TORONTO, Aug. 2, 2016 /PRNewswire/ - Precious Investments, Inc. (PNIK) would like to announce that Karrah Inc. has continued its success throughout the month of July.
In July, PNIK was able to confirm and acquire an additional $2.6 million at retail value, in exchange for shares, with an additional $3 million in due diligence expected to close in August.
"Our continued success in acquiring diamonds in exchange for stock has given us the support to be able to release Precious Investments of large debt obligations," says Precious Investments, Inc. COO, Kashif Khan. "In light of the discontinuance of the crypto currency business, for which these diamonds were specifically selected, we have elected to return them and eliminate the debt burden."
Due to these efforts, PNIK cancelled $4 million in debt of their initial diamond purchase in mid 2015 in lieu of returning the same diamonds. This will allow PNIK to focus our resources on the existing wholesale business through Karrah Inc. and prepare for the upcoming 2016 Christmas jewelry buying season.
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.