Nature's Miracle Announces First Shipment of Dehumidifier Product to Fiacre Inc.

Rhea-AI Summary

Nature's Miracle Holdings Inc. (NASDAQ: NMHI) has announced the first shipment of its Efinity brand dehumidifier to Fiacre Inc., a major indoor grower in the San Francisco Bay Area. The shipped model is the SJD-10EG with a 506-pint capacity. The dehumidifier adopts the R-32 AIM standard, which reduces hydrofluorocarbon usage and has less global warming potential. This shipment aligns with the company's previously announced third-quarter rollout timeline.

CEO James Li expressed satisfaction with the progress of the Efinity dehumidifier line, noting strong demand for the product. The company expects dehumidifiers to become a meaningful business line and revenue contributor in 2024.

Positive

• First shipment of Efinity dehumidifier product delivered to major indoor grower
• Product aligns with energy efficiency initiatives by adopting R-32 AIM standard
• Shipment meets previously announced third-quarter rollout timeline
• Strong demand reported for the dehumidifier product
• Company expects dehumidifiers to become a meaningful revenue contributor in 2024

Negative

• None.

ONTARIO, Calif., July 23, 2024 /PRNewswire/ -- Nature's Miracle Holdings Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"), a leader in vertical farming technology and infrastructure, today announced that it has shipped the first unit of its Efinity brand dehumidifier product to Fiacre Inc., a major indoor grower in the San Francisco Bay Area. The version of the shipped dehumidifier is the SJD-10EG model with a 506-pint capacity. To support energy efficiency initiatives, Efinity dehumidifiers adopt a R-32 AIM (The American Innovation and Manufacturing Act) standard which reduces the usage of hydrofluorocarbons (HFCs) and has less global warming potential (GWP). This shipment follows a previous press release announcing the launch of this product line.

Management Comments

James Li, Chairman and Chief Executive Officer of Nature's Miracle, commented, "We are pleased with our Efinity dehumidifier progress evident in the delivery of our first unit early in the third quarter and aligned with our previously announced timeframe of a third quarter roll out. We have received strong demand for our dehumidifier product which we expect to become a meaningful business line and revenue contributor in 2024."

About Nature's Miracle Holdings Inc.

Nature's Miracle (www.Nature-Miracle.com) is a growing agriculture technology company providing equipment and services to growers in the Controlled Environment Agriculture ("CEA") industry which also include vertical farming in North America. Nature's Miracle offers hardware to design, build and operate various indoor growing settings including greenhouse and indoor-growing spaces. Nature's Miracle, through its two wholly-owned subsidiaries (Visiontech Group, Inc. and Hydroman, Inc.), provides grow lights as well as other hydroponic products to hundreds of indoor growers in North America.

About Fiacre Inc.

Fiacre (www.fiacreinc.com) is a medical grade controlled indoor cultivator of exotic cannabis strains and manufacturer of premium cannabis products for both retail and medical use. Fiacre is based in the San Francisco Bay Area and is owned and operated by a seasoned team of industry veterans, in partnership with medical oncology health experts. 

