LAS VEGAS, Dec. 10, 2019 (GLOBE NEWSWIRE) -- via NetworkWire – OrgHarvest, Inc., “OrgHarvest” or the “Company” (OTCMKTS: ORGH), the first U.S. based cannabis cultivation company to achieve a Regulation A+ qualification, announced today that the Company has signed a binding agreement to sell controlling interest in the Company to the principal shareholders of Texas-based, Zona Energy, Inc., for $50M.
“Just before the Thanksgiving holiday, I received approval from our Board of Directors to move forward with a binding agreement, that would transfer controlling interest of OrgHarvest to First Seed Farms, Inc. and First Seed International, Inc. – the controlling shareholders of Zona Energy, Inc. – for $50 million,” stated Frank Celecia, CEO of OrgHarvest. “We believe this could be a major opportunity for OrgHarvest as the ultimate relationship would be with Zona Energy, who is set to do some very interesting things within the cannabis and hemp marketplace.”
The acquisition will be made in an all stock purchase, where controlling interest of OrgHarvest is being transferred to First Seed Farms, Inc. and First Seed International, Inc. for $50M in their Zona Energy, Inc. common stock holdings. Management suggests that with the support of Zona Energy and its principals, there would potentially be greater interest in ramping up funding to the Company.
While the closing is scheduled for month-end, December 2019, it is highly anticipated that the transaction will come to fruition timely. This would inevitably fast track the potential of the Company’s business model and should position OrgHarvest to become a major player within the cannabis and hemp industries, as a U.S. based cultivation operation.
Mr. Celecia concluded, “We are pleased that Zona Energy’s principals identified OrgHarvest as the most suitable Company for them to pursue their cannabis and hemp endeavors with. We will work diligently to make this venture a huge success and will continue to provide shareholders with updates pertaining to this transaction and its overall value proposition.”
To learn more about OrgHarvest’s offering, please visit https://www.fundanna.com/equity/offer-summary/OrgHarvest.
For more information, please visit:
Website: http://www.orgharvest.us/
OrgHarvest video: https://youtu.be/O6tBHMfjBEs
3D greenhouse: https://youtu.be/KjHaueQ5Ufc
JOBS Act (Title IV) Regulation A+ Offering: https://www.fundanna.com/equity/offer-summary/OrgHarvest
About OrgHarvest, Inc.
OrgHarvest’s competitive advantages include risk diversification through the approach of growing cannabis using a high-tech, custom-made, Dutch glasshouse manufactured in the Netherlands, which offers a unique combination of advantages unmatched by OrgHarvest’s competitors. Compared to other cannabis operations, the Company differentiates itself by offering a facility that can provide better quality flowers, pest-free growing conditions, and a stronger focus on developing strains and new products using exclusive patented technology.
Management Team
OrgHarvest’s management team and founders bring together unique and diverse backgrounds in terms of education, experience and expertise. Having an award-winning team behind OrgHarvest that is dedicated to strain development and organic production, will be the key to producing high-quality, high-THC flower. All of the products that the Company distributes must first pass inspections conducted by independent, third-party testing facilities, followed by internal inspections, then delivery to the end user.
The OrgHarvest management team has many years of combined business experience and is comprised of Senior Executives who each have a commendable track record in the technology industry. The Company’s management team includes Frank Celecia, president and CEO; Keith DeSanto, Chief Science Officer/Research and Development; Carlos Calixto, COO; and Rick Snelson, master grower. The Company’s Board of Directors includes Frank Celecia, Dr. Dean Cohen and James Adams.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
Company Contact:
OrgHarvest, Inc.
Incline Village, NV
info@orgharvest.us
Wire Service Contact:
NetworkWire (NW)
New York, New York
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