Nova Tech Enterprises Inc. (OTC:NTEI) Stock Pulls Back: Here is Why
This morning, investors are going to be looking closely into those companies that may have been in the news cycle yesterday. Among the many companies that were in the news, it could be a good time to take a look at Nova Tech Enterprises Inc. (OTC:NTEI). The company announced at the time that it had started the process of scaling up its operations and expanding its distribution footprint.
To that end, the company made key additions to its management team and decided to add the infrastructure for the production of aluminum bottles of Alkaline Water, or AK VIP. The assets of the company include a proprietary process for the manufacturing of stable, high-pH alkaline water. In taste tests that had been conducted by the company, it had been well received by consumers and would be made available under the brand AklaKrisp.
The president of the company, Alexander Hazan, spoke about the development. He noted that it had taken a number of months to fully assess the situation at the company and figure out the best way to put the new plan into motion. He stated that it was the beginning of a major new road with considerable opportunities for Nova Tech Enterprises.
Hazan called the high-pH water or alkaline water market massive and noted that it was growing at a fast clip. More importantly, he stated that most alkaline waters are not particularly great to taste and lose their crispness fairly quickly. However, the company’s product, AlkaKrisp, is distinctive for its taste and its stable levels of high alkaline. He concluded by noting that the goal of the company is to be of service to those who may be interested in balanced living and a healthier lifestyle.
The company had been in the news on August 11 when it announced that it had signed a binding letter of intent pertaining to the acquisition of a range of assets from Rhythm Booster LLC. The company noted that it was going to be an all-stock, non-dilutive deal worth $200,000. The assets that were acquired by Nova Tech Enterprises include licensing PPE products and distribution agreements.
As a company, Rhythm Booster is involved in fulfilling essential product supply and distribution. The Essential Products Supplier Division of the company was established in 2020 by a group based in Las Vegas, Nevada. Since then, the division has become one of the most recognized and respected names in the essential products supply space. Hazan spoke about the transaction at the time as well.
He noted that through the acquisition, the company was going to embark on a journey that could lead to exponential growth. Additionally, it was also announced at the time that the board of directors of the company had voted to take over Rhythm Booster LLC as a fully owned subsidiary unit. The aim of creating a subsidiary unit was to have a business unit that would only be concerned with essential products and supplies.
