American Green, Inc.™ (OTC:ERBB) Officially Acquires Vendweb - Supplier of Its AGX Facial Recognition and Over- 21 Age Smart Vending Machine

Rhea-AI Summary

American Green, Inc. (OTC:ERBB) announced the acquisition of Vendweb, a North Carolina vending machine company supplying American Green with smart vending machines for five years. This acquisition grants American Green full control over the smart vending division, aiming to reduce costs and enhance profitability. Vendweb's technology enables age-restricted product sales via facial recognition and finger vein reader systems. The acquisition also includes Vendweb's general vending business, which generated $395,000 in revenue last year. The U.S. vending industry expects annual revenues of $8.9 billion in 2022.

Positive

• Acquisition allows better control over smart vending operations, reducing costs and increasing profits.
• Potential customization of machines to meet specific industry needs, enhancing customer satisfaction.
• Vendweb's existing revenue of $395,000 provides a solid financial foundation.

Negative

• None.

PHOENIX, AZ, May 17, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire  – American Green, Inc. (OTC:ERBB)  announced today that it has completed the purchase of Vendweb - the North Carolina vending machine company that has been supplying American Green with its proprietary American Green Xpress (AGX)  smart vending machines for the last 5 years. The AGX vending machines have facial recognition and finger vein reader technology certifying over age-21 ID verification which allows the purchase of age-restricted products such as cannabis, CBD, alcohol, casino playing chips, and more.

https://www.youtube.com/watch?v=jv2FNLSnvw4

American Green’s president David G. Gwyther said, “The acquisition of Vendweb made great sense for the company for a number of reasons. We now have full control over the smart vending division allowing us to significantly reduce manufacturing, development, and design costs - all of which increase profits. The purchase will allow the company to “fast-track” improvements to the American Green Xpress smart machine and customize it to specifically meet customers' needs.  We have had a number of requests for specific capabilities and functions from the hotel and hospitality industry and the Vendweb acquisition will make it much easier for ERBB to meet the needs of future customers who want custom over-21, age-identifying, facial recognition smart vending applications.”

“We are very excited to have Lindel Creed, the founder, and president of Vendweb, on our team. Lindel brings over 20 years of experience in the vending industry and has been fantastic to work with over these past 5 years. The acquisition also includes Vendweb’s general - non-customer-identifying - vending business which managed revenue of $395,000 last year during a tough covid environment.  This includes the manufacture and distribution of machines that vend ice-cold Coca Cola™ and Pepsi Cola,™ snacks, and food, as well as other custom-made vending machines for movie rental companies as well as a multitude of other custom vending applications. 

American Green is also looking forward to expanding the vending machine industry vertically which Mr. Creed has over 20 years of experience. The United States vending industry is projected to generate $8.9 billion of annual revenue in 2022. 

“My experience working with American Green has been great and I am excited to be a part of the company heading up their new smart vending machine business as well as spearheading the company’s business development as it integrates our new 21st Century, customer-identifying vending machines throughout the United States,” said Lindel Creed, the head of American Green’s Vendweb division.

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About American Green, Inc.

In 2009, American Green, Inc. became America’s second publicly traded company in the cannabis sector. American Green now, with its more than 50,000 certified beneficial shareholders, is one of the largest (in shareholder count)  in the cannabis sector.  American Green's mission is to lead the cannabis and premium CBD industry.

Leveraging our team of professionals in cultivation management, manufacturing, extraction, wholesale, retail, and community outreach, we strive to develop sustainably initiatives in the cannabis-adjacent and CBD industries, laser-focused on adding company and shareholder value.

For more information -
Contact:
American Green, Inc.
Investor Relations
2902 W. Virginia Ave
Phoenix, AZ  85009
480-443-1600 X555
investor@americangreen.com

NOTES ABOUT FORWARD-LOOKING STATEMENTS

Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's Securities and Exchange Commission reports and filings. Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties, and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, be should, and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they are made.

FAQ

What is American Green's recent acquisition about?

American Green has acquired Vendweb, a vending machine company that has supplied their smart vending machines for five years.

What technology do Vendweb's machines use?

Vendweb's machines use facial recognition and finger vein reader technology for age verification.

How much revenue did Vendweb generate last year?

Vendweb managed to generate $395,000 in revenue last year.

What is the expected growth of the vending machine industry?

The U.S. vending industry is projected to generate $8.9 billion in annual revenue in 2022.

How will the acquisition impact American Green's profits?

The acquisition is expected to reduce costs and increase profits by providing greater control over the smart vending division.