Medina International Holdings Inc. (MIHI) soars on strong bottom line
Posted on: August 2nd, 2011Written by:
Medina International Holdings Inc. (OTCBB: MIHI) prices climbed 66.7% to 10 cents Tuesday, after boosting revenues and lowering losses from the previous fiscal year. Volume for the stock was 10,150 shares, lower than its daily average of 13,750.
Based in Corona, California, the company announced in a news release August 2 gross revenues of $1.54 Million for the year ended April 30, 2011, compared to $541,000 for the same period in 2010.
The Company sold nine rescue and fire rescue boats during the last fiscal year. Sales increased by 185% or $1 Million, while net losses decreased by 24%.
The release quoted CEO Daniel Medina, CEO as commenting, “We believe in our efforts to create a substantial business enterprise from what we have, and are, putting together. Our recent acquisition of Wintec Protective Systems, Inc., will add immediate value and substantial revenue over the coming 12-18 months.
Medina concluded, “It also complements our existing business lines and will add another dimension to our current product offerings. We believe our customers will be as excited as we are.”
Medina International Holdings, Inc. through its wholly-owned subsidiary, Harbor Guard Boats, Inc., produces commercial fire, rescue, police and patrol boats. The Company holds several patents, and utilizes the highest design and performance standards, with a proprietary hull design and equipment features that address specific niche markets.
