Mogul Energy International Provides Update on Flora Acquisition and 2023 Guidance
MIAMI, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Mogul Energy International, Inc., (OTC PINK: MGUY) a company specializing in transportation, logistics, warehouse consolidation, and distribution services for perishable and other time and temperature sensitive types of cargo today is providing a corporate update and guidance for calendar year 2023.
“First off, we want to say a happy belated Valentine’s Day to everyone’s loved ones out there,” stated, Ronen Koubi, CEO of MGUY. According to USA Today and Forbes Magazine, Valentine's Day spending was expected to hit $26 billion in 2023. “Flowers are a substantial part of our business as we store and distribute them. We offer refrigerated long haul, regional, and dedicated deliveries for industries that include floral, produce, plants, dairy, poultry, and meats, as well as dry high value commodities.”
On December 16, 2022, MGUY announced the acquisition of the “Flora” group of companies consisting of Florida Beauty Flora, Inc, Florida Beauty Express, Inc, Floral Logistics of California, Inc. and Tempest Transportation, Inc. This was the first acquisition in line with the company’s new business model and strategy to grow a portfolio of businesses focused on the transportation, logistics, warehouse consolidation and distribution segments for perishable and other time and temperature sensitive types of cargo.
According to market research from Technavio, “The Perishable Goods Transportation Market is estimated to grow by USD 6.43 billion from 2021 to 2026, and the market's growth is anticipated to accelerate at a CAGR of 7.22% during the forecast period.” Factors such as rising demand for processed foods and the adoption of eco-friendly vehicles are significantly driving the Perishable Goods Transportation Market.
Koubi continued, “MGUY’s strategic acquisition growth program will help secure Flora’s position as a leader in the refrigerated transport and logistics’ industry throughout the United States. The ability to transport and warehouse products throughout the continent will further enhance Flora’s ability to facilitate customer orders from origin to final destination and solidify its status as an industry leader.
“In 2023 we expect to continue to strengthen our balance sheet. We will also be refining and streamlining our operations, leading to increased profitability, as well as seeking additional acquisitions expanding our customer base throughout the United States to meet the growing shipping, logistics and warehousing demands in the industry.”
MGUY has a revenue target of $185 million by 2025; bringing significant value to its shareholders while maintaining a proportionate EBITDA growth.
“We are extremely excited about the future growth of Flora and what future acquisitions could deliver to our shareholders and bottom line,” Koubi said.
Throughout 2023, MGUY will be securing financing for growth, continue building relationships within the industry and building our reputation as the gold standard in shipping. The logistics, warehousing and distribution infrastructure industry within the US is positioned for enormous growth. Covid exposed the weaknesses within the logistics sector and demonstrated how fragmentation creates vulnerabilities. MGUY plans on using the data collected from the COVID epidemic to help secure the future of Flora product shipments throughout the United States.
About: Mogul Energy International, Inc.
Mogul Energy International, Inc., through its subsidiaries, provides transportation, logistics, and warehouse consolidation and distribution services for perishable and other time and temperature sensitive type of cargo. It offers refrigerated long haul, regional, and dedicated deliveries for industries that include floral, produce, plants, dairy, poultry, and meats, as well as dry high value commodities.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations and assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Some of these uncertainties include, without limitation, the company's ability to perform under existing contracts or to procure future contracts. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, successful implementation of our business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. We undertake no obligation and do not intend to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize. Many factors could cause actual results to differ materially from our forward-looking statements.
Contact:
Ronen Koubi
305-503-2553
