BEVERLY HILLS, Calif.--(BUSINESS WIRE)--SouthCorp Capital, Inc. (OTCQB: STHC) announced today that the Company has filed for permits to begin construction on the initial buildings for its factory in Indiana for Nate’s Food Co. (OTC: NHMD). The building will be capable of producing up to 27 million cans per year which would generate up to $13 million per year in revenue for SouthCorp Capital. This factory is the initial phase of the construction of a factory capable of producing 50 million cans per year.
SouthCorp Capital previously announced that it has acquired a new rotary piston filling can line for Nate’s Food Co for its Fairfield, California factory. The equipment cost approximately $400,000 and the Company receives revenue for each can produced from the equipment. The new line will be capable of producing between 8,000,000 and 10,000,000 cans per year. The initial components are expected to be installed in the next 3-4 weeks with the remaining components added on to increase the number of cans produced per minute. The Company currently is forecasting that the new equipment will generate approximately $1 Million a year revenue.
The Company has also agreed to buy back up to 150 million shares of its common stock reducing the outstanding for approximately 60% to 99,057,315 shares.
About SouthCorp Capital. Southcorp Capital, Inc. is a Delaware corporation that focuses on acquiring residential, commercial and industrial properties.
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