EVIO, Inc. to Diversify Business and Expand into Construction Business
EVIO, Inc. (OTC:EVIO) announced its subsidiary Greenhaus Analytical Labs has signed a letter of intent with Coast to Coast Contracting and Consulting to expand into the Florida construction market. This non-dilutive transaction allows Greenhaus to operate independently as a licensed general contractor. The Florida construction market is projected to reach $171.4 billion. Furthermore, EVIO has withdrawn its Tier 1 Regulation A offering due to current market conditions, aiming to reevaluate opportunities in the mining sector while managing its existing debt.
- Greenhaus' expansion into Florida construction is a strategic move tapping into a projected $171.4 billion market.
- The transaction is non-dilutive, preserving shareholder equity.
- Withdrawal of the Tier 1 Regulation A offering suggests challenges in market conditions.
- Ongoing debt may hinder financial flexibility despite some being at a higher conversion price.
HENDERSON, NV / ACCESSWIRE / May 19, 2022 / EVIO, Inc. (OTC:EVIO) announced today that its wholly owned subsidiary Greenhaus Analytical Labs, LLC ("Greenhaus") has entered into a letter of intent with Coast to Coast Contracting and Consulting ("CCCC") to enable Greenhaus to quickly expand into Residential and Commercial Construction Business in Florida.
This is a non-dilutive transaction as no shares of EVIO or membership interest of Greenhaus are being issued as a result of this transaction. Greenhaus and CCCC have developed a partnership agreement with a pathway for Greenhaus to stand on its own as a licensed general contractor. Greenhaus has extensive relationships in place in Florida today and has projects that are in need of these types of services, including one project valued in excess of
According to "Statista Research Department" report published on September 30, 2021, the Florida Construction Market will reach
Regarding current operations, EVIO still owns and operates
Given current market conditions and additional filing requirements, The EVIO Board of Directors has determined it is in the best interest of shareholders to postpone and withdraw the Tier 1, Regulation A offering. EVIO is continuing to evaluate opportunities in the mining space and may re-submit a registration statement when market conditions improve.
William Waldrop, EVIO CEO commented, "Management is excited about the opportunity to expand into the Residential and Commercial Construction business in Florida. This path forward requires minimal upfront capital, which is of course important for EVIO shareholders as we all felt the impact of the debt conversions at the current price per share. While there is still debt on the books, a majority of it is at a significantly higher conversion price that where EVIO is trading today. As mentioned, withdrawing the Regulation 1-A filing and waiting for better market conditions will be beneficial to all stakeholders. Lastly, EVIO is continuing to work with its accountants and auditors so that EVIO can be pink current on the OTC Markets."
About EVIO
EVIO, Inc. ("EVIO") is a diversified holding company. Current operations include pharmaceutical, environmental, stability and analytical testing in Canada. EVIO is currently finalizing plans to enter the Florida Construction Business and is still evaluating opportunities 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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