On Wednesday the American Wealth Mining Corporation (OTCMKTS:HIPH) stock had emerged as one of the major movers in the market and ended the day with gains of as much as 23% amidst heavy interest.
Trading Data
On Wednesday, HIPH stock moved up 23.08% to $0.0008 with more than 12.44 million shares, compared to its average volume of 1.96 million shares. The stock moved within a range of $0.0008 – 0.0012 after opening trade at $0.0008.
American Wealth Mining Corp Signs LOI to Enter Into JV for Worldwide Distribution of Electric Construction Vehicles
The company came into focus yesterday after it announced that it had gone into a joint venture with the Hong Kong-based firm New Energy Asia Pacific Company Limited. New Energy is involved in supplying a range of electric construction vehicles at a global level. The joint venture in question is going to have the worldwide distribution rights for certain territories. The territories in question are United States, Canada, Indonesia, Singapore, United Arab Emirates, Australia, South Korea and Malaysia.
In this regard, it is important to note that 2022 has been a good year for New Energy’s business in Hong Kong and the company has already signed contracts with regards to more supply deals in 2023.
In addition to that, it is also necessary to keep in mind that the electric construction vehicles space is growing at a fairly decent clip owing to the fact that demand is rising. The demand has been on the rise because these vehicles help in saving costs considerably and government incentives are another important factor.
Key Quote
Ryan Fishoff, CEO of AWM, commented, “The Company is excited to be able to leverage its investment into the JV to create additional value by expanding into multiple territories globally. There is tremendous untapped potential in the construction EV market; unlike the consumer EV sector, the construction market is relatively nascent. AWM has an opportunity to become a market leader in this category, and I look forward to working with New Energy’s team to expand our operations globally. This JV aligns with the Company’s overall strategy to invest in sustainable and cutting-edge businesses as part of the “Wealth Mining” strategy that was unveiled over the summer. As we approach year end, I look forward to giving shareholders a year end review of our activities as well as provide an outlook for 2023, which is shaping up to be very exciting, with the Company close to completing its audit, and other strategic initiatives on the horizon that incorporate many different facets of crypto, fintech, physical retail, venture, and health and wellness, all with the aim to generate revenue and increase shareholder value.”
