Reno, Nevada, Jan. 19, 2022 (GLOBE NEWSWIRE) -- On December 31, 2021, High Sierra Technologies, Inc. (OTCQB: HSTI) a Colorado Corporation (“HSTI”) and HT Global, Inc., an Oregon Corporation (“HTG”), pursuant to a Non-Disclosure and Confidentiality Agreement of the same date, entered into and executed a Letter of Intent under which HSTI will acquire HTG pursuant to a Share Exchange Agreement (the “LOI”). The parties are currently in the Due Diligence Process of the transaction and the closing of this transaction is currently scheduled to occur on, or before, March 1, 2022.
HTG is a revenue generating corporation whose principals have over 20 years of experience in all aspects of the Agricultural/Industrial Hemp Industry. HTG is both vertically and horizontally integrated across the entire Agricultural/Industrial Hemp Industry and is involved in Seed Genetics, Plant Propagation, Transportation, Crop Harvesting and Drying, all forms of Post Processing as well as the creation of cutting-edge Cannabinoid Extractions and Formulations, including CBD, CBG, CBN and all “Hemp-Derived” extractions, as defined under the 2018 Hemp Farm Bill. Within HTG’s network of relationships, there are strategic acquisitions in sight with additional revenue positive companies that will add considerable benefits to the circular integration and vertical integration possibilities afforded by this network. These potential target acquisitions include a processing facility, a consumer goods manufacturing facility for all CBD related product, as well as facilities for the manufacturing of hemp plastics and hemp building materials.
HTG currently is involved in the production, manufacturing and sales of numerous hemp-based products including, but not limited to:
- CBDa, CBD, CBGa, CBG, CBN, CBCa, CBC, THCa, THCv formulated products in the health and wellness market space.
- Hemp Seed foods such as hulled and toasted seeds, oils, protein powders, animal, poultry and fish feeds, clothing, construction materials.
- Consulting on Hemp Agronomy, genetics, land uses, equipment and farming for oil, fiber or CBD related products, Hemp housing and building materials, such as Hempcrete and Hemp wood and various sustainable materials for housing.
HTG also boasts strong strategic partnerships with many domestic hemp plastics manufacturing entities and is currently working with various partners to develop affordable quality Hemp Plastic spoons, forks, knives, and straws. HTG is using these relationships to determine the feasibility of localized hemp production to supply various manufacturing needs with the raw hemp biomass and materials needed for the future sustainable manufacturing of biodegradable products.
In regard to the LOI, Vincent C. Lombardi, Chief Executive Officer of HSTI, has stated “We believe that this acquisition is an important next step in the future growth of HSTI. It will provide HSTI not only new sources of revenue and profit but will also provide HSTI with the basis for further acquisitions and expansions in the Agricultural/Industrial Hemp Industry, thus diversifying our operation beyond our patented low odor cannabis technology.”
HTG Global Founder and Chief Executive Officer Greg Flavall had this to say about the LOI. “I am excited to join the team at HSTI. We have worked with HSTI closely in the past, and I feel this is a great opportunity for HTG and myself to take our vision of changing the world through innovations with Hemp”.
This press release contains forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995. The forward-looking statements may include without limitation statements regarding HSTI’s estimated revenues, gross margins, operating expenses, business models and business plans. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
HSTI is a company specializing in the development and licensing of patentable technology for use in the creation of many types of cannabis and hemp products including low odor cannabis and hemp products.
HSTI trades under OTCQB symbol “HSTI”.
Our website may be viewed at www.high-sierra.com.
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