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Draft:Industries of the Americas

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Industries of the Americas, Inc. (IA) is an American industrial company that has acquired and rehabilitated manufacturing assets for medical and safety products. The company operates in the American manufacturing sector, holding real assets and industrial infrastructure in various product categories. Its primary manufacturing facility is a 14-acre industrial campus in Eufaula, Alabama, which includes a private rail spur and over 100,000 square feet of structure comprising two factories. This facility is described as the largest known natural rubber processing facility in the United States and is the only known operational facility registered with the FDA 510k to manufacture a disposable latex medical glove. The company was formerly known as Medical Industries of the Americas, Inc. (MIA) and adopted its current name in November 2023.[1] [2]

History

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The origins of the manufacturing capabilities now associated with IA date back to 1965, with a factory in Connecticut. Products previously manufactured under its acquired HMS brand were utilized in medical applications, including emergency rooms, OBGYN, surgery, physical therapy, maternity, and sports medicine. HMS supplied major hospital product distributors.[1] [3]

In 2015, Harcal Inc., an investment group co-founded by businessmen Greg Calhoun and media personality Steve Harvey, purchased the former Aladan plant in Eufaula, Alabama, which would later become IA's primary manufacturing facility.[4] [5] Following a meeting between Greg Calhoun and Donald Trump in Trump Tower in January 2017 regarding job creation,[6] a decision was made to pursue a deal with Gnosiis International. This collaboration led to the formal incorporation of Medical Industries of the Americas, Inc. in Delaware on December 29, 2017. The new entity was formed from a joint venture between Gnosiis International and Brian Hurley, with the aim of recovering and utilizing medical manufacturing assets from bankrupt entities. The acquired assets and intellectual property were subsequently contributed to Medical Industries of the Americas, Inc.[1]

The company then raised investment to facilitate its operations. A convoy of trucks was utilized to relocate the Connecticut factory's assets to the Alabama facility. Subsequently, the Alabama factory was brought back into operation, with a latex glove factory opening in Eufaula in August 2022, reportedly creating hundreds of jobs.[7] The company changed its name to Industries of the Americas, Inc. in November 2023, and later disclosed a planned shift in its IPO listing venue from Nasdaq to the NYSE American Stock Exchange.[1] [2]

Facilities and Operations

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IA operates a manufacturing facilities on a 13.7-acre industrial campus located on Lake Eufaula, Alabama. The facility, originally constructed in 1988, was previously owned by Aladan Corporation[8]. The campus encompasses over 100,000 square feet of built structure, and is described as the largest known liquid natural rubber (LNRL) dipping facility in the United States. It includes a private rail spur providing direct rail access to the ports of Savannah, Georgia, and Mobile, Alabama.[1] [3]

As of the most recent filings with the Securities and Exchange Commission, the Eufaula facility is partially operational and is currently capable of producing industrial gloves and cold packs. One latex dip line is operational and capable of producing lightly powdered industrial gloves. The refurbishing of a second dip line is approximately 75% complete, and machinery for thermal packs is in place and undergoing refurbishment. Once fully operational, the combined glove production lines are estimated to produce up to approximately 1 billion gloves annually, and thermal pack systems up to approximately ten million thermal packs annually.[1]

Raw natural rubber latex, the primary material for latex products, is sourced from third-party brokers operating out of the Port of Savannah, Georgia, including suppliers from South America and the United Kingdom. Raw materials for thermal packs, such as two-ply laminated polyethylene, magnesium sulphate, and urea, are procured from U.S. suppliers and chemical brokers. IA maintains a proprietary natural rubber laboratory for testing and research and development.[1]

The Alabama Department of Environmental Management (ADEM) regulates discharges from the facility. The facility is currently exempt from the National Pollutant Discharge Elimination System (NPDES) permit for storm water runoff but requires a permit and monitoring for process water discharged to municipal treatment facilities.[1]

Industries of the Americas has assembled approximately $50 million in capital, comprising real assets, intellectual property, and investments in engineering and operational capabilities. The company's public filings indicate that it is currently restructuring its balance sheet by converting nearly all of its debt into a new class of preferred equity. This restructuring is intended to eliminate the company's derivative liability and increase its paid-in capital and total equity, resulting in a clean balance sheet as the company completes an anticipated public offering and listing to the NASDAQ under the symbol IAMR.[1]

Products

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Industries of the Americas manufactures and plans to produce a range of medical and safety products:

Current Manufactured Products:

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  • Lightly powdered industrial gloves, marketed under the brand name “American Safety Glove”.[1] [2]
  • Disposable cold packs, marketed under the trademark “Col-Press®”.[1] [2]

Planned/Future Products

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According to the IA's Securities and Exchange Commission filings, the company owns a larger variety of equipment and infrastructure that could be utilized to manufacture a variety of additional products, contingent on capital availability and refurbishment of the assets:

  • Various thermal packs, including reusable cold packs, disposable heat packs, and reusable heat/cold packs.[1] [2]
  • Natural rubber medical exam gloves and surgical gloves. The facility is noted as the only known operational facility registered with the FDA [510k] to manufacture a disposable latex medical glove.[1] [3] [9]
  • The facility is also noted as registered with the FDA [510k] for the manufacturing of Condoms.[1] [2]
  • Surgical marking products and disposable scalpels.[1] [2]
  • Hospital beds and medical textiles.[1]
  • Pet toys and children’s products such as natural rubber latex pacifier manufactured from natural rubber.[1]
  • The company possesses machinery for manufacturing maternity pads, syringes, and razor blades.[1]

