With the coronavirus making its rounds, the U.S. Centers for Disease Control (CDC) is recommending that everyone wear a mask. The Trump Administration has also recommended that Americans wear face coverings. Unfortunately, there may not be enough supply. It’s part of the reason President Trump deployed the Defense Production Act to help plug the supply gap of masks, gowns, and face shields. So far, 3M and other companies are producing about 50 million N95 masks in the U.S. each month. But that’s far short of the 300 million N95 masks the Department of Health and Human Services estimated in March, as highlighted by The Wall Street Journal. To help meet demand, several top companies are working feverishly to get supply to those that need it the most. Some of the top companies assisting are CleanSpark, Inc. (NASDAQ:CLSK), 3M Co. (NYSE:MMM), Alpha Pro Tech Ltd. (NYSE:APT), General Motors Company (NYSE:GM), and Lakeland Industries Inc. (NASDAQ:LAKE).

CleanSpark, Inc. (NASDAQ:CLSK) BREAKING NEWS: CleanSpark, Inc., a diversified software and intelligent energy services company announced that it has created a joint-venture relationship (JV) with members of its multinational supply and distribution channel partners. The JV has secured significant quantities of N-95 masks, KN-95 masks, gowns, gloves and other Personal Protective Equipment (PPE) to be supplied to hospitals and frontline medical personnel who are in dire need while fighting the COVID-19 outbreak. “CleanSpark is pleased to have the opportunity to leverage our existing relationships and commit our resources to provide relief within the constrained supply chain for certain medical equipment. Our capital participation will allow the JV to increase the quantities of PPE’s our partners can procure for shipment to the US. CleanSpark anticipates a reasonable return on investment for our participation to the benefit of the shareholders, as well as the end users of the equipment by ensuring that the PPE is supplied at fair prices to those most in need. The JV partners have long-standing import relationships and as such, have secured competitive pricing on the otherwise unavailable Personal Protective Equipment.” said CEO of CleanSpark, Zach Bradford.

Other related developments from around the markets include:

3M Co. (NYSE:MMM) and the Trump Administration are announcing a plan to import 166.5 million respirators over the next three months to support healthcare workers in the United States. 3M and the Administration worked together to ensure that this plan does not create further humanitarian implications for countries currently fighting the COVID-19 outbreak, and committed to further collaborate to fight price gouging and counterfeiting. “I want to thank President Trump and the Administration for their leadership and collaboration,” said 3M chairman and CEO Mike Roman. “We share the same goals of providing much-needed respirators to Americans across our country and combating criminals who seek to take advantage of the current crisis. These imports will supplement the 35 million N95 respirators we currently produce per month in the United States.” “Given the reality that demand for respirators outpaces supply, we are working around the clock to further expand our capacity, while prioritizing and redirecting our supplies to serve the most critical areas,” Roman continued. “We’ll continue to do all we can to protect our heroic healthcare workers and first responders, and I want to thank our 96,000 3Mers for your tireless efforts – including those in our plants and distribution centers around the world.”

Alpha Pro Tech Ltd. (NYSE:APT) announced an update to the status of orders booked for personal protective equipment (PPE) products in APT’s disposable protective apparel product suite, including the company’s proprietary N-95 Particulate Respirator face mask and face shields. As of April 7, 2020, APT has booked approximately $36.7 million in orders for the company’s proprietary N-95 Particulate Respirator face mask since January 27, 2020, an increase of $14.1 million, or 62%, from the $22.6 million in orders reported as of March 11, 2020, and the company continues to experience greater demand. APT has seen exponential increases not only in near-term demand, but also in longer-term ongoing purchase orders that have request dates that extend beyond the third quarter of 2020 and into the first half of 2021. Approximately 20% of the booked orders fall into the latter category. As a result of a ramp up in production, the company fulfilled approximately $3.7 million of the orders in the first quarter of 2020, which was slightly below the previously estimated forecast of $4.0 million, primarily as a result of delays at the company’s manufacturing facility in Utah following an earthquake in March. The remaining backlog of N-95 face mask orders that are not requested before the beginning of the fourth quarter of 2020 is expected to be fulfilled by the end of the third quarter of 2020. The company still expects its phase 1 ramp up plan on N-95 face mask production to be completed by early May and is in the process of a phase 2 expansion that will involve building additional N-95 face mask production lines to further increase capacity. The phase 2 expansion is expected to be operational by late summer 2020.

General Motors Company (NYSE:GM) and Ventec Life Systems are working with speed and urgency to arm front-line medical professionals with the critical care ventilators they need to treat seriously ill patients. GM is proud to deploy its purchasing and manufacturing capability alongside the respiratory care expertise of Ventec. We remain dedicated to working with the Administration to ensure American innovation and manufacturing meet the needs of the country during this global pandemic.

Lakeland Industries Inc. (NASDAQ:LAKE), a leading global manufacturer of protective clothing for industry, healthcare and to first responders on the federal, state and local levels, will release its financial results for the fiscal 2020 fourth quarter ended January 31, 2020, on Wednesday, April 15, 2020, after the closing of the stock market and will conduct a conference call thereafter on the same day at 4:30 p.m. eastern.

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