Heavy equipment for logistics companies, infrastructure construction, and forestry conservation, AmeraMex International Inc (OTCMKTS:AMMX) on October 21, 2022, confirmed receiving a five-year rental agreement from the US military for $7.1 million.
On Friday, AMMX stock ended flat at $0.3100 with more than 84.69K shares, compared to its average volume of 35.03K shares. The stock moved within a range of $0.3000 – 0.3200 after opening trade at $0.3200.
AmeraMex International Receives a $7.1 Million Rental Agreement from the US Military
CEO Lee Hamre said that the company has been giving rental equipment to the US military for several years. The CEO added that it is quicker and more convenient for the department to rent instead of buying equipment. Hamre added that the rental agreements accrue steady cash flow and the company refurbishes the equipment on the expiry of the agreement.
The five-year agreement will be for six new Taylor Reach Stackers, which will harness the reach stackers to off-load incoming containers of equipment as well as supplies from trucks and rail.
Consumers looking for more information on the pricing of equipment can contact the AmeraMex/Hamre sales team. Interested parties may also book a demonstration of the firm’s first Green Electric’s 100 percent electric skid steer loaders, Menzi Muck Excavators, ASV Posti-Tract and Skid Steer Loaders, or a Magni Telescopic Handler.
AmeraMex International is engaging in selling, leasing, and renting heavy equipment to companies in a number of industries. The firm has both US and international customer base with over three decades of experience in heavy equipment sales and service.
CEO Lee Hamre commented,” We have been providing rental equipment to the US military for several years. From a budget perspective, it is easier and faster for the department we work with to rent instead of purchase equipment. We like rental agreements as they generate steady cash flow and, after an agreement expires, we refurbish the equipment, if necessary, and sell back into the open market.”
AMMX stock is trading below the 20-Day and 50-Day Moving averages of $0.34 and $0.37 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.47. The company has a total market capitalization of $4.65 million.