterday that it had got the new equipment for producing the one-gallon water jugs and had started installing as well as testing the equipment. The water jugs in question are going to be produced at the company’s bottling plant situated in Marion in North Carolina. The company also claimed its product quality as well as the novelty of the one-gallon water jug makes it the choice white label manufacturer for many companies.
The plant manager of its Marion unit, Ken Porter, spoke about the development as well. He stated that with the receipt of the requisite equipment the company is now going to be able to produce many truckloads of the one-gallon water jug that is going to be able to meet the higher demands from its clients. The rise in white label manufacturing demand had been noted by the company in a press release from Green Concepts back on February 13, 2022.
Key Quote
Amy McNally, VP of Sales and Marketing notes, “Greene Concepts is adding a new product size to our existing offerings with gallon-sized bottled water jug production. The new equipment focuses on efficiency and maximizes production. We are now a step closer toward meeting our high-volume goals.”
Technical Data
INKW stock is trading above the 20-Day and 50-Day Moving averages of $0.0120 and $0.0066 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0078. The company has a total market capitalization of $29.07 million. The stock is up 280% over the past month.
