Reno, Nevada, Nov. 28, 2022 (GLOBE NEWSWIRE) -- On November 17, 2022, the Company’s wholly-owned subsidiary, High Sierra Technologies, Inc., a Nevada corporation (OTCQB: HSTI) (“HSTI”), executed a Joint Venture Agreement (the “Joint Venture Agreement”) with Hempacco Co., Inc. (“Hempacco”) for the production, marketing, and sales of hemp smokables that will use the Company’s patented and patent-pending technologies, as well as certain patented and patent-pending technologies held by Hempacco. Pursuant to this Joint Venture Agreement, HSTI and Hempacco formed a new Nevada corporation known as Organipure, Inc (“Organipure”). HSTI and Hempacco each own one-half of the equity interests in Organipure.
In connection with the execution of the Joint Venture Agreement, Hempacco also entered a Hemp Smokables Manufacturing Agreement with Organipure (the “Manufacturing Agreement”), pursuant to which Hempacco will act as Organipure’s exclusive worldwide manufacturer and supplier of hemp smokables, subject to the terms and conditions of the Manufacturing Agreement. The hemp smokables will be manufactured according to product specifications and packaging described in the Manufacturing Agreement.
Also, in connection with the execution of the Joint Venture Agreement, HSTI entered into a Patent License Agreement with Organipure (the “HSTI Patent License Agreement”), which granted Organipure a non-exclusive license of HSTI’s patented and patent-pending technologies to be used in connection with the hemp smokable products to be produced, marketed, and sold by Organipure. The annual license fee will be 5% of Organipure’s gross receipts from the use of the HSTI patents by Organipure. The term of the license expires December 31, 2033, unless terminated earlier for reasons specified in the HSTI Patent License Agreement.
Similarly, Hempacco entered into a Patent License Agreement with Organipure (the “Hempacco Patent License Agreement”) which granted to Organipure a non-exclusive license of Hempacco’s patented and patent pending technologies to be used in connection with the hemp smokable products. The annual license fee will be 5% of Organipure’s gross receipts from the use of the Hempacco patents by Organipure. The term of the license expires December 31, 2033, unless terminated earlier for reasons specified in the Hempacco Patent License Agreement.
Hempacco is an industry leader in the hemp smokables market space. Hempacco’s state-of-the-art production facility provides it with superior production capabilities that allow it to be able to currently produce over 30 million hemp cigarettes per month with the ability to quickly expand its production capabilities with very short notice.
Dr. Vincent C. Lombardi, President and Chief Executive Officer of HSTI, stated that “At last we are bringing the Company’s patented and patent-pending technologies to the market with an established and capable producer of hemp smokables. We believe that the market for substantially odorless hemp smokables produced with our patented and patent-pending technologies can quickly become dominant within the hemp smokables market space now that we have partnered with Hempacco. This joint venture affords us the opportunity to generate revenue from the licensing of our patented and patent-pending technologies and to share equally with Hempacco in the profits from Organipure. We believe these two new revenue streams will provide the Company with ongoing and potentially significant revenue in the coming years.”
“Many people will not smoke hemp cigarettes if they smell like cannabis. One of our priorities was to remove the cannabis odor from our smokables. This new joint venture with High Sierra is the final step in our equation to Disrupt Tobacco™,” explained Jorge Olson, Co-Founder, and CMO of Hempacco. “We will be able to make hemp products in different flavors and aromas, starting by neutralizing the cannabis aroma using the patented and patent-pending technologies of HSTI and then adding specific flavorings.”
“We’ve been collaborating with HSTI for over a year, developing the technology to take the smell out of hemp. Now with this joint venture, we have formalized our relationship with the shared goal and market strategy of manufacturing hemp smokables that do not smell like cannabis,” said Sandro Piancone, Co-Founder and CEO of Hempacco. “I believe the holy grail for hemp smokables is to have an odorless hemp smokable.”
About High Sierra Technologies, Inc.
High Sierra Technologies, Inc. is a company specializing in the development and licensing of patentable technology for use in the creation of substantially odorless and tasteless marijuana and hemp products. The Company’s website is www.high-sierra.com
Forward-Looking Statements
This Press Release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “intend,” “expect,” “anticipate,” “could,” “may,” “should,” “will,” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in High Sierra Technologies, Inc.’s filings with the Securities and Exchange Commission (the “SEC”). Investors should not place any undue reliance on forward-looking statements since they involve known and unknown uncertainties and other factors which are, in some cases, beyond High Sierra Technologies, Inc.’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects High Sierra Technologies, Inc.’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions; the impact of general economic, health, industrial or political conditions in the United States or internationally; and other risks and uncertainties identified in High Sierra Technologies, Inc.’s disclosure documents filed with the SEC. High Sierra Technologies, Inc. assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein.
No product referred to in this press release has been approved, in any manner whatsoever, by the U.S. Food & Drug Administration. No product referred to in this press release is intended to diagnose, treat, or prevent any disease.
Investor Relations Contact
Telephone No.: 775.410.4100
