PesoRama Inc. (OTC:PSSOF) Stock In Focus After Latest News
There are a fair number of companies that could well be in focus among investors this morning, and one of those could be PesoRama Inc. (OTC:PSSOF). The Canadian company is involved in the running of dollar stores under the JOi Dollar Plus brand in Mexico.
This past Friday, the company entered the news cycle after it announced that it had appointed a new Chief Operating Officer in the form of Rodrigo Castanon at one of its operating subsidiaries based out of Mexico City. In the news release, the company noted that Castanon brought considerable experience in a range of spaces, like fast-moving consumer goods, retail, and marketing, to this new role. It was noted that he had worked for four years at Latin America’s biggest hard discount retailer, Tiendas D1.
He was based out of Columbia and was responsible for the expansion of the company. During his stint, Tiendas opened more than 1100 new stores. At Tiendas D1, Castanon had been responsible for an expansion booster plan. However, that was not all. He also looked into store maintenance, remodeling, relocations, and national security and had also been a member of the company’s executive committee.
Prior to his stellar stint at Tiendas D1, Castanon had worked for many years at the Spanish food retail company DIA Group, with more than 7,000 stores. During his stint at DIA, he held positions with responsibilities pertaining to the company’s fortunes in Spain and China. In fact, he lived in Shanghai for many years in order to expand the business in the massive market.
In light of the appointment, PesoRama also provided Castanon with the stock option to pick up a total of 1,000 common shares in the company as an incentive. The options can be exercised up until November 24, 2028, for a price of $0.23 each, and a vesting schedule has also been put in place. Castanon would be able to sell 25% of his options on each anniversary of the grant, up until the fourth one. The option had been granted as per the stock option plan, which had been approved by the PesoRama shareholders on August 8 at an annual and special meeting.
On November 16, PesoRama was in the news stories of the day after it announced that it was going to have the grand opening of its 22nd store the next day at Tlalnepantla. However, the company did not expect that the store would be the first standalone JOi Dollar Plus store situated on the first square in the municipality of Tlalnepantla. In the news release, the company noted that the store was situated 13 kilometers from the city center of Mexico City, the capital of Mexico.
The store is also close to a number of other retail locations, like Elektra and Coppel. It was further noted that the area included a number of banks, hospitals, and schools, thereby making the area a thoroughfare. The President and Chief Executive Officer of PesoRama, Erica Fattore, noted that everyone at the company was excited at the opening of the latest store.