August was a good month for Nexus Energy Services Inc. (OTC: IBGR), leading the stock to a 327% increase and making it one of the penny stocks that will explode soon. Despite the company’s official name, IBGR is more commonly known as Dryworld following its reverse merger with Dryworld Brands, LLC. This merger launched IBGR into the field of performance athletic brands for apparel, footwear, and other athletic gear. Now, the company is in the process of changing its ticker name with FINRA while pursuing marketing plans across the US.
Investors are speculating that the name change will go through by EOW or later depending on FINRA. But the ticker change is more than symbolic for this company which is seeking to establish itself as a leading, independent athletic wear company. IBGR has developed several brands including Dryfeet, BioSkin, Aggression, and Haute D. Recently, the company has announced a partnership with Russian athlete, Darya Klishina, leading to the launch of two new partner projects – the DRYWORLD “Take Flight” collection and HauteD by Dasha. A well-known long jump athlete, Darya Klishina, holds an assortment of medals and most recently took silver for her 7 meter jump at London’s 2017 World Championship.
According to the company, it is making progress on launching an e-commerce store while seeking out an elite league partnership and other athletic partnerships. Prior to the reverse merger, Dryworld had uniform kit contracts with Brazilian teams Atlético Mineiro, Fluminense, and the English football team – Queens Park Rangers. These partnerships began in 2016 when Dryworld also opened a store in Brazil. At the time, Dryworld was manufacturing authentic player replica jerseys and official fan replica jerseys for these teams.
If IBGR is successful in securing a new kit contract with an elite team, the deal could be extremely lucrative for shareholders. Kit contracts can be worth millions depending on the team involved because their fanbase will purchase authentic player replica jerseys and official fan replica jerseys of their favorite team. With uniforms being updated regularly, IBGR could capitalize on this opportunity if they secure a promising team partnership.
For now, the company seems focused on its marketing campaign but is already executing one merchandise supply contract. IBGR’s marketing campaign is likely being held back by its official ticker and company name, yet it looks like it will soon be approved based on the company’s tweet saying, “Ready for DEPARTURE”. Once completed, the new ticker name will be DRYW and could be one of the penny stocks that will explode soon.
Zalmy of @greatstockpicks saw the merger potential for IBGR back in July and shared the news with their 37.1K followers.
Completing its merger on August 11th, the stock saw a 215% increase from the news. At the same time, IBGR issued 25 million shares of common stock and 10 thousand shares of preferred stock to Dryworld Brands, LLC in accordance with its merger agreement. The stock continued climbing before settling at its current PPS of $.4998. Given its dramatic climb, the stock appears to have a support at .4897 and a secondary support at .3810. The stock has yet to test a new resistance but continues to see steady accumulation. At the end of August the stock had become overbought – reaching 80.39 – but has corrected to 57.55 with positive movement. After a bearish crossover on Monday, the MACD has continued downtrending with no sign of another crossover.
For the most recent quarter, IBGR reported no revenue and a NOL of $40,164. The company holds $39,037 in assets and a current portion of notes payable valued at $129,000.
Should you Buy?
While IBGR is working on developing its brand now, the company has found partnership success with its products before the merger. This indicates that the company could secure similar partnerships again with potential for lucrative kit contract. While the sportswear manufacturer is not yet revenue producing, if it is able to bring its e-commerce store online the company has the potential for further expansion. IBGR reportedly has a float of 131 million and could make further gains once its name change is complete. With bullish investors expecting the announcement within the next days, IBGR could hit $.53; but given time, IGBR is one of the penny stocks that will explode.
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