Hero Technologies Receives Independent Valuation and Purchase Price Allocation for Veteran Hemp Co. Acquisition

Rhea-AI Summary

Hero Technologies (OTC PINK:HENC) announced an independent valuation confirming the acquisition value of Veteran Hemp Co. at $169,711. The acquisition, completed in November 2020, enhances Hero's balance sheet with $140,805 in total tangible assets and $98,195 in intangible assets. CEO Gina Serkasevich expressed satisfaction with the valuation, stating it supports the company's integrated 'seed to sale' strategy. This acquisition is expected to improve market reach for both retail and wholesale operations.

Positive

• Acquisition value confirmed at $169,711, enhancing balance sheet.
• Total tangible assets increased to $140,805.
• Intangible assets valued at $98,195, including trade names and customer base.

Negative

• None.

Fair value of November 2020 acquisition confirmed at $169,711

DOVER, DE / ACCESSWIRE / April 12, 2021 / Hero Technologies (OTC PINK:HENC) (Twitter: @heroicmindtech), a cannabis company focused on a vertically integrated strategy, today announced that it has received an independent third-party valuation and purchase price allocation for its acquisition of the assets of V Broker LLC dba Veteran Hemp Co.

Founded by U.S. military veterans, Veteran Hemp Co. is a Colorado-based online retailer and wholesaler of hemp and cannabinoid products. Hero Technologies acquired Veteran Hemp Co. in November 2020. The acquired assets are valued at $169,711.

The acquisition improved Hero Technologies' balance sheet with $140,805 in total tangible assets, $71,526 in net tangible assets, and $98,195 in intangible assets, including trade names, customer base, and Goodwill.

The valuation and purchase price allocation were calculated by Doty Scott Enterprises, a well-respected provider of financial and business advisory services, including corporate valuations.

"We are pleased that an independent review has confirmed the fair value of our Veteran Hemp Co. asset acquisition," said Hero Technologies' CEO Gina Serkasevich. "As we continue to develop and execute our integrated ‘seed to sale' market strategy for cannabis products, we strive to make wise investment decisions. Our carefully considered purchase of Veteran Hemp Co. benefits our balance sheet, our market reach-both retail and wholesale-and our shareholders."

About Hero Technologies Inc.

Hero Technologies Inc. is a cannabis company working toward a vertically-integrated business model. The company owns a majority stake in BlackBox Systems and Technologies LLC, an aeroponic cannabis cultivation system that provides optimal growing conditions to enhance photosynthesis and cultivation of large flowering plants, creating increased harvest efficiencies. The company's strategic business plan includes cannabis genetic engineering, farmland for both medical and recreational cannabis cultivation, production licenses, distribution licenses, consumer packaging, and retail and dispensary operations that make the company a multi-state operator (MSO).

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include: management plans relating to the proposed project; the expected timing of the completion of the proposed project; the ability to complete the proposed project; any statements of the plans and objectives of management for future operations, products or services, including the execution of plans proposed project; any statements of expectation or belief; projections related to certain financial metrics; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are typically identified by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "outlook," "plan," "project," "seek," "should," "target," "will," "would" and other similar words and expressions or negatives of these words. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking statements speak only as of the date they are made. Neither Hero Technologies Inc. nor its holding company or subsidiaries assumes any duty and does not undertake to update any forward-looking statements. Because forward-looking statements, by their nature, are uncertain or assumptive to varying degrees, actual results or future events could differ, possibly materially, from those that Hero Technologies Inc., its holding company or subsidiaries anticipated in the forward-looking statements, and future results could differ materially from historical performance.

Hero Technologies Contact:

Ms. Gina Serkasevich, CEO
(302) 538-4165 | info@herotechnologiesinc.com

Brokers and Analysts:
Chesapeake Group
(410) 825-3930 | info@chesapeakegp.com

SOURCE: Hero Technologies Inc.

View source version on accesswire.com:
https://www.accesswire.com/639872/Hero-Technologies-Receives-Independent-Valuation-and-Purchase-Price-Allocation-for-Veteran-Hemp-Co-Acquisition

FAQ

What is the acquisition value confirmed for Veteran Hemp Co by Hero Technologies?

The acquisition value for Veteran Hemp Co. was confirmed at $169,711.

How will the acquisition of Veteran Hemp Co impact Hero Technologies' balance sheet?

The acquisition improved Hero Technologies' balance sheet with $140,805 in total tangible assets and $98,195 in intangible assets.

When did Hero Technologies acquire Veteran Hemp Co?

Hero Technologies acquired Veteran Hemp Co. in November 2020.

What is the strategic importance of the Veteran Hemp Co acquisition for HENC?

The acquisition supports Hero Technologies' integrated 'seed to sale' market strategy and expands its retail and wholesale market reach.