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Dogness Corp (DOGZ) Stock Rallies, Here’s Why…

Updated 23 Oct 2020
DOGZ

Shares of Chinese pet products developer Dogness Corporation (NASDAQ: DOGZ) have surged premarket on Friday after the company announced a strategic partnership with Hangzhou Huayuan Pet Products and Shanghai Chongai Trading.

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The agreement will see the three companies partner to combine on “brand distribution channels, human capital and supply chain resources.”

The company said the goal of the tie-up is to broaden their reach within China’s rapidly expanding pet market and maximize operating efficiencies to maintain a dominant market position.

The news has seen Dogness’ stock price jump 39% to $2.24 per share after closing Thursday at $1.61.

CEO of Dogness, Shillong Chen, said: “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.”

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