ITOCO acquires Colorful Euphoria, Lda to launch its "Soil Rescue Program" in Europe and Africa

Rhea-AI Summary

ITOCO INC. (OTC PINK:ITMC) has acquired a 49% stake in Colorful Euphoria, Lda for €5 million. The acquisition focuses on developing an Agro Park in Portugal's Alentejo region that aims to implement a Soil Rescue Program. This program leverages the Nopal Cactus, which helps restore ecosystems and provides sustainable farming solutions while generating carbon credits. Nopal Cactus can trap up to 30 tons of CO2 per hectare annually, making it beneficial for environmental rehabilitation.

Positive

• Acquisition of 49% of Colorful Euphoria expands agricultural footprint in Europe.
• Implementation of Soil Rescue Program can lead to sustainable farming and ecosystem rehabilitation.
• Nopal Cactus cultivation offers strong potential for carbon credits and profitability.

Negative

• None.

TORONTO, ON / ACCESSWIRE / May 10, 2022 / ITOCO INC. (OTC PINK:ITMC) is pleased to announce it has acquired 49 % of Colorful Euphoria, Lda.

Colorful Euphoria, Lda is a Portuguese company that operates via joint venture 100 hectares of farm land in the Alentejo region of Portugal. Itoco intends to expand this land position and create an Agro Park focused on advancing a "Soil Rescue Program".

Nopal Cactus are being grown effectively and profitably in this region with a focus on producing Prickly Pear juice concentrate.

Itoco and Colorful Euphoria have mutually developed a program whereby Nopal Cactus is introduced into an area as the first step toward overall land rehabilitation while at the same time creating sustainable profitable farming operations - "Soil Rescue Program".

The roots of the Nopal Cactus help water retention in the soil, thereby creating a crucial first step for other plants to grow. In a relatively short period of time, entire ecosystems can recover as water supplies stabilize.

In addition, programs of this type can create significant Carbon Credits. Nopal Cactus is very effective at removing carbon from the atmosphere permanently.

Itoco is capitalizing on Nopal farming innovations that leverage the Cacti's superb adaptation to dry and arid landscapes, which include fixing carbon dioxide at night and closing the spores (stomata) during the day, thus potentially earning producers carbon credits at an accelerated pace.

Nopal Cactus is able to trap up to 30 tons of carbon dioxide per hectare per year.

The Cactus is also able to offer strong vegetative cover against erosion or desertification while being able to tolerate a wide range of temperatures and to thrive in water limited environments. It is characterized by a wide-spreading fibrous roots system allowing it to access surface water and its succulent stems and pads store large quantities of water per hectare.

Itoco has purchased 49% of the shares of Colorful Euphoria for EUR €5,000,000.00.

About ITOCO Inc:

ITOCO's mission is to be a global leader in developing, distributing, and producing Bio Tech related technologies and methodologies in a compliant environmentally friendly manner. ITOCO Inc. trades on the OTC Markets, symbol: ITMC. ITOCO is a 14-year-old publicly quoted specialty Bio Tech development, production and distribution company based in Toronto Canada and Nevada USA. ITOCO seeks to partner with outstanding individuals and companies within this field to joint venture, research, and co-develop Bio Tech related products and technologies to the market.

CONTACT:
Michael Paul, C.E.T.
President & CEO
ITOCO INC
ir@itoco.net
+1-800-805-1521
www.itoco.net

SOURCE: ITOCO Inc.

View source version on accesswire.com:
https://www.accesswire.com/700794/ITOCO-acquires-Colorful-Euphoria-Lda-to-launch-its-Soil-Rescue-Program-in-Europe-and-Africa

FAQ

What is the significance of ITOCO's acquisition of Colorful Euphoria?

The acquisition allows ITOCO to expand its agricultural initiatives and implement a Soil Rescue Program that promotes sustainable farming.

How much did ITOCO pay for its stake in Colorful Euphoria?

ITOCO acquired a 49% stake in Colorful Euphoria for €5 million.

What is the Soil Rescue Program mentioned by ITOCO?

The Soil Rescue Program aims to rehabilitate land using Nopal Cactus, which enhances soil health and creates sustainable farming conditions.

How does Nopal Cactus contribute to carbon credit generation?

Nopal Cactus is effective in capturing carbon dioxide, potentially earning carbon credits at an accelerated rate by trapping up to 30 tons of CO2 per hectare annually.

What are the expected benefits of the Agro Park project in Portugal?

The Agro Park project is expected to create profitable farming operations while restoring ecosystems and improving land sustainability.