Genoa International is a global sourcing and distribution company providing chemical solutions to our customers in a wide range of industries including Oil & Gas, Paints and Coatings, Automotive, Personal Care and Flavor and Fragrance markets.
Genoa International prides itself on providing value through service. We specialize in customizing plans to coordinate the purchase and delivery of products and services.
With several strategic alliances with key suppliers we can meet the needs of our customers world-wide, while providing on time delivery, superior quality products and value added services.
Professionals at Genoa have over 20 years’ experience in global sourcing in addition to expertise in custom blending, packaging, supply chain, logistics and exceptional customer service.
Integrity and a genuine sense of caring are the basis for our continued strength in building partnerships and lasting relationships.
Genoa Global, Inc., a sister company of Genoa International was formed out of a growing concern for the safety of our workers in oilfields, refineries and chemical plants. Out of this concern the companies have developed non-toxic products for enhanced oil recovery and cleaning chemistries for a wide variety of industries.
In addition, the companies offer a wide range of biodegradable and non-toxic solutions and replacements for many chemicals currently labelled as toxic and hazardous.
In early 2020, with the outbreak of the Global Covid-19 Pandemic, and the concurrent shortages that developed in Personal Protective Equipment (PPE) in most States in the United States, we have fielded a lot of enquiries to source and supply products such as Nitrile Gloves, Respirator Mask, Isolation Gowns and Disinfectant and Sanitizing Fluid. We reacted by compiling our own proprietary sanitizing fluid, but kept getting numerous calls for other PPE.
Over the last 3 months we have partnered with Vanora Solutions Group, LLC, a company who specializes in sourcing and procuring PPE in order to accommodate our customers’ demands for Nitrile Gloves in particular and most PPE in general. The product is sourced out of the major production lines from the world’s leading disposable glove manufacturers located in countries such as Malaysia, Thailand, and Vietnam.
Conducting business with companies located in China and or owned by Chinese interest became problematic over the last 2 months due to various embargoes and executive orders issued by the current Administration which have hampered dealings with Chinese factories. In addition in early July 2020, the largest disposable glove manufacturer in the world had an injunction order imposed upon them by the US Customs and Border Protection for alleged forced labour practises, effectively creating the largest shortage of disposable gloves experienced to date. 1
The result was that over the last 6-8 weeks is that the demand in the United States has skyrocketed and the resultant scramble to procure gloves has led to the factories imposing very stringent controls on who they sell to and effectively the entire world’s production of disposable gloves for the remainder of 2020 has been bought up by global hedge funds and their already appointed distributors.
What we know for a fact is that currently every single box of gloves that lands in the United States has the potential to be sold over four times, and we cannot procure enough. To further complicate matters, most buyers are urgently looking to fulfil their orders and are not willing to commit to the lengthy production procedure which involves shipping and a wait for production output.
In a nutshell, investing in a position on inventory of disposable Nitrile gloves will bring very good returns to any potential investor who will put up the necessary security to back a Standby Letter of Credit (SLOC) for 2 million boxes of gloves at a purchase price of an average cost of US$ 8.00 per box.
US Customs issues detention order on imports of goods made by Malaysia's Top Glove, Thursday, 16 Jul 2020 01:26 PM, MY: https://www.malaymail.com/amp/news/malaysia/2020/07/16/us-customs-issues-detention-order-on-imports-of-goods-made- by-malaysias-top/1885079
REUTERS: BUSINESS NEWS JULY 16, 2020 / 7:05 AM / 9 DAYS AGO
Amid virus crisis, U.S. bars imports of Malaysia's Top Glove over labour issues: https://www.reuters.com/article/us-top-glove-usa-idUSKCN24H0K2
The entire procurement process has been designed with the security of all players in mind, so as to reduce the risks involved in the procurement process.
Transit time is currently 15 – 20 days (14 day speed boat) via Sea freight, and the goods will be shipped on the back of the SLOC, but payment will be made once the goods arrive, and are inspected by potential buyers, who pay by Wire Transfer before they collect the goods from the Genoa Int warehouses.
Once the inventory is on the ground the selling price for a box of Nitrile Gloves is between $9.00 and $13.50 with buyers hustling to get to the front of the queue to secure their inventory.
Over the course of the last 2 months. Genoa International and our team has acquired an abundance of Letters of Intent, Purchase Orders and Proof of Funds amounting to millions of Dollars in business from serious clients. Unfortunately it has been difficult to carry out the majority of these orders due to an extremely short lead time and high demand in the market state side. We currently have the majority of these documents and are willing to share these documents.
We seek an investor to come on board with us to leverage these orders on hand and assist us with the financial backing we require in order to do so. We need our investor to put up the security for the required SLOC to the value of between $5-10M . The SLOC is to be issued by their bank with clauses that allow for this letter of credit only to be drawn down within 48 hours of the final inspection of the goods in the warehouse in Houston, Texas and the submission of a confirming report by an international verification agency, such as SGS International (www.sgs.com).
The process then followed is that our buyers then get invited to view the inventory on the ground and when they are satisfied they make payment by wire transfer into an Escrow account at a nominated Escrow attorney, who then in turn makes the payment to the supplier. Therefore the supplier will never draw down on the SLOC, having been paid in full by the Escrow attorney.
We would like to offer our potential backer a negotiated margin per box to fund the inventory. Our starting offer is US$ 1.00 per box thereby returning the investor a projected income of approximately US$ 2,000,000.00 (Two Million United States Dollars) per week. This money will be paid directly to the investors nominated bank account by the Escrow Attorney.
Our intention is to secure a weekly delivery of 2 million boxes per week from the factories located in Vietnam and Malaysia over a period of 2-3 months from December 2020 to end of March 2021.
After the initial 2 month investment period our investor will withdraw their SLOC and they can decide whether they would like to commit to another period of 2 months, and we will re- negotiate this deal at that point in time.
The opportunity that exists is to seize the market provided by the very real shortage in supply accompanied by a huge spike in demand for Nitrile Gloves.
With the current reported shortages and the embargo on certain factories, the shortage in supply is increasing, while the demand is not showing any slowdown and will continue to increase exponentially.
Our research has shown that an investment in inventory of Nitrile Gloves could provide a turnover in inventory up to 4 times a week.