NutraNomics, Inc. Announces Developments Relating To Acquisition of DHS Development dba The Plant

Rhea-AI Summary

NutraNomics, Inc. (NNRX) announces its acquisition of DHS Development, Inc. (dba The Plant), marking significant progress in their merger agreement. The companies aim to finalize the integration while enhancing production capabilities and expanding product offerings. The integration is supported by an influx of $1.1M in interim capital, which has facilitated new sales agreements and product development. The Plant's prior accomplishments in manufacturing and capital raise establish a strong foundation for growth. NutraNomics anticipates positive financial outcomes through the collaboration.

Positive

• Acquisition of DHS Development enhances production capabilities.
• Interim capital of $1.1M fuels new sales agreements and product development.
• The combined organization is positioned for significant revenue growth.
• NutraNomics aims to become a leading cannabis manufacturer in California.

Negative

• None.

PORTLAND, OR / ACCESSWIRE / April 5, 2022 / NutraNomics, Inc. (OTC PINK:NNRX) is pleased to share the following development news relating to the acquisition of DHS Development, Inc. dba The Plant.

As a formal follow-up to the terms of the definitive merger agreement recently executed between NutraNomics and The Plant, the parties have been working closely and exchanging deliverables to officially move the newly merged organization forