EVIO, Inc. Enters into Agreement to Sell EVIO Labs Portland and Exits US Testing Business

Rhea-AI Summary

HENDERSON, NV / ACCESSWIRE / May 3, 2022 - EVIO announced the sale of its Portland Analytical Testing Lab for $850,000 to PREE Laboratories. This transaction is aimed at alleviating over $3M in debt and is pending approval from the Oregon Liquor Control Commission. The sale includes essential assets like the customer list, equipment, and testing license. Additionally, EVIO has closed its Berkeley-based C3 Labs. The company is shifting away from U.S. cannabis operations in pursuit of a diversified business strategy, including transitioning into mining operations.

Positive

• Sale of Portland Analytical Testing Lab for $850,000.
• Elimination of over $3M in debt, improving financial position.
• Strategic shift away from U.S. cannabis assets towards mining operations.

Negative

• Closure of C3 Labs in Berkeley, CA, indicating downsizing.
• Continued financial strain from operating costs exceeding economic benefits.

HENDERSON, NV / ACCESSWIRE / May 3, 2022 / EVIO, Inc. (OTC PINK:EVIO) announced today that the company has entered into an asset purchase agreement to sell its Portland Analytical Testing Lab, Greenhaus Analytical Labs LLC dba EVIO Labs Portland, to PREE Laboratories of Corvallis, Oregon.

Under the terms of the agreement, the purchase price of the assets of EVIO Labs Portland is $850,000. The assets include EVIO's customer list, equipment, standard operating procedures, and its cannabis testing license. Closing of the transaction is subject to approval of the Oregon Liquor Control Commission, the government entity that manages the issuances and transfers of cannabis licenses in Oregon. Proceeds from the transaction will be used to pay off all remaining liabilities of the Oregon operations. In addition, EVIO, Inc. has closed C3 Labs, LLC in Berkeley, CA.

As previously disclosed, EVIO's Board of Directors envisions a different future for EVIO Inc. divesting itself of United States based cannabis assets is a major component of the plan. While we believe in the importance of testing cannabis from a consumer safety perspective, the costs to operate and maintain these laboratories continued to far exceed the economic benefit to stakeholders. By vacating the facility in Tigard, OR and the sale of the assets, this will assist in eliminating over $3M in debt on our consolidated balance sheets.

While the company awaits comments back from the SEC, on the Regulation 1-A filing submitted on April 6, 2022, management is continuing efforts bring the financials current and re-attain pink status on OTC Markets.

About EVIO

EVIO, Inc. ("EVIO") is a diversified holding company. Current operations include pharmaceutical, environmental, stability and analytical testing in the US and Canada. EVIO is currently finalizing plans to diversify its business into the mining of precious and rare earth minerals.

For more information, visit www.evioinc.com

Safe Harbor Statement

Any statements in this press release that are not statements of historical fact may be considered forward-looking statements pertaining to anticipated or projected plans, performance, and developments, as well as other statements relating to future operations and results. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only, and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, the Company's ability to complete product testing and launch product commercially, the acceptance of product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in Company reports available at www.evioinc.com.

For more information:
EVIO Inc.
William Waldrop, CEO
Email: info@evioinc.com
Phone (702) 748-9944

SOURCE: EVIO, Inc.

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https://www.accesswire.com/699917/EVIO-Inc-Enters-into-Agreement-to-Sell-EVIO-Labs-Portland-and-Exits-US-Testing-Business

FAQ

What is the significance of EVIO's sale of the Portland Analytical Testing Lab?

The sale is part of EVIO's strategy to eliminate over $3M in debt and focus on more profitable ventures.

How much did EVIO sell its Portland Analytical Testing Lab for?

EVIO sold the lab for $850,000, which includes critical assets.

What future plans does EVIO have after selling its U.S. cannabis assets?

EVIO plans to diversify into mining precious and rare earth minerals.

What steps is EVIO taking to improve its financial status?

The company is working to bring its financials current and aims to re-attain pink status on OTC Markets.

What is the status of EVIO's cannabis testing operations after the sale?

EVIO is exiting the U.S. cannabis testing business following the sale of its laboratory.