Market and Strategy

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IA has stated that its market focus is the United States and other North American markets. Its target customers include distributors and wholesalers, with a secondary focus on end-users such as hospitals, often through group purchasing organizations. The company's core strategy is to leverage the growing trend of reshoring American manufacturing, aiming to compete with Asian imports on both quality and price. Operating domestically provides advantages such as shorter and more efficient delivery times and potentially lower logistics costs.[1] [2]

Relevant Market Statistics from SEC filings:

  • The U.S. domestic disposable gloves market is projected to grow from $2 billion in 2022 to $3 billion by 2028 (8% CAGR).
  • The global market for natural rubber latex gloves is expected to reach $1.89 billion by 2028, growing at a CAGR of 5.2% from 2023 to 2028.[1] [10] [11]
  • The U.S. domestic surgical supplies market is projected to grow from $25 billion in 2022 to $35 billion by 2028 (7% CAGR).[1] [10]
  • The U.S. domestic disposable hot and cold packs market is projected to grow from $0.5 billion in 2022 to $0.75 billion by 2028 (8% CAGR). The global hot and cold therapy packs market is projected to reach $2.2 billion by 2030, growing at a CAGR of 7.5% from 2023 to 2030.[1] [10]
  • The North American rubber products market was valued at $102.64 billion in 2022 and is expected to expand at a CAGR of 7.1% from 2023 to 2028.[1] [10]
  • The global market for natural rubber baby pacifiers is expected to reach $287.2 million by 2028, growing at a CAGR of 4.2% from 2023 to 2028.[1] [10]

IA possesses an asset base of real and intellectual property. According to its public filings, in addition to real estate and machinery and equipment assets, IA owns or has rights to various trademarks, service marks, and trade names used in its business operations. The company is the assignee of seven U.S. Trademark Registrations, transferred from Gnosiis International on May 26, 2022. The company's "American Safety Glove" is produced with a processed, low-protein natural rubber latex, which is described as non-allergic. This capability is noted as a development in the natural rubber latex market and a unique technological advantage.[1] [12] The Eufaula facility has a history of producing products that met FDA quality standards. The company holds an FDA 510(k) approval for "Latex Patient Examination Glove" through Alatech Healthcare, LLC (K080606), dated July 2, 2009. [1] [13] [9] [14]


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References

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  1. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa Industries of the Americas, Inc. Form S-1/A. U.S. Securities and Exchange Commission. Filed June 20, 2024. [1]
  2. ^ a b c d e f g h i Industries of the Americas: IAMR IPO, Health Care - Early-stage medical supplies manufacturer focused on latex gloves and disposable cold packs. | Renaissance Capital. Renaissance Capital. February 14, 2023. [2]
  3. ^ a b c d MI Americas (Archived website). Medical Industries of the Americas. Copyright 2021. [3]
  4. ^ a b Harcal Inc. purchases former Aladan plant. Montgomery Advertiser. September 18, 2015. [4]
  5. ^ a b Greg Calhoun was one in a million. Alabama Daily News. October 12, 2018. [5]
  6. ^ a b Montgomery businessman Greg Calhoun meets with Donald Trump. WSFA. January 13, 2017. [6]
  7. ^ a b Latex glove factory opens up hundreds of jobs in Eufaula. WTVM. August 8, 2022. [7]
  8. ^ https://www.inc.com/magazine/19931201/3819.html
  9. ^ a b c U.S. Food and Drug Administration (FDA). [8]
  10. ^ a b c d e f ibisworld.com. IBISWorld. [9]
  11. ^ a b Grand View Research. [10]
  12. ^ a b American Safety Glove Disposable Latex Low Protein Natural Rubber Non-Allergy 7 MIL. FLI Products. [11]
  13. ^ a b National Institute for Occupational Safety and Health (NIOSH). Centers for Disease Control and Prevention (CDC). [12]
  14. ^ a b U.S. Securities and Exchange Commission (SEC). [13]
  15. ^ Who is David Silver? CEO of Medical Industries of the Americas. YouTube. November 21, 2019. [14]
  16. ^ CapitalIQ.com. S&P Global Market Intelligence. [15]
  17. ^ Fortune Business Insights. [16]
  18. ^ IMARC Group. [17]
  19. ^ ResearchAndMarkets.com. [18]
  20. ^ Global Growth Insights. [19]
  21. ^ Proposition 65 Warnings. California Office of Environmental Health Hazard Assessment. [20]
  22. ^ Corporate Tax Rates. Tax Foundation. [21]
  23. ^ Federal Reserve Board. [22]
  24. ^ College of Food, Agricultural, and Environmental Sciences. The Ohio State University. [23]
  25. ^ Latex Allergy Information Resource. Case Western Reserve University, Anesthesiology Department. [24]
  26. ^ Latex Allergy. Family Village, University of Wisconsin. [25]
  27. ^ IRS Revenue Ruling 59-60. Equity Valuation Appraisals. [26]

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