In the past week, Small Business Development Group Inc (OTCMKTS:SBDG) has come into significant focus among investors and has managed to clock gains of as much as 5% during the period.
On Thursday, SBDG stock ended flat at $1 with more than 128 shares, compared to its average volume of 2.3K shares. The stock moved within a range of $1.0000 – 1.0000 after opening trade at $1.
Announces Retaining The Carlton Group, Ltd. to Capitalize the Construction of Nitrile Glove Manufacturing Facilities
As it happens, the company was in the news yesterday after it announced that Strategic Manufacturers Inc, its fully owned subsidiary company, had inked an exclusive advisory agreement with the firm The Carlton Group Ltd. The Carlton Group is one of the biggest real estate investment banks and as per the provisions of the agreement, the advisory services are going to be related to capitalisation efforts regarding the nitrite glove manufacturing plant worth $303 million that is going to be constructed in Texas.
Small Business Development Group had actually announced the plans for the constructing this particular plant back in November 2021. It could be one of the more important steps from the company in recent times considering the fact that the market for nitrite gloves at a global level is growing rapidly.
The company noted yesterday that at this point the demand for nitrite gloves stands at 600 billion every year but the manufacturing capacity worldwide is only 420 billion annually. Hence a significant gap exists in the market.
“The global market for nitrile gloves now approaches 600 billion gloves annually with total production capacity worldwide at 420 billion. Several years ago, the U.S. attempted to stockpile 4.5 billion gloves and could find only 72 million gloves. Our new facilities will put an end to a catastrophic shortage during a pandemic,” said SMI CEO David Emery. “The vast majority of these gloves are manufactured abroad, and there is currently no U.S. production of NBR. That is not acceptable. The current supply chain from Asia can be fragile and SMI production will ensure that this vital product is manufactured in the U.S.”
SBDG stock is trading above the 20-Day and 50-Day Moving averages of $0.98 and $0.98 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.77.