Hempacco Acquires Assets of Simtech, MJAC Vending, and Bear Air, Paving the Way for Innovative Vending Solutions and Broader Product Offerings
San Diego, California--(Newsfile Corp. - July 8, 2024) - Hempacco Co, Inc. (NASDAQ: HPCO) ("Hempacco"), a renowned innovator in functional product manufacturing and development, is excited to announce the acquisition of certain assets from Simtech LLC, MJAC Vending LLC, and Bear Air, LLC.
The agreement, signed by Hempacco's CEO, Sandro Piancone, and David Simchon, Chief Executive Officer of Simtech LLC, delineates the following terms of the acquisition.
Agreement Highlights:
- Parties: Hempacco and Simtech LLC, MJAC Vending LLC, and Bear Air, LLC.
- Assets: The acquisition includes 120 Nayxs and vending machines with over 77 active booth placements and any Disney-branded kiosks owned by Simtech.
- Hempacco's Contribution: Hempacco's subsidiary, Hempbox Vending, Inc., will be rebranded as "Celebrity Vending" and will own at least 100 vending machine kiosks.
- Post-Acquisition Operations: Celebrity Vending will have licenses to sell Hempacco's celebrity-branded and Disney-branded products and VDL tribe approval for casinos.
- Employment: David Simchon will be appointed as CEO of Celebrity Vending post-closing.
Sandro Piancone, CEO of Hempacco, expressed enthusiasm about the partnership, stating, "This agreement marks a significant step towards expanding our market presence and diversifying our product offerings."
David Simchon, CEO of Simtech LLC, shared similar sentiments, stating, "We believe this collaboration with Hempacco will unlock new opportunities for growth and innovation in the vending industry."
Hempaco Expands Vending Machine Business
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About Hempacco
Hempacco Co., Inc.'s goal is Disrupting Tobacco's™ nearly $1 trillion industry with herb and hemp-based alternatives to nicotine cigarettes by manufacturing and marketing herb, spice, and cannabinoid smokables and rolling paper. Hempacco owns The Real Stuff™ functional hemp cigarette and rolling paper brand. In addition, Hempacco manufactures a wide range of CBD-based nutraceutical and beauty products and various gummy products at its 50,000-sf cGMP facility in San Diego.
Hempacco is a majority-owned subsidiary of Green Globe International Inc. (OTC Pink: GGII), a fast-moving consumer goods incubating company.
Hempacco's operating segments include:
- D9 and Mushroom Beverages and shots R&D and manufacturing
- Manufacturing of vapes, hemp smokables, and hemp rolling paper
- Manufacturing of cosmetics and nutraceutical products
- The Real Stuff™ brand of functional smokables and rolling paper
- Functional Mushroom product development using patented solubility technology
- Celebrity-branded gummies and smokable products from Rick Ross, Cheech & Chong, and Snoop Dogg.
Learn more at www.hempacco.com
Learn more at www.ggiigroup.com
About Simtech, LLC
Simtech LLC is a leading vending solutions provider specializing in innovative technologies and strategic partnerships. Simtech is committed to delivering exceptional value to its customers through cutting-edge vending solutions and unparalleled service.
About MJAC Vending, LLC:
MJAC Vending LLC is a subsidiary of Simtech LLC, focused on expanding vending operations in key markets.
About Bear Air, LLC:
Bear Air, LLC is a subsidiary of Simtech LLC, providing aviation services tailored to clients' needs in various industries.
For investor inquiries, please contact:
Sandro Piancone, CEO
Investor Relations: ir@hempaccoinc.com
619-779-0715
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including our financial performance and projections, revenue and earnings growth, and business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: (i) potential failure to meet projected development and related targets; (ii) changes in applicable laws or regulations that may impact our products and business; (iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the "SEC ") by the Company. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release, and other statements made from time to time by us or our representatives might not occur.
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