Publicly traded diversified group Alpine 4 Technologies Ltd (OTCMKTS:ALPP) has a unique business model. It is involved in being driver, stabilizer and facilitator for businesses that it acquires and then creates value for its shareholders. Over the years, the company has acquired a range of subsidiaries and managed to become a highly stable business. In a new development on Monday this week, Alpine announced that Morris Sheet Metal Corp, one of its subsidiaries, had landed more work for the month of May.
Stock Soars 91%
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The company announced that Morris Steel Metal Corp managed to land $1.06 million worth of installation and production work for the months. It goes without saying that it is a significant development for both the subsidiary and also for Alpine, which is why its shares soared by a whopping 91% after the news broke. The work landed by the company will be reflected in the subsidiary’s books in the third quarter of this year and the first quarter of 2020.
However, this is not the only great news that the company has announced with regards to Morris Steel Metal Corp’s work orders. Earlier on in June, it had emerged that the company had landed production work to the tune of $4.5 million for the rest of the year. When the news was announced by the company, the Vice President of Operations at Morris stated, “In the first five months of 2019 we have secured over 4.5 million in additional contracts. We anticipate a strong 2020 with many new projects in development.”
Another of the company’s subsidiaries, American Pacific Fabricators Inc had also announced significant towards the end of last month. The company announced that it had received an order worth $1.3 million from a noted industrial equipment manufacturer and supplier. The continued success of two of its key subsidiaries over the past few weeks has been a major trigger for the rise in the Alpine stock.