Petrone Worldwide, Inc. (OTCQB: PFWI) is engaged within the sale, marketing, and development of hospitality products. Shares of the hospitality company are rallying 14.71%, through early trading on Friday, October 13, 2017. Over the past month, Petrone Worldwide, Inc. has seen average daily volume of 28.39 million shares. However, volume of 18.08 million shares or dollar volume of $70,512, has already exchanged hands on the day.
Shares of Petrone Worldwide, Inc. are gaining today, after the company announced that it has entered into a definitive agreement with Dewan Sons to form an international alliance. The agreement will allow Petrone to have greater international distribution for its products. Here is the full press release detailing of the definitive agreement:
Petrone Worldwide, Inc. Press Release:
Weston, FL.,, Oct. 13, 2017 (GLOBE NEWSWIRE) — Petrone Worldwide, Inc. (OTC: PFWI), has over 20 years of dedicated sales, marketing and product development expertise within the hospitality industry announces today that it has expanded its business with Dewan & Sons by signing a definitive agreement forming a new international strategic alliance. Dewan & Sons India, a leading Houseware articles and government export house of India is now establishing a presence in the Territories of North America, South America, The Caribbean, Mexico and Europe and PFWI, the appointed as the sole exclusive agent will undertake direct sales and JIT distribution to all Dewan customers within in the Territories. “The value-added warehousing and distribution (VAWD), dedicated contract carriage (DCC), domestic transportation management (DTM) and sales and marketing e-commerce portal of PFWI coupled with JIT and lean inventory management will be a significant cost savings along with the potential to serve over one billion potential new customers for Dewan” said Victor Petrone, CEO of PFWI.
Victor Petrone further states, “The service includes Direct Store delivery of Dewans products to retail stores, thereby bypassing a retailer’s distribution center to increase inventory turns and reduce margins for Dewan.” PFWI will be servicing the following Dewan clients in North America: Walmart, Sam’s Club, Home Goods, The Home Depot, Marshall’s, Ross Bed Bath & Beyond, TJ Maxx, and Bath & Body Works; however, the e-commerce portal will prove to be significant. This is a huge step forward for PFWI and will substantially increase revenues in the very short term.
“We evaluated many companies to determine the functionality that would best fit our organization. Petrone is the ideal organization based on its ability to augment our current capabilities for over eighteen months and its significant market strength in the logistics, marketing and warehousing segment,” said this strategic alliance with Petrone Worldwide creates increased real-time communication with our purchasing agents and creates a new service which is preferable, allowing reduced Minimum Order Quantities (MOQs), so that smaller, more frequent orders can be placed off- setting long-term risks of holding too much inventory” said Surender Gandhi, President of Dewan & Sons to the array of high profile customers that we currently service. We have grown to a point that in order to expand and support the growing needs of our customers, we must partner with an organization such as Petrone Worldwide. We are all very excited and look forward to working with the team.” With the addition of these capabilities Petrone Worldwide is able to drive value for its customers through lower costs and faster time-to market.
“The services includes Direct Store delivery of Dewan’s products to retail stores, thereby bypassing a retailers’ distribution center to increase inventory turns and reduce margins for Dewan. With all the Port delays, planning for safety stock has become all that much more of a key component to reducing fulfillment costs. Supply Chain operation efficiency of Petrone will bring optimum results with minimum budget. This will be a win-win tie up for all parties, “Said Joe Gandhi, Vice President of Dewan & Sons.
About Dewan & Sons:
Dewan & Sons is a manufacturer in India focused on the production of articles of Brassware, Copperware, galvanized & wrought iron, aluminum ware, stainless steel utensils, EPNS and EPSS for luxury brands and mass merchandisers in North America and Europe in the houseware, furnishings marketplace. They offer, lighting, textiles, bath ware, décor, outdoor and garden products. The in-house design team works closely with leading design houses to bring new collections for every season and provide an unmatched combination of inspired design, high quality and unparalleled value.
About Petrone Worldwide, Inc. (OTC: PFWI):
Petrone Worldwide, Inc. (PFWI) has over twenty years of dedicated sales, marketing and product development expertise within the hospitality industry; selling products into worldwide markets acting as an import/export and master distributor for manufacturers. Today PFWI Portfolio includes Brassware, Copperware, galvanized & wrought iron, aluminum ware, stainless steel utensils, EPNS and EPSS, tableware and hotel guest room and property accessories. For more information, please visit our website at www.petroneworldwide.com.
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are contained in the Edgar Archives of the Securities and Exchange Commission at www.sec.gov.