With a strategy centered around acquisitions, strategic investments and operational support, Puget Technologies, Inc. (OTC: PUGE) intends to become a one-stop shop for emerging companies who need access to either capital or resources. As an innovation-focused holding company, PUGE operates through a group of subsidiaries that work together to empower ground-breaking companies – from traditional industries to new markets – to reach their next level of growth. PUGE has been undergoing acquisitions in Florida’s healthcare market, which could be its gateway to other states. In light of this, investors are bullish PUGE stock could revisit November’s highs near $.013 in light of its upcoming catalysts.
PUGE Stock News
The healthcare service industry is ever growing, accounting for 3 of the 10 biggest industries in the US and 17% of the country’s GDP on average. As the population continues to age and health risks increase, this service industry is estimated to become a trillion dollar industry. In light of this, now could be the best time to invest in innovative healthcare delivery models like PUGE. Given its special expertise in an array of business development services, PUGE is aiming to fuse behavioral and traditional primary care into one holistic enterprise.
For this to happen, the company has been pursuing plans for expanding its healthcare portfolio by acquiring a number of companies with useful resources. The company signed the “Glades Agreement” for just this purpose as Glades Medical Centers becomes a joint venture vehicle for acquiring four healthcare entities in South Florida. With the addition of Personal Care Medical Group LLC, Glades Medical Centers LLC, Primary Medical Physicians LLC, and Glades Medical Centers of Florida, LLC, to PUGE’s platform, the company could become one of Florida’s major health service players.
Speaking on the proposed agreement, PUGE’s CEO – Karen Fordham – said she is “looking forward to working with the Glades team as we put together the pieces of our complex and game-changing strategy.” She added that “Glades will become a centerpiece in the rollout of our synergistic healthcare ecosystem”.
This transaction with Glades Medical Centers will take place through the company’s subsidiary – NOW Health – which acts as a one-stop care center for patients. NOW Health provides ease of access for clients by offering multiple services ranging from primary care to laboratory tests, and prescription medication at a single location. Currently, the company is undergoing plans to establish care centers throughout Florida and eventually expand into other states.
In October, PUGE took a step towards its expansion by signing a Letter of Intent (LOI) to acquire Care Suites – a real estate platform providing turnkey facilities for medical practitioners. CareSuites intends to offer an innovative approach to co-working by creating a space for doctors and other healthcare professionals without the overhead costs associated with independent facilities. Currently, the merger agreement is in legal review, however, after the closing of the acquisition, PUGE could be well-positioned to capitalize on the need for equipped medical offices for independent health practitioners.
To deliver on these plans, the company recently appointed John Shiver MHA – the Undergraduate Coordinator of Health Administration and Policy at George Mason University – to its Board of Directors. With over 30 years of experience in hospital administration, Shiver is a healthcare executive and operations manager that could provide the expertise needed to guide PUGE through its next growth stage.
Additionally, the company’s newest board member – Nancy C. Detert, could also be a major contributor to PUGE’s success. Given her experience serving as both a State Representative and Senator, Detert established herself as a pillar of community through numerous public service roles. In light of this, Detert has the leadership experience needed to help position PUGE as a profitable company. CEO Fordham is bullish her involvement will “act as a voice for the patients PUGE plans to serve with integrated healthcare delivery systems.”
To fund this and other projects PUGE is involved in, the company announced a share issuance of 4 million its Class B Preferred shares for $20 million in late Q4 2021. Following this announcement, the stock saw around a 40% drop in its value. However, the management is bullish that this issuance will increase its authorized capitalization and will eventually position PUGE as more than just a “shell” company.
Even though the company has multiple acquisitions in progress, PUGE recently terminated an agreement for a 50% interest in Behavioral Centers of South Florida LLC. While reasons for the termination remain unclear, the company continues to perform due diligence on the acquisition of D&D Rehab Centers, Inc. – which it signed an LOI for last August. In light of the company’s current success and future plans, Fordham believes that PUGE is “building a multi purpose healthcare business starting in Florida then branching out all over the country.”
** Update on February 1st 2022
Recently, PUGE has seen a significant fall in its PPS as investors grew wary of the company’s lack of updates. However, on January 31st, the company released a notification of late filing for its 10-K citing the reason for its inability to comply with reporting obligations as lack of funds over the past few years. Given that PUGE is currently in good financial standing with several lucrative acquisitions lined up, the company has assured investors that it is currently working to get all its filings up to date with the SEC and that a PR is imminent.
These upcoming filings will detail the company’s future plans as well as several events that could position PUGE for growth including efforts to eliminate long-term debt. Many investors are bullish the company will follow through on their debt elimination promises under the leadership of CFO – Thomas Jaspers. Jaspers has years of accounting experience under his belt and is known for generating growth as a consultant, CFO, Auditor, and Tax Planner to a number of private and public entities including Puget Technologies.
In light of the upcoming filings and Jaspers’ involvement, PUGE is already seeing an uptick and many are projecting it could reach new heights on confirmed news from the company.
Media Sentiment
Investor @ChaseMacTrades seems bullish on PUGE’s potential given its strong management team and upcoming acquisitions.
Technical Analysis
Currently, PUGE stock is trading at $.0038 and has a primary support at .0036. The stock shows a primary resistance at .0045 and a secondary resistance near .0051. Accumulation has been fluctuating following a massive increase on January 13th. Meanwhile, the MACD just approached a bearish crossover and the RSI is at 42.
As the company continues to attract investors attention with lined up acquisitions, many are bullish PUGE stock could see a rebound upon its 10-K release as well as debt updates from the management. As these impending catalysts play out, PUGE could see a run up to its previous high of $.0075.
PUGE Stock Forecast
With a mission centered around improving accessibility to healthcare, the company is capitalizing on a lucrative, growing market and boasts a solid board of directors which can facilitate its future growth. Currently, PUGE could be a dip buy opportunity given that investors are bullish on its potential in 2022 with expansions and innovations within the healthcare services sector. Taking into consideration its strong management as well as its lined up acquisitions, PUGE could be a prime investment opportunity at its current price.
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