Yahoo Finance HIRU CORPORATION - Future Direction of Operations
PHOENIX, Oct. 5, 2023 /PRNewswire/ -- Hiru Corporation would like to announce that it has made a significant change of direction in its operational footprint to strengthen revenue producing operations in fiscal year 2024.
The Company has recently made several material changes to its business direction. It has consolidated its West Coast operations to its Glendale, Arizona location. As part of these changes, the Company sold Salome Water and Ice, and moved significant equipment and high-end customers from the California (Denman of California) operation when the commercial lease expired this summer. These changes were put in place to focus its operations on the West Coast to one location in Glendale, Arizona as the Company turns its focus to the acquisition of full-scale water bottling facilities on the East Coast, mainly in Florida and surrounding area. The Company's strategy is to aggressively scale up manufacturing operations on the East Coast to be able to attract new revenue streams in the first quarter of 2024.
Ms. Kathryn Gavin (President and CEO of the Company), states…"The Company has a solid plan of action to maintain its current history of ongoing quarterly revenue growth. As reported many times, we continue to increase our quarterly revenue each quarter since water bottle production started in 2021. As part of our new plan of action, having two facilities on the West Coast was not a financially sound course of action to continue, especially when we can maintain the same or higher revenue production from one location. We took advantage of the lease expiring at the California facility to make a cost-cutting move to improve our bottom-line performance at the same time we are in negotiations on several new facilities on the East Coast. We can service all our current West Coast customers, including Alkaline88, through our large manufacturing footprint at our location in Glendale, Arizona. By letting the lease expire in California, and moving key equipment and production to Arizona, we will significantly reduce our operational expenses in both facility and employee costs. The cost to do business in Arizona versus California is significantly lower especially when it comes to employee compensation and long-term retention, along with burdensome state regulations that added unnecessary expenses related to compliance. Our facility in Glendale is large enough, and has enough dormant capacity, to meet the current productions levels from the California location, and still expand as necessary as we keep adding new revenue streams on the West Coast. By consolidating our West Coast operations, we will be able to meet our current and future production requirements in a more efficient and cost-effective manner. Again, everything we do is about increasing revenue and ultimately maximizing our bottom-line performance. This move will allow us to put capital towards a manufacturing footprint on the East Coast to increase our revenue quarter by quarter."
Disclaimer Regarding Forward Looking Statements
Certain statements that we make may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would," as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements.
ABOUT US
Hiru Corp. is a Georgia corporation, is a public quoted Pink Sheet OTC issuer under the ticker symbol "HIRU" (the "Company"). The Company reports as an alternative reporting issuer with OTC Markets Group, Inc. and is current in its mandatory required filings (e.g., Pink Sheet Current). Currently, the Company has one wholly owned, operational subsidiary, AZ Custom Bottled Water, Inc., a Nevada corporation ("AZ Water"), which owns and operates a commercial water bottling and labeling facility based in Phoenix, Arizona. AZ Water operates a B2C website at https://azcustombottledwater.com/.
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SOURCE Hiru Corporation
