HENC Announces Blackbox Membership Interest Acquisition

Rhea-AI Summary

Hero Technologies Inc. (OTC PINK:HENC) announced its acquisition of a 56.42% membership interest in Blackbox Technologies and Systems LLC as of September 10, 2020. This majority control allows Hero to oversee Blackbox's operations, which focus on aeroponic technology for cultivating large flowering plants. The initial focus includes obtaining cultivation and retail licenses in Michigan to support this venture. This move aligns with Hero's strategy to expand in the cannabis and CBD industry.

Positive

• Acquisition of 56.42% interest in Blackbox provides majority control.
• Focus on aeroponic technology may enhance cultivation efficiency.
• Acquisition aligns with strategic goals in the cannabis and CBD market.

Negative

• None.

Hero Technologies Inc. Acquires a Membership Interest in Blackbox Technologies and Systems LLC

DOVER, DE / ACCESSWIRE / September 16, 2020 / On September 10, 2020, Hero Technologies Inc. (OTC PINK:HENC) entered into an operating agreement to form the company Blackbox Technologies and Systems LLC, a Delaware Limited Liability Company ("Blackbox"). Blackbox will operate as a subsidiary of Hero Technologies. Hero will pay all or a percentage of Blackbox's costs for a 56.42% membership interest and majority control in the subsidiary, which includes licenses Blackbox owns or will acquire in the future. Hero Technologies Inc. has funded the initial legal cost to obtain cultivation and retail licenses in Michigan for the project. The Blackbox project consists of environmental growth chambers for the cultivation of large flowering plants based on aeroponic technology. This investment is consistent with the Company's strategy to establish itself as a cannabis and CBD company.

ON BEHALF OF THE BOARD OF DIRECTORS

Hero Technologies Inc.

Contact:

Hero Technologies Inc.
Gina Serkasevich
(713) 992-7858

SOURCE: Hero Technologies Inc.

View source version on accesswire.com:
https://www.accesswire.com/606255/HENC-Announces-Blackbox-Membership-Interest-Acquisition

FAQ

What is Hero Technologies Inc.'s recent acquisition?

Hero Technologies Inc. has acquired a 56.42% membership interest in Blackbox Technologies and Systems LLC.

How does the acquisition of Blackbox impact Hero Technologies?

The acquisition gives Hero majority control over Blackbox, allowing oversight of its operations focused on aeroponic cultivation technology.

What strategy does Hero Technologies aim to pursue with this acquisition?

Hero Technologies aims to establish itself as a significant player in the cannabis and CBD industry.

What are the expected benefits of Blackbox's aeroponic technology for Hero Technologies?

The aeroponic technology is expected to enhance the efficiency of cultivating large flowering plants.

When did Hero Technologies complete the acquisition of Blackbox?

The acquisition was finalized on September 10, 2020.