Scrap metals firm pivots to pharmaceuticals

Free Flow Inc., a company with an over-the-counter stock listing that had been accumulating auto salvage and metals recycling assets earlier this decade, has signed a letter of intent to acquire an over-the-counter pharmaceutical wholesaler and contract manufacturer.

Free Flow does not name the acquisition target with which it signed the LOI, but says it had gross revenue of $4.4 million in 2023 and projected 2024 revenue of approximately $7 million.

In 2020, Free Flow announced it had lined up financing to install an auto shredding plant at or near its headquarters in King George, Virginia. The following year, it acquired Inside Auto Parts Inc., an auto salvage and used vehicle dealership based in Mineral, Virginia.

Now, Free Flow says it has undertaken a “change in company focus,” and its board of directors has appointed a board-certified neurologist as a company director and board chair.

Under terms of the LOI, Free Flow says the pharmaceutical company to be acquired is expected to become the primary focus of the company’s operations.

In addition to the change in company focus, a new corporate headquarters has been established in North Bergen, New Jersey.

As of late August, Free Flow says it “maintains holdings in the scrap metal processing [and] salvage yard business” and does not mention divesting itself of those assets. The firm indicates, however, that additional businesses in the pharmaceutical industry are expected to be identified and subsequently targeted for potential future acquisition.