With many companies skeptical about the direction in which the economy is headed, Cross Atlantic Commodities, Inc. (OTCBB: CXAC) is hopeful about the second half of 2008. Cross Atlantic is a diversified commodity importer and holding company that specializes in the coordination of bringing unique food products from the source to commercial worldwide markets. They focus on manufacturing and distributing nationally branded commodities such as food and general merchandise to food stores, supermarkets and club stores. The company works together with major retailers in sourcing and importing unique food items for the US markets.
The company’s short and long term goals are to stay aggressive with their production and marketing. They are optimistic that the balance of this year will be a significant success that will help them continue to build upon their company. One of the company’s key focuses is on improving their efforts on consistent growth of their product line and bring value to their shareholders. This was expressed by Cross Atlantic’s President and CEO, Jorge Bravo, “Over the past two quarters we redefined this company and we will continue to fine tune our business model as we implement our plan of operation. First and foremost, our strategy is well on its way. We adjusted our corporate structure to better fit our business needs and we will announce details of our progress once our plan is confirmed.”
He continued, “Second, we reinvented CXAC at its core. We are no longer focused on coffee and related products, our concentration is food and snack related items, beauty products and car care. We are taking full advantage of our relationships within theses industry and expect announcements released shortly.”
The company recently launched their new division, Import Foods Division (IFD), which will primarily focus on European manufacturers who desire to enter the US markets to sell products. This new division allows the company to assist with packaging, labeling, nutritional disclosures, distribution and sales, since many foreign manufactures are unaware of US standards. The company’s intended target clients are manufacturers that gross over $20 million in revenues and contracts, most notably with major retailers in their home countries.
Based on the company’s new division and their continued work to enhance all areas of their company, they remain confident about this year’s activity, “I wanted to reiterate to our shareholders that our business plan remains on track. As funding becomes available we will continue to invest in our future. I remain comfortable with the financial targets for 2008. The Company also continues to pay down its debt during the past two quarters. I am also pleased to report that our operating momentum continues to remain strong as we go into our third-quarter,” concluded Mr. Bravo.
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