Bergio International, Inc. (OTC Pink: BRGO) specializes in the design and manufacturing of European-inspired jewelry, silver, and more. The company operates the Bergio brand, which was established in 1995 and features a line of high-quality, handcrafted, and individually designed jewelry.
Shares of the fine jeweler soared 129.55%, during trading on Wednesday, May 12, 2021. Over the past thirty days, Bergio International has seen an average daily volume of 11.89 million shares. However, volume of 708.8 million shares or dollar volume of $10.74 million, exchanged hands through Wednesday’s trading session.
The rally started after the company announced entering into an agreement to acquire a 51% stake in GearBubble, an e-commerce fulfillment platform. GearBubble reported revenue of $27 million in 2020. Over the past nearly five years, the e-commerce platform has processed more than $130 million in sales and sold over five million units.
“We are excited about this acquisition and the possibility to bring high-quality jewelry at a scale to the on-demand eCommerce market. With the vertical integration of Bergio’s production capabilities, we will be able to better service our millions of customers and scale much faster than we would have ever been able to do on our own,” notes Donald Wilson, CEO of GearBubble.
Bergio signed the binding letter of intent to acquire GearBubble in early May 2021. Under the terms of the agreement, Bergio will form an acquisition subsidiary, which will hold 51% of the e-commerce platform’s assets.
In exchange, the jewelry company has agreed to pay $2 million in cash upon closing the acquisition. Bergio International will then pay an additional $1.162 million in monthly cash payments over fifteen subsequent months.
The Bergio management team noted that a final acquisition agreement is ready to be signed upon completion of the full financial audit of GearBubble’s assets. The audit was given a completion date of by July 1, 2021.
The acquisition would be a huge deal for Bergio International, as it would not only benefit assets but also expand its offerings beyond jewelry. The GearBubble platform offers a wide array of items including shirts, mugs, jewelry, accessories, and more. Furthermore, the platform features seamless integration with major marketplaces like eBay, Etsy, and Amazon for added reach.
GearBubble had just recently begun to expand offerings into jewelry. Bergio International eyes building upon the foundation by leveraging its existing Bergio brand and jewelry expertise with an e-commerce fulfillment platform.
In February 2021, Bergio International acquired Aphrodite’s, a jewelry e-commerce company, from Digital Age Business, Inc. Aphrodite’s reported revenues over $10 million in 2020, with a total sales count of $31 million over the past nearly four years.
Since Bergio acquired Aphrodite’s, management noted that the company has already increased production by over 100,000 units. Further expansion is said to be planned out to enable further production increases.
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