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JZZ Technologies Inc (OTCMKTS:JZZI) Stock In Focus After The Acquisition News

Ash K , , , ,

This morning the JZZ Technologies Inc (OTCMKTS:JZZI) stock is expected to be in focus after the company announced yesterday that it had managed to acquire its very first parcel of land for the purpose of its realty development business.

Trading Data

On Thursday, JZZI stock ended flat at $0.0013 with more than 5.31 million shares, compared to volume of 6.10 million shares. The stock moved within a range of $0.0013 – 0.0014 after opening trade at $0.0014.

JZZ Technologies, Inc. Acquires First Land Parcel for Development by Subsidiary LION Developments, LLC in South Carolina

The realty development division was recently set up by the company and the latest development is a significant one for JZZ Technologies. The project that is going to be worked upon by the company is going to start off this new division that had been floated after JZZ Technologies had completed the acquisition of the subsidiary unit LION Developments LLC. LION Developments is based out of the state of South Carolina.

Yesterday, the company had announced that it expected the residential developments in question to be on sale by 2023-2024. The project that is going to be built on this parcel of land in addition to the projects that LION is already contracted for is expected to bring in additional revenues to the tune of as much as $2 million over the course of the coming 12 months. It goes without saying that it was an exciting new development for the company and it remains to be seen if the JZZ stock moves today or not.

Key Quote

Charles Cardona, CEO of JZZ Technologies, Inc. stated, “We are really encouraged by acquiring our first land package to kick off our development projects. We expect to see a whole roster of land development as we continue to review projects and negotiate new projects. The Company anticipates significant increases in revenues as we expand our Active Lifestyles development division.”

Traders Corner

JZZI stock is trading below the 20-Day and 50-Day Moving averages of $0.0014 and $0.0015 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0037.