Eco-Growth Strategies Signs a Letter of Intent to Form a Joint Venture with Sedona Synergy
Eco-Growth Strategies (OTC PINK: ECGS) announced a joint venture with Sedona Synergy, focusing on the extraction of hemp biomass. Eco-Growth will control a majority stake and has the option to acquire Sedona fully in the future. The venture aims to utilize advanced extraction technology for higher efficiency of CBD and other cannabinoids. Eco-Growth will supply extraction machines and cash for facility upgrades. The existing contract pipeline, valued at $4 million for one million pounds of biomass, will be shared based on ownership percentages.
- Joint venture with Sedona Synergy enhances extraction capabilities.
- Control of majority stake allows strategic direction and potential full acquisition.
- Access to a contract pipeline worth approximately $4 million.
- Investment in modern equipment may lead to operational efficiencies.
- None.
LAS VEGAS, NV / ACCESSWIRE / November 12, 2020 / Eco-Growth Strategies (the "Company" or "Eco-Growth Strategies") (OTC PINK:ECGS), a nutraceutical company developing a variety of premium CBD-based products specializing in the sourcing and extraction of trusted North American hemp, today announced that the company has come to terms to a joint venture with Sedona Synergy, an Arizona company that specializes in the extraction of hemp biomass. The joint venture, in which a majority stake will be controlled by Eco-Growth Strategies, will have the option to purchase the entire company at a future date if so inclined. The venture will focus on the extraction of hemp biomass through the utilization of extraction machines that offer a state of the art technology allowing for higher efficiency extraction of CBD, terpenes and other desired cannabinoid content currently being used by Sedona Synergy. Sedona Synergy also will be refining from CBD oils into CBD isolates in a GMP clean room space. In addition, two extraction machines and more clean room refinery equipment will be supplied by Eco-Growth, as well as a cash infusion to modernize the existing facility. Additionally, the existing pipeline of executed contracts, consisting of one-million pounds of biomass worth approximately four million dollars, will be split according to the percentage of ownership agreed upon in the joint venture agreement.
"We are very excited to have come to terms with this joint venture with Sedona Synergy," said William J. Delgado, Chairman and CEO of Eco-Growth Strategies. "We feel Sedona Synergy was the right fit with their industry expertise and revenue generating existing client base. After careful consideration of other opportunities in the space, we felt that this partnership reflected the best return on investment for Eco-Growth and its stakeholders. As previously disclosed, we intend to continue to pursue these types of ventures to eventually become a recognized leader in both wholesale and retail CBD based businesses. We expect to formally close this transaction within thirty days," added Delgado.
About Eco-Growth Strategies, Inc.
Eco-Growth Strategies, Inc. is a nutraceutical and processing company developing a range of CBD-based products. The company's mission is to employ best practice science to source, manufacture, and package the process all of its CBD products from within the United States. The company performs farm and manufacturing site visits and sources its products from only the highest quality hemp farms in North America.
CBD Disclaimer
The statements made regarding CBD products including our future products have not been evaluated by the Food and Drug Administration. The efficacy of these products and the testimonials made has not been confirmed by FDA- approved research. These products are not intended to diagnose, treat, cure or prevent any disease. All information presented here is not meant as a substitute for or alternative to information from healthcare practitioners. Please consult your healthcare professional about potential interactions or other possible complications before using any product. The Federal Food, Drug, and Cosmetic Act requires this notice.
SAFE HARBOR ACT
Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
William J. Delgado
(775) 443-4740
djwllc@hotmail.com
SOURCE: Eco-Growth Strategies https://ecogrowthstrategies.com/our-team/
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FAQ
What is the joint venture between Eco-Growth Strategies and Sedona Synergy?
What is the estimated value of the contract pipeline mentioned in the Eco-Growth press release?
How will Eco-Growth Strategies benefit from the joint venture's technology?
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