Salem, Oregon, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Earth Gen-Biofuel Inc. (OTC:EGBB) 2022 has been a transitional year for Earth Gen Biofuel Inc. (“EGBB”) and its 100% owned manufacturing operation International Housing Concepts Inc. (“IHC”). During 2022 the company expanded its management team and workforce to support 2022’s and 2023’s anticipated growth in production and sales.
Management prepared for 2022 by building its customer base and expanding its product line of Park Model RVs designed for the Pacific Northwest. Models now include homes designed for Ski Resorts as well as unique finishes for homes delivered to Southwest Desert locations. IHC added designs that meet HUD Coded requirements for building residential communities. These new models are adding to a growing list of contracted sales with over 57 homes under contract that is the basis for discussions for larger purchase orders scheduled for completion in 2023 and 2024.
During 2022, IHC continued to add new customers in Oregon, Washington, Nevada, California and Arizona. These include developers and retail dealers. Based on the rapidly growing demand for ADUs, the Company is adding to its sales team to create a network of Dealers, Contractors and City Support Groups specializing in ADUs (Auxiliary Dwelling Units) often referred to as “Granny Flat”. The team is focused on regions where there is strong support for using ADUs to help to resolve the continued challenges many are facing with regards to affordable housing. In 2022, the Company’s retail dealers provided IHC with over $6 million in new orders, while community developers increased IHC orders in 2022 to approximately $12 million.
Scott DeBo, IHC President stated, “Achieving our goals for growth in 2022 validates the Company’s business model and position within the manufactured home industry. IHC is building homes for some of the country’s largest retailers and community developers. Meeting the needs of these large knowledgeable customers further verifies our business model. The demand for our homes under 1000 square feet and targeted at the 70% portion of manufactured home buyers has been a key to building our operation.’” Mr. DeBo added, “We continue be focused on building our management team and workforce. We believe that the hard work and dedication of our team to Company goals has been the strength of our success and will continue to allow IHC to expand operations to new regions of the US.”
IHC added the services of an outside accounting consulting group and a CFO. The accounting group has implemented accounting systems needed to manage the additional complexities of the increased level of operations. In July, IHC named Sean Bryant CFO. IHC also added a home production and systems advisor in Phoenix, and a Business Development consultant on the East Coast. IHC’s plans for operations in 2023 include expanding and diversifying our customer base. IHC’s expansion model is based on first creating order flow in a new region. IHC starts by increasing orders at existing factories that can be partially directed to the new factory to add to the first several years of production and sales. Operations over the last three years provides the experience to know what is needed to plan for successful expansion of new operations. IHC’s team understands that each new region will require paying attention to the uniqueness of each new region and possible new operating challenges.
All manufacturing is presently being completed at IHC’s Salem, Oregon 69,000 square foot facility, which has been upgraded to increase production in 2023 to up to 24 homes per month. Expanded production will allow the Company to continue to meet sales orders for existing customers and manage the order flow from new dealers and development projects. IHC has been planning a new factory facility in Phoenix, Arizona to meet order demand from customers in Arizona, Nevada, New Mexico and the market for ADUs in Southern California.
Production in 2023 includes Nevada homes under contract that are going to be manufactured as part of a multiphase project that the developer has indicated could include over 300 homes, as well as a diverse group of clients in the Pacific Northwest, Arizona and California.
About the Company
Earth Gen-Biofuel Inc. produces manufactured homes under the corporate name International Housing Concepts Inc. Our goal is not just building housing but creating living environments that meet the needs of owners and enhance the concept of comfortable living in a sustainable and manageable space. Earth Gen Biofuel Inc.’s wholly owned manufacturing subsidiary, International Housing Concepts Inc. is rapidly becoming one of America’s premier builders of manufactured homes of under 1000 square feet. The new designs introduced in 2022, include larger homes from 425 to 980 square feet, and include ski chalets, 4 star resort cabins and homes with upgrade designs that recognize local environments.
The Company’s sales are currently focused in the Pacific Northwest and the Southwest. Sales efforts are concentrated on developers of Land-Lease residential communities and retail dealers selling to individual customers. IHC prides itself on working closely with its developer clients and working with retailers to understand home buying trends of consumers in our target market. IHC creates products that match their vision for their communities and needs of residents.
The Company’s main manufacturing facility is in Salem, Oregon. The Company is targeting the domestic housing solutions for broad segments of the market for homes under 1000 square feet. The company sells its products to Residential Communities, RV Parks, campgrounds and retail dealers who provide home owners with back yard auxiliary living spaces. The goal is to deliver high quality homes that employ technology that works for owners of our homes and that meet the requirements of sustainability for our environment and the locations where our homes form new communities.
This press release may contain “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, involve risks and uncertainties that may affect the Company’s actual results. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. Further caution is given as the Company is current with its disclosure requirements with the publication of its disclosure information and unaudited financial statements on the OTC Markets information pages. Other public disclosures that may be required by other investor regulatory organizations may be limited based on current level of disclosure available to investors adding additional risk to potential investors.