Earth Gen Biofuel Inc. 2021 Year End Update
Salem, Oregon, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Earth Gen-Biofuel Inc.(OTC:EGBB). The year 2021 provided many new opportunities to Earth Gen Biofuel Inc,. and its manufacturing subsidiary International Housing Concepts. Inc. (“IHC”). IHC is one of America’s premier builders of manufactured homes of under 1000 square feet. The Company continued to expand its production capacity and broadened its sales and marketing programs. IHC now manufactures over 13 different models of Park Model homes. Current production in our 70,000 square foot facility in Salem Oregon is primarily used to fulfill increased orders from buyers in the Pacific Northwest. We continue to investigate expanding production facilities in other locations.
In the 4th quarter of 2021 the company started to expand production in its Salem facility to allow for production of 25 to 30 homes per month. IHC has improved manufacturing techniques and directed additional capital for equipment and technology. Additionally, the firm plans to increase materials inventories to better manage supply-chain shortages. Further production capacity could benefit from adding a Saturday and Sunday shift. Management continues to hire and train additional production staff and skilled labor, which is expected to increase workforce productivity.
The company’s sales focus is expanding. IHC now has retailers in Oregon, Washington, Montana, Arizona, Nevada and California. Clients include some of the highest quality portfolios of manufactured home resort communities, retirement communities, and rental homes. The company has received orders and production deposits from these new customers with a national base of operations. The Company’s 2022/2023 marketing plan continues to target planned communities, as well as state and local municipalities with plans to address the low-income housing issues facing many of our nation’s larger cities. IHC continues to address the affordable housing crisis in the U.S. The Company has a number of projects under review based on the proprietary products designed to meet the increasing demand for the market for this type of housing.
IHC has become a valued partner of developers looking for guidance on the strategies for final design and layout of communities. IHC has taken the lead in designing new home configurations to fit into specific locations. The Company’s efforts have resulted in building close relationships with some of the largest RV Park developers in the country.
The Company believes that strong revenue growth for 2022/2023 will be achieved through the introduction of new distribution channels, new products, full utilization of additional production capacity and by continuing to supply our customers with superior products and service. It is anticipated that this will lead to additional sales throughout the Western US and become the road map for production nationwide.
In 2020, during the height of COVID and is related production challenges, 25 homes were delivered producing gross sales of approximately $1.6 million. Some of the same COVID issues impacted 2021operations, however based on an unaudited preliminary evaluation, 2021sales appear to have approximately doubled to over $3 million with the delivery of 46 homes. Order flow continued to build toward yearend for seasonal sales considerations. At yearend 2021 there were 32 homes scheduled for delivery over the first six to eight weeks of 2022 with 15 of those already in various stages of production on the factory floor. In the 4th quarter of 2021 the average sales price of homes was approximately $79,000.00.
About the Company
Earth Gen-Biofuel Inc. produces manufactured homes and products under the corporate name International Housing Concepts Inc. Our goal is not just building housing but creating living environments that meet the needs of owners and enhance the concept of comfortable living in a sustainable and manageable space. The Company’s main manufacturing facility is in Salem Oregon. The Company is targeting the domestic needs for housing solutions for broad segments of the market for homes under 1000 square feet. The company sells its products to Tiny Home Residential Communities, RV Parks, campgrounds and retail dealers who provide home owners with back yard auxiliary living spaces. The goal is to deliver high quality homes that employ technology that works for owners of our homes and that meetthe requirements of sustainability for our environment and the locations where our homes form new communities.
Forward-Looking Statement
This press release may contain “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, involve risks and uncertainties that may affect the Company’s actual results. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. Further caution is given as the Company is not current with its public disclosures and limited information about the Company’s financial condition or operations is available to investors adding additional risk to potential investors.
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Investor Relations Contact
Hayden Financial Corp. of Florida
Attn: Robert Gartzman, President
Phone 800-991-8190
