NEW YORK, October 19, 2016 /PRNewswire/ --
www.Financialbuzz.com - Consumer Spending in the United States increased to 11484.90 USD Billion in the second quarter of 2016, which is an all time high from 11365.20 USD Billion in the first quarter of 2016. Consumer Spending in the United States is reported by the U.S. Bureau of Economic Analysis and reported by Trading Economics. In the U.S. and abroad privately owned firms produce most goods and services using a variety of techniques. An important aspect is specialization, which is measured by how a company produces different products and how workers perform specific jobs within a company. Petrone Worldwide Inc. (OTC: PFWI), Nova Lifestyle Inc. (NASDAQ: NVFY), VOXX International Corp (NASDAQ: VOXX), Elephant Talk Communications Corp (NYSE: ETAK), Terra Tech Corp. (OTC: TRTC)
Just this week, Petrone Worldwide Inc. (OTC: PFWI) announced that it has expanded its business with Dewan & Sons by signing a new strategic partnership. Dewan & Sons India, a leading Houseware articles government export house is now establishing a presence in the United States, and Petrone Worldwide Inc., the appointed North American exclusive agent, today announced the signing of a strategic agreement to undertake direct sales and JIT distribution to all Dewan customers in North America. "The value-added warehousing and distribution (VAWD), dedicated contract carriage (DCC), domestic transportation management (DTM) of PFWI coupled with JIT and lean inventory management will be a significant cost savings for Dewan" said Victor Petrone, CEO of Petrone Worldwied Inc.
Earlier during the year, Petrone Worldwide Inc., had expanded its food service disposables offering by acquiring Indian manufacturer of Food Service disposable aluminum products company, Transpower Component Pvt. Ltd (India) over a share purchase agreement. Transpower provides steam table pans, rounds, squares, oblongs, ovals in a variety of sizes with coordinating aluminum, and board lids. Roll foil is available in a variety of widths and lengths in both standard for Catering, Bakery, Carry Out and Food Processors.
Petrone Worldwide Inc. then signed a strategic agreement to undertake "Just In Time" distribution to all Dewan & Sons India customers in North America. Dewan & Sons India is a manufacturer of Brassware, Copperware, galvanized & wrought iron, aluminum ware, stainless steel utensils, EPNS and EPSS for luxury brands and mass merchandisers in the United States. "The value-added warehousing and distribution, dedicated contract carriage, domestic transportation management of PFWI coupled with JIT and lean inventory management will be a significant cost savings for Dewan" said Victor Petrone, CEO of Petrone. "The service includes Direct Store delivery of Dewans products to retail stores, thereby bypassing a retailer's distribution center to increase inventory turns and reduce margins for Dewan."
Nova Lifestyle Inc. (NASDAQ: NVFY) had a $15 million yearly product framework agreement to supply U.S. made mattresses and other products to The Future Biz School (FBS), a Hong Kong and Malaysia-based professional training institute. FBS offers management and marketing training to employed professionals in Asia based on its reward programs. The sales under the framework agreement will be subject to, and fulfilled by, the specific orders from the FBS. Along with the implementation of the framework agreement, the Company has received firm orders from FBS to supply $2 million worth of products in October and November of 2016.
VOXX International Corp. (NASDAQ: VOXX) recently reported positive second quarter results of Fiscal 2017. Net sales came in at almost $160 million for the quarter, up 3.3 percent due to huge gains of its Premium Audio and Consumer Accessories segments. VOXX also posted net income attributable to VOXX of $3 million, which makes it a $7.4 million improvement compared to the second quarter of last year with EBITDA improvements of $8.4 million.
International provider of mobile networking software and services, Elephant Talk Communications Corp. (NYSE: ETAK) addressed that its subsidiary, ValidSoft, completed its final major step in the Company's restructuring plan. Elephant Talk preserves its ability to continue to co-market and bundle ValidSoft's Voice Biometric and Authentication services, which symbolizes ongoing income generation opportunities as part of a continuous license, without restrictions, including integrating ValidSoft's future release versions into Elephant Talk's growing global mobility cloud platform.
Cannabis-focused agriculture company, Terra Tech Corp. (OTCQX: TRTC) has recently announced the Grand Opening of its third Blüm retail dispensary in Nevada. The 5,220 square foot facility is located at 1130 East Desert Inn Road, Las Vegas, east of the Las Vegas Strip next to the Convention Center. The Decatur Boulevard Blüm Dispensary will offer the Company's proprietary IVXX™ brand of premium medical cannabis, flowers, shatters, waxes and oils, among other high-quality cannabis products from a range of reputable providers of superior grade medical cannabis.
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