SMG Industries, Inc. (OTCQB: SMGI) was formed under the laws of the State of Delaware on January 7, 2008. Since inception, SMG’s primary business purpose has been to stockpile indium, a specialty metal that is being increasingly used as a raw material in a wide variety of consumer electronics manufacturing applications. In December 2013, our Board of Directors authorized management to sell our entire stockpile in 2014 based on prevailing market conditions. SMG sold all of the indium held by December 31, 2014.
After determining and evaluating its strategic options, the Board of Directors concluded that the acquisition (reverse acquisition) of MG Cleaners, a Texas based oilfield services company, is a good strategy and that our stockholders will have an opportunity to participate with the future oilfield and MG business.
On September 19, 2017 the Company acquired 100% of the issued and outstanding membership interests of MG Cleaners LLC to which MG became the wholly owned subsidiary of SMGI. SMGI headquarters is located in Houston, Texas with MG Cleaners’ manufacturing and sales facilities in Carthage, Texas and a sales and distribution office in Odessa, Texas.
On October 24, 2017 the Company’s common shares was upgraded to the OTCQB® Venture Market under the trading symbol SMGI. The improved trading venue for the common stock confirms the Company’s commitment to our future growth in shareholder base and improve trading activity.