Yesterday, the Earth Gen-Biofuel Inc (OTCMKTS:EGBB) stock was one of the notable movers in the market and had ended up with gains of as much as 8% amidst considerable interest. The company provided an operational review of the work that it managed to accomplish so far this year on Tuesday and concluded that 2022 had been a transitional year.
Trading Data
On Tuesday, EGBB stock gained 8.33% to $0.0650 with more than 34.20K shares, compared to its average volume of 4.07K shares. The stock moved within a range of $0.0600 – 0.0650 after opening trade at $0.0600.
Earth Gen Biofuel Inc.’s 2022 Operating Review of Home Manufacturing Operations
It was also a transitional year for International Housing Concepts Inc; the company’s fully owned manufacturing operation. It was noted that during the course of 2022, Earth Gen-Biofuel managed to expand the size of its management team as well as its workforce. That had been done in anticipation of the growth in production as well as sales this year and in 2023.
The company announced that the management had made preparations for 2022 by building up its customer base and then through the expansion of its Park Model RV product lines. The RVs in question are specifically designed for the terrain in the Pacific Northwest. Over the course of 2022, Earth Gen-Biofuel had been successful in adding new customers in Arizona, Nevada, Washington, California and Oregon. The customers were both dealers as well as developers.
Key Quote
Scott DeBo, IHC President stated, “Achieving our goals for growth in 2022 validates the Company’s business model and position within the manufactured home industry. IHC is building homes for some of the country’s largest retailers and community developers. Meeting the needs of these large knowledgeable customers further verifies our business model. The demand for our homes under 1000 square feet and targeted at the 70% portion of manufactured home buyers has been a key to building our operation.’” Mr. DeBo added, “We continue be focused on building our management team and workforce. We believe that the hard work and dedication of our team to Company goals has been the strength of our success and will continue to allow IHC to expand operations to new regions of the US.”
Technical Data
EGBB stock is trading above the 20-Day and 50-Day Moving averages of $0.0363 and $0.0320 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0322.
