Las Vegas, NV & Hong Kong, Feb. 20, 2019 (GLOBE NEWSWIRE) -- 12 ReTech Corporation (OTC: RETC) announced today that it had completed the planned acquisition of Salt Lake City’s apparel manufacturer, Red Wire Group, LLC.
Red Wire is a profitable and efficient “Cut and Sew” manufacturer that will greatly benefit from the excess capacity of 12 ReTech’s Emotion Fashion Group facility located less than 100 yards away.
Angelo Ponzetta, 12 ReTech’s CEO stated, “We are pleased to add the Red Wire team to our own operations. Their activities which in FY2018 generated approximately $650K in revenues immediately bolster our revenues and cash flow. On the other hand, the acquisition allows Red Wire to more than double its manufacturing capacity.”
Angelo Ponzetta continued, “In the short time that we have been working with Red Wire, we have been impressed with their apparel manufacturing skills. Apparently, so are the apparel brands which they manufacture for. Furthermore, the acquisition of Red Wire has already been useful in our efforts to acquire additional apparel brands who need a strong manufacturer coupled with the other complementary skill sets that 12 ReTech brings to the table.”
Mr. Ponzetta added, “Since January we have been working on the integration of our manufacturing operations under Red Wire’s management team and concurrent with the completion of this acquisition we are already operating as a seamless unit.”
Greg Haehl, Member of Red Wire’s Management commented, “I am excited to become part of 12 ReTech. The Company’s concepts for improving retailers and consumer brands go hand in hand with our business plan to expand. Now that our teams have learned to work together efficiently, we are prepared to take on bigger production projects that previously had to be turned away. The fact that we are now tied to the Emotion Fashion Group brands, means that we can continuously build inventory for our own brands and keep our factory running at full speed between outside contracted projects.”
Angelo Ponzetta finished, “The successful acquisition of Red Wire builds upon our operating base for additional acquisitions which we hope to announce soon.
About Red Wire Group, LLC
Red Wire Group's primary goal as an apparel and clothing manufacturer is to capture each client’s vision and translate it into high-quality sewn products. We have extremely skilled pattern-makers, graphic designers and production workers working together to produce top-class garments for the market.
WHAT DRIVES US
Red Wire Group is a team of designers and pattern-makers with a unified purpose: develop our client's products to be inspiring to others. We thrive on creativity and feed off the creativity of our customers and clients. Our happiest moments are when something we worked on gets revealed, either during a fit test or during the presentation of a newly designed logo. These moments are what we work for, to make them amazing and memorable, so that the momentum can continue forward and reach all the customers that purchase our final products.
THE RED WIRE GROUP CLOTHING FACTORY
Our factory is located near 33rd South and West Temple in Salt Lake City, Utah. We offer a high-tech clothing factory to apparel brands located in Utah and the surrounding states. A place where brand owners can visit and watch their clothing being made.
About 12 ReTech Corporation:
At our core, we are a software company whose technology allows retailers to combat the dual threats of Walmart and Amazon — both online and in physical stores. Our microbrand rollup acquisition strategy allows us to demonstrate the effectiveness of our software, devise and test new products, while providing shareholder value through immediate revenue and earnings growth. The Company operates through our subsidiaries on three continents: 12 Hong Kong, Ltd., 12 Japan, Ltd., 12 Europe A.G., 12 Retail Corporation (and its subsidiaries in North America, including Emotion Fashion Group, Inc. and Red Wire Group, LLC.). For more information please visit our website at www.12ReTech.com.
12 ReTech Corporation is publicly listed on the OTC Markets under the symbol RETC.
Safe Harbor: This document contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement its turnaround strategy, changes in costs of raw materials, labor, and employee benefits, as well as general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this letter will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. In assessing forward-looking statements included herein, readers are urged to carefully read those statements. When used in the Annual Report on Form 10-K, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements.
Investors Relations Contacts:
Mark Gilbert
Magellan FIN, LLC
mgilbert@magellanfin.com
317-361-2392 (USA)
Corporate Headquarters
investors@12ReTech.com