"I am happy to say that we have been increasing our asset based substantially from the third quarter to present," says Precious Investments, Inc. COO, Kashif Khan. "During that time, we have acquired approximately $9 Million US worth of retail value diamonds and jewelry, in exchange for approximately 4.5 Million shares of our restricted common stock."
PNIK intends to turn this new inventory into cash by selling these products directly to customers and in auctions conducting in the near term. Proceeds generated from this inventory will be used to expand the Karrah business.
About Precious Investments Inc.
In August 2015, Precious Investments, Inc. (PNIK) entered the diamond trading business and acquired Karrah Inc., allowing PNIK to become a manufacturer and wholesaler of fine jewelry, a wholesaler of fine pre-owned vintage watches, and buyer of jewelry, watches and diamonds via liquidations, bankruptcies and estate sales. The acquisition intention was to take advantage of Karrah's successful business model in buying liquidation and closeout merchandise, and supplying to retailers, auctioneers, and collectors in Toronto and Vancouver.
Funding the acquisition of more merchandise and leveraging Karrah's two major strengths, its well developed relationships and its complex manufacturing tactics, PNIK will accelerate in growth and expand to the United States. Jewelry and estate pieces can be purchased or viewed at www.fifthand.com.
Forward Looking Statements:
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
SOURCE Precious Investments, Inc.