Kali Inc (OTCMKTS:KALY) shares slumped 15.35% to $0.0750 on Thursday and were flat in after-hours trading. The company has a market cap of $17.74 million at 50.25 million shares outstanding. Share prices have been trading in a 52-week range of $0.05 to $0.51.
Kali Inc is an apparel producer that designs, develops and distributes men’s apparel and related products under the VLOV brand. The company operates through two segments: sales to its distributors and retail sales at company stores and carries two product lines: Esquire and Richard Wu. It primarily sells its products to the independent distributors at points of sale throughout China, including retail locations operated by its distributors and stores. Its distributors also sell its apparels in New York City and operates a network of retail stores within its territory directly or through third-party operators.
In a press release earlier this week, Kali Inc shared that it has achieved new business growth through its wholly owned subsidiaries, Wave Marine & Yacht Services and Florida Marine Power. Kali Inc has been implementing an aggressive acquisition strategy and has successfully closed two key acquisitions over the past two months.
We are currently finalizing our marketing campaigns for both subsidiaries. Our company has achieved growth with virtually no marketing except for word of mouth. This is a testament to our commitment and superior level of service. Once we execute our marketing plan, we believe we will surpass our projections. We are excited by the future and the dynamic opportunities that lie ahead,” said Kali Inc CEO Charles Yawn.
These marine services acquired have been driving profitability through customer referrals and grass roots marketing. Both companies have reported revenue growth for the quarter, driven by referrals from nationally recognized marinas and repeat customers. For CEO of Wave Marine & Yacht Services JR Bott, utilizing their existing relationships has helped quickly to fuel their growth.
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