Hiru Corporation (OTC Pink: HIRU) is engaged as a commercial water company, which currently operates two wholly-owned subsidiaries in Nevada and Arizona. Shares of the water company are rallying 48% through early trading on Friday, July 16, 2021. Over the past thirty days, Hiru has seen average daily volume of 9.54 million shares. However, volume of 97.91 million shares or dollar volume of $1.21 million, has already exchanged hands through early trading Friday.
Shares of Hiru Corporation are rallying after the company announced it has completed the acquisition of Salome Water and Ice, LLC, an Arizonia-based company that offers full-service ice manufacturing and water purification services. The company was founded in 2006 and produced revenues of over $600,000 in the past fiscal year. In exchange for the acquisition, Hiru has issued 25 million shares of restricted common stock.
Ms. Kathryn Gavin (President and CEO the Company), states” We are pleased to announce that we have closed our second acquisition, Salome Water and Ice. While it is not as large a facility as AZ Custom Bottled Water, it is a good example of the type of facility we are looking to acquire as part of our industry roll up plan in the State of Arizona and the Southwest. It has been in operation for 15 years, has a steady local and business client base, and did over $600,000 USD in revenues the last fiscal year. Salome Water and Ice is the only pure water and ice facility within 75 miles of its location and also serves seasonal harvest in its immediate vicinity. Again, it met our simple acquisition criteria: seasoned operations, cash flow positive financials, and in a high growth industry- consumer bottled water and ice market in the Southwest United States.”
Salome Water and Ice’s main facilities in Arizona are home to its 24-hour ice and water vending machines. The facility is located in Salome, Arizona and is on three land parcels. The facility also includes two 10-ton ice machines and state-of-the-art commercial water purification capabilities. Salome Water and Ice also maintains several refrigerated trucks, which are used to transport ice to over sixty merchandising customers in the region.
In conjunction with acquisition, Hiru’s management team also announced that it has amended its articles of incorporation with the State of Georgia to lower its authorized share count to two billion from five billion. Furthermore, CEO Kathryn Gavin commited to investors no reverse splits for a period of three years or until the company exceeds annual revenues of $20 million.
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