"We are pleased to add the Red Wire team to our own operations. Their activities which in FY18 generated approximately $650K in revenues immediately bolster our revenues and cash flow. On the other hand, the acquisition allows Red Wire to more than double its manufacturing capacity," Angelo Ponzetta, 12 ReTech’s CEO, said.
"In the short time that we have been working with Red Wire, we have been impressed with their apparel manufacturing skills. Apparently, so are the apparel brands which they manufacture for. Furthermore, the acquisition of Red Wire has already been useful in our efforts to acquire additional apparel brands who need a strong manufacturer coupled with the other complementary skill sets that 12 ReTech brings to the table," Ponzetta continued.
"I am excited to become part of 12 ReTech. The company’s concepts for improving retailers and consumer brands go hand in hand with our business plan to expand. Now that our teams have learned to work together efficiently, we are prepared to take on bigger production projects that previously had to be turned away. The fact that we are now tied to the Emotion Fashion Group brands, means that we can continuously build inventory for our own brands and keep our factory running at full speed between outside contracted projects," Greg Haehl, member of Red Wire’s management, said.
"Since January we have been working on the integration of our manufacturing operations under Red Wire’s management team and concurrent with the completion of this acquisition we are already operating as a seamless unit," Ponzetta added. (RR)
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