Efftec International Inc (OTCMKTS:EFFI) shares popped up 44.44% to $0.00260 on Thursday then retreated 26.92% to $0.00190 in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.01. The company has a market cap of $22,800 at 12.69 million shares outstanding.
Efftec International Inc is a holding company that focuses on sales of hardware, nutrients and professional consulting services into the hydroponics and indoor grow markets through various business segment activities.
In a press release, Efftec International Inc announced that it is restructuring its businesses to better align with segment and managerial competencies. It has been strategically divided into the following:
- Consumables: Red Light Bakers, which comprise suppliers of specialty baking mixes;
- Hard Goods: Xe Lighting and private label lighting, which comprise suppliers of lighting products and nutrients to the indoor grow markets and Budz Sunglasses, which comprise manufacturer and distributor of specialty grow room safety sunglasses; and
- Professional Consulting Services: Consulting Partnership Group, which comprise suppliers of turnkey solutions and consultation for indoor agriculture.
“The restructuring actions along with the revised focus on the three business activity segments or verticals will greatly increase the Company’s ability to achieve further growth as historically evidenced by the increase of over 900% in net sales of $247,000 for the calendar year ended December 31, 2016 compared to $27,000 for the calendar year ended December 31, 2015,” remarked Efftec International Inc President Brian Tucker.
As for reporting on the business and operational activities of the company over the past year in light of this restructuring announcement, Efftec International Inc disclosed:
“The Company, after significant review by management and outside legal counsel, has decided to divest itself of its ownership position in Hemplife Industries and the Company is presently in discussions to sell its ownership interest to a potential buyer. The Company has also decided to sell the suite of five individual industry-specific patents which focus on technologies and methodologies that improve the efficiency of gas discharge lighting systems, commonly known as HID and CFL lighting systems, that was acquired in April 2016 since further development of these patents are no longer relevant to the Company’s planned future business activities.”