16:41:09 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Cleango Innovations Inc (3)
Symbol CGII
Shares Issued 4,684,427
Close 2024-01-31 C$ 1.60
Market Cap C$ 7,495,083
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Cleango forms partnership with Bottle n' Pak Texas

2024-02-01 09:35 ET - News Release

Mr. Anthony Sarvucci reports

CLEANGO INNOVATIONS ESTABLISHES STRATEGIC ALLIANCE WITH BOTTLE N' PAK TEXAS; CHARTS PATH TO CASH FLOW POSITIVE QUARTER

Cleango Innovations Inc. has formed a strategic alliance with Bottle n' Pak Texas, a prominent co-packing company located in Montgomery county, Texas. This partnership is a pivotal move toward optimizing the company's bottling capabilities, which have been underutilized.

Cleango Innovations is confident that this collaboration with Bottle n' Pak Texas will significantly improve its cash flow, resulting in cash flow positive operations for its warehouse and monthly cash requirements in the first quarter. This development marks a critical step in the company's journey toward sustainable financial growth, allowing it to concentrate more on expansion of sales efforts and servicing of industrial clients.

Bottle n' Pak Texas specializes in servicing a market segment that requires lower minimum order quantities (MOQs), thus catering to smaller companies. This alliance is anticipated to enhance the efficiency of Cleango Innovations' bottling processes and expand its service offerings to a wider client base.

Through this agreement Cleango Innovations' bottling and labelling equipment will be contracted to handle overflow orders from Bottle n' Pak Texas. The company will be paid on a per-piece basis with an expected MOQ of 10,000 units per order. Currently the company has the capacity to fill up to 10,000 bottles in an eight-hour shift.

Anthony Sarvucci, chief executive officer of Cleango Innovations, commented on the impact of this alliance: "Cleango's warehouse and retail bottling equipment was purchased to support the company's growth for years to come. We are excited to utilize our equipment to the fullest extent, and increase cash flow through this alliance to serve this niche market." Continued Mr. Sarvucci: "In today's market, small producer can't find quality bottling and labelling services, with MOQs at most providers being well above 100,000 unites. This allows Cleango to take advantage of equipment downtime and apply a small premium charge to customers. Our internal market research shows the cost of unit preparation and filling can range from 35 cents to over $4 per unit depending on complexity and size. "

Cleango Innovations remains dedicated to driving sales and growth within the company. Through this strategic alliance and its focus on cash-flow-boosting activities, the company is poised to make a substantial impact to its bottom line.

About Cleango Innovations Inc.

Cleango Innovations is an international, publicly traded company that specializes in the development of early-staged, green, non-toxic and sustainable products used in retail, commercial and industrial applications.

We seek Safe Harbor.

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