NEPTUNE, N.J., June 26, 2018 /PRNewswire/ -- Sterling Consolidated Corp. (OTCQB: STCC) ("Sterling"), a leading supplier of seals to the automotive and industrial marketplace, and approved Amazon and Walmart supplier, recently was mentioned in the online publication, CCN.com, in connection with a discussion of implementing blockchain in the area of industrial supply chain logistics. The Company was discussed in the June 19, 2018 CCN.com publication in the Blockchain News section alongside an industrial giant. See article here: https://www.ccn.com/active-blockchain-projects-in-use-logistics-is-overtaking-finance/.
Sterling's CEO, Darren DeRosa, commented, "This article reinforces our belief that our plan to bring blockchain technology to the o-ring industry is on the mark, and that there are big industrial players thinking the same way we are. Our advantage is that we are nimble. As a smaller company, we can move much more quickly and decisively into blockchain. We have already identified and conceptualized a decentralized marketplace for o-rings and have developed our own cryptocurrency, "DiMO", which is slated to be distributed in December 2018, via a property dividend. We believe we are ahead of the industry curve in this regard."
Sterling plans to reduce the cost of upfront financing for o-ring distributors via a "Decentralized Marketplace for O-Rings" ("DiMO"). DiMO envisions using a smart contract system to promote trust between the distributors and suppliers and eliminate the need for the suppliers (primarily located in China) to require upfront payments or expensive traditional bank letters of credit.
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply, has been a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for more than 48 years.
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Sterling, its directors or its officers with respect to, among other things: (i) Sterling's financing plans; (ii) trends affecting Sterling's financial condition or results of operations; (iii) Sterling's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may" "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Sterling's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. These risks and uncertainties are discussed under the caption "Risk Factors" in Sterling's offering statement on Form 1-A filed with the Securities and Exchange Commission (the "SEC"), and as updated from time to time in Sterling's filings with the SEC. Sterling undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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SOURCE Sterling Consolidated Corp.