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 First Seed Farms, Inc., a subsidiary of First Seed International, Inc., a company focused on hemp seed genetics, farm and ranch partnerships, cultivation, processing, manufacturing, private label and proprietary branding and distribution of hemp products and services.
“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.,” stated Frank Celecia, CEO of OrgHarvest. “We believe this could be a major opportunity for OrgHarvest.”
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 (collectively, “First Seed”). Management suggests that with the support of First Seed, there would potentially be greater interest in ramping up funding to the Company. Additionally, with this transaction, the company has completed the sale of all the remaining shares in its Reg A+ plus offering of 80,000,000 shares.
The closing is scheduled for month-end, December 2019, and is anticipated to 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 First Seed has 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.”
This is a Corrected and Restated Release Clarifying a previous PR entitled: Zona Energy Principal Shareholders Purchase Controlling Interest in OrgHarvest for $50 Million. The Company did announce it would make this correction via a PR entitled: OrgHarvest, Inc. Will Issue A corrected Press Release. Management is hopeful it has successfully clarified and addressed any errors or misinterpretations with this communication.
To learn more about OrgHarvest’s offering, 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
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