Dogness (NASDAQ:DOGZ) news for Friday concerning a partnership with Huayuan Pet Products and Shanghai Chongai Trading have DOGZ stock on the rise.
According to a recent Dogness news release, the company’s Dogness Network Technology affiliate is teaming up with the other two companies. This will have the companies working together to expand their businesses.
Dogness notes that this partnership will have the companies combining “brand distribution channel, human capital and supply chain resources.” This should allow for the companies to maintain a leadership role in the Chinese pet market while increasing efficiencies.
Silong Chen, CEO of Dogness, said this about the news.
“China’s pet industry is rapidly expanding, and companies are seeking new ways to optimize efficiency and performance. We believe this partnership can contribute approximately $6 million in new domestic sales to Dogness during the first year and expand further in the ensuing years. Dogness is well-positioned and continues to develop intelligent technologies to create in-demand consumer products and services for pet lovers around the world. We believe this strategic partnership is an important development in the overall growth of our business.”
Dogness contribution to the partnership is its line of smart and traditional pet products. Huayuan Pet Products brings with it an online sales platform for pet products. Finally, Shanghai Chongai Trading offers its pet food and supply distribution abilities to the deal.
DOGZ stock was up 57.4% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.