Earth Gen-Biofuel Inc (OTCMKTS:EGBB) Stock Gains Momentum: Here is Why
Wholly owned manufacturing subsidiary of International Housing Concepts Inc, Earth Gen-Biofuel Inc (OTCMKTS:EGBB), on August 30, 2022, confirmed on commencing manufacturing of two large home orders. These deliveries are for Southwest. While the first delivery is scheduled for mid-October, the runs are scheduled for a multi-home residential community in Northern Nevada as well as Park Model Homes for the project in Arizona.
Market Stats
On Tuesday, EGBB stock ended flat at 0.0375 with 15K shares, compared to its average volume of 3K shares. The stock moved within a range of $0.0375 – 0.0375 after opening trading at $0.0350.
Earth Gen Biofuel Inc.’s Subsidiary Expands Manufactured Home Sales Into Nevada and Arizona
Nevada homes are manufactured as part of the multiphase project, which the developer indicates can have 400 homes. Chalets Residential Community will be developing the Sparks project and will have single-unit manufactured homes.
Scott DeBo, IHC President said that achieving the first production order is proof of its plan for supporting the market trend for developers harnessing larger floor plans. The company’s expectation is for current contracts to be part of 2022 and 2023 sales. Debo added that the home deliveries have the potential to reach more than $12,000,000 in the next three quarters.
DeBo added that the current production validates the creativity and hard work of the product development team. Additionally, IHC is working with developers for designing homes meeting local and national building codes for manufactured housing. Also, IHC has been providing Park Model homes designed for Southwest for the last five months. The homes demonstrate the expansion of the firm’s sales strategy for building an order book supporting the planned expansion into the Phoenix regional production facility.
Key Quote
Scott DeBo, IHC President stated, “Achieving this first production order for these units is a validation of our plan to support the market trend for developers using larger floor plans in their developments. IHC’s expectation is for current contracts to be a substantial part of 2022 and 2023 sales. Based on forecasted sales these home deliveries have the potential to reach over $12,000,000 over the next three quarters if the delivery and manufacturing schedules are met.”
Traders Corner
EGBB stock is trading above the 20-Day and 200-Day Moving averages of $0.0298 and $0.0284 respectively. However, the stock is trading below the 200-Day moving average of $0.0407.
