Shares of California Grapes International Inc. (PINK: CAGR), a leading provider of export, marketing, promotions, distribution and sales for the CA Wine industry internationally, surged on Friday after the company provided an operations update for the first quarter of 2012.�
CAGR shares ended the day 233.33% higher at $0.0030, with volume up from daily average of 109.01 million.�
CAGR said on Friday that its sales revenue for the first quarter of 2012 ended up at nearly $200,000, well above company�s expectations for the quarter. CAGR said that as it continues to develop and establish a stronger foundation for revenue generation and expansion in China, it is confident in meeting its first year�s revenue and profit goals. CAGR also expects to start providing revenue guidance once its retail location has been established a performance base.�
California Grapes� retail store, which was originally planned to open in the first part of April 2012, has been delayed and is expected to open in the first part of next month.�
California Grapes also said that it has retailed the services of The Bull Consulting Group. CAGR expects Bull Consulting CEO�s high level corporate business resources, extensive wine experience and vast international reach to help it in achieving its full potential.�
Earlier this week California Grapes also announced the receipt of a $10 million financing from AGS Capital Group LLC. The long term strategic financing from AGS allows California Grapes International to decide how and when it raises equity, thus minimizing any potential dilution or disruption to the company�s capital structure.�
Allen Silberstein, CEO of AGS Capital, said that CAGR is very excited to both invest in and partner with CAGR.�
Jeffrey Crittenden, CEO of California Grapes, meanwhile, said that the security of the funding commitment from AGS provides a fo! undation to ensure the future of CAGR.
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