Forward-looking Statements

Except for historical information contained herein, this press release contains certain "forward-looking statements" within the meaning of the federal U.S. securities laws with respect to the proposed business combination between Lakeshore and Nature's Miracle, the benefits of the transaction, the amount of cash the transaction will provide Nature's Miracle, the anticipated timing of the transaction, the services and markets of Nature's Miracle, our expectations regarding future growth, results of operations, performance, future capital and other expenditures, competitive advantages, business prospects and opportunities, future plans and intentions, results, level of activities, performance, goals or achievements or other future events. These forward-looking statements generally are identified by words such as "anticipate," "believe," "expect," "may," "could," "will," "potential," "intend," "estimate," "should," "plan," "predict," or the negative or other variations of such statements, reflect our management's current beliefs and assumptions and are based on the information currently available to our management. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual results or developments to differ materially from those expressed or implied by such forward-looking statements, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Lakeshore's securities; (ii) the risk that the transaction may not be completed by Lakeshore's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Lakeshore; (iii) the failure to satisfy the conditions to the consummation of the transaction, including the approval of the business combination agreement by the stockholders of Lakeshore, the satisfaction of the minimum cash amount following any redemptions by Lakeshore's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the lack of a third-party valuation in determining whether or not to pursue the proposed transaction; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (vi) the effect of the announcement or pendency of the transaction on Nature's Miracle's business relationships, operating results and business generally; (vii) risks that the proposed transaction disrupts current plans and operations of Nature's Miracle; (viii) the outcome of any legal proceedings that may be instituted against Nature's Miracle or Lakeshore related to the business combination agreement or the proposed transaction; (ix) the ability to maintain the listing of Lakeshore's securities on a national securities exchange; (x) changes in the competitive industries in which Nature's Miracle operates, variations in operating performance across competitors, changes in laws and regulations affecting Nature's Miracle's business and changes in the combined capital structure; (xi) the ability to implement business plans, forecasts and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities; (xii) the risk of downturns in the market and Nature's Miracle's industry including, but not limited to, as a result of the COVID-19 pandemic; (xiii) costs related to the transaction and the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions; (xiv) risks and uncertainties related to Nature's Miracle's business, including, but not limited to risks relating to the uncertainty of the projected financial information with respect to Nature's Miracle; risks related to Nature's Miracle's limited operating history, the roll-out of Nature's Miracle's business and the timing of expected business milestones; Nature's Miracle's ability to implement its business plan and scale its business; Nature's Miracle's ability to develop products and technologies that are more effective or commercially attractive than competitors' products;; risks relating to Nature's Miracle's being unable to renew the leases of their facilities and warehouses; Nature's Miracle's ability to grow the size of its organization and management in response of the increase of sales and marketing infrastructure; risks relating to potential tariffs or a global trade war that could increase the cost of Nature's Miracle's products; risks relating to product liability lawsuits that could be brought against Nature's Miracle;; Nature's Miracle's ability to formulate, implement and modify as necessary effective sales, marketing, and strategic initiatives to drive revenue growth; Nature's Miracle's ability to expand internationally; acceptance by the marketplace of the products and services that Nature's Miracle markets; and government regulations and Nature's Miracle's ability to obtain applicable regulatory approvals and comply with government regulations. The foregoing list of factors is not exclusive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of proxy statement, when available, and other documents filed by Lakeshore from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and neither Nature's Miracle nor Lakeshore assume any obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements. Neither Lakeshore nor Nature's Miracle gives any assurance that either Lakeshore or Nature's Miracle, or the combined company, will achieve its expectations.

Contacts
George Yutuc
Chief Financial Officer
George.Yutuc@nature-miracle.com

MZ North America
Shannon Devine / Rory Rumore
Main: 203-741-8811
NMHI@mzgroup.us

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SOURCE Nature's Miracle Holding Inc.

FAQ

What product did Nature's Miracle Holdings (NMHI) recently ship?

Nature's Miracle Holdings (NMHI) recently shipped its first Efinity brand dehumidifier, specifically the SJD-10EG model with a 506-pint capacity, to Fiacre Inc., a major indoor grower in the San Francisco Bay Area.

When did Nature's Miracle Holdings (NMHI) make its first dehumidifier shipment?

Nature's Miracle Holdings (NMHI) made its first dehumidifier shipment in early Q3 2024, aligning with their previously announced third-quarter rollout timeline.

What environmental standard does the Efinity dehumidifier by Nature's Miracle (NMHI) follow?

The Efinity dehumidifier by Nature's Miracle (NMHI) adopts the R-32 AIM (American Innovation and Manufacturing Act) standard, which reduces hydrofluorocarbon usage and has less global warming potential.

How does Nature's Miracle (NMHI) expect the dehumidifier product to impact its business in 2024?

Nature's Miracle (NMHI) expects the dehumidifier product to become a meaningful business line and significant revenue contributor in 2024, based on strong demand reported for the product.