HENDERSON, Nev., Dec. 7, 2021 /PRNewswire/ -- EVIO, Inc. announced today that it intends to sell its ownership in C3 Labs, LLC dba Steep Hill CA to Digipath, Inc. (OTCQB:DIGP) in exchange for assumption of debt and stock in Digipath.
This sale marks the company's next step towards EVIO's restructuring plans which began in January 2021. The sale of C3 Labs means that the company will be able to divest over $2 million in debt and future lease obligations and gain a yet to be disclosed equity stake in Digipath.
Interim CEO Lori Glauser says "This sale gives C3 Labs the investment it needs to achieve profitability without EVIO taking on more debt. It also gives EVIO an investment stake in the growing lab company while substantially reducing operating costs."
EVIO continues to operate its labs in Canada and Oregon. Furthermore, the company is planning a roll-out its blockchain technology offerings during first quarter 2022.
About EVIO
EVIO, Inc. is a provider of ancillary services including consulting, R&D and analytical testing for cannabis, hemp, and pharmaceutical companies.
For more information, visit www.eviolabs.com and www.digipath.com
Safe Harbor Statement
Any statements in this press release that are not statements of historical fact may be considered forward-looking statements pertaining to anticipated or projected plans, performance, and developments, as well as other statements relating to future operations and results. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only, and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, the Company's ability to complete product testing and launch product commercially, the acceptance of product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in Company reports filed with the Securities and Exchange Commission and OTC Markets, available at www.sec.gov or www.eviolabs.com.
For Further Information contact:
Lori Glauser,
Interim CEO
info@eviolabs.com
+1 702-748-9944
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SOURCE EVIO, Inc.
