American Wealth Mining Corporation (OTCMKTS:HIPH), announced on September 12, 2022, about entering into a term sheet with Lik Fong HK Limited, for the proposed purchase of 10% ownership in New Energy Asia Pacific Company Limited, a Hong Kong corporation, that provides various types of electric construction vehicles.
Trading Data
On Friday, HIPH stock rose 18.18% to $0.0013 with more than 13.08 million shares, compared to its average volume of 2.73 million shares. The stock moved within a range of $0.0013 – 0.0018 after opening trade at $0.0014.
American Wealth Mining Corp. Signs Agreement to Acquire 10% Stake in Electric Construction Vehicle Distributor and Service Provider
Hybrid electric machines and electric models of excavators, loaders, dump trucks, and other heavy machinery have been available in the market for years. New Energy is focused on sustainable construction – it sells all-electric versions of traditional construction vehicles.
As of now, New Energy distributes two electric industrial vehicle brands – eTech, which manufactures electric wheel loaders and excavators, and Foton, which manufactures electric mixers and dump trucks. In the next few years, the company anticipates electric heavy machinery to join the ranks of electric cars and public transportation as an eco-friendly alternative, driving the push for sustainable construction practices.
American Wealth Mining Corporation is confident that New Energy is in a favorable position to leverage the future demand for electric heavy vehicles in Hong Kong. This particular objective is strongly driven by the Hong Kong government’s initiative toward carbon neutrality by 2050. The Roadmap for the Popularization of Electric Vehicles, formulated by the Hong Kong government has rolled out multiple measures to promote the usage of electric vehicles, including tax benefits and a HK$1.1 Billion New Energy Transportation Fund to support trials and adoption of green transportation technologies, including off-road vehicles.
Key Quote
Ryan Fishoff, CEO of AWM, commented: “This is a tremendous opportunity for the Company to acquire a minority position in a great company (New Energy), in a sector that has exploded in the previous year, and will continue to grow with sustainability being a central theme for the public and private sector. Companies are switching to renewable-powered vehicles; the construction sector has lagged behind the consumer sector but the Company expects this gap to be bridged as projects require sustainable inputs, as well as the cost-benefits of these technologies, bringing significant cost reductions. This proposed transaction fits very well with the Company’s new strategic direction toward wealth mining. New Energy will be an asset on the balance sheet that will provide significant future revenue and growth potential, further positioning the Company to continue to build its hybrid wealth platform. I look forward to updating shareholders in the coming weeks when the acquisition will close and further updates to building the Company’s new strategy that focuses on wealth mining activities.”
Technical Data
HIPH stock is trading below the 20-Day and 50-Day Moving averages of $0.0014 and $0.0013 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0017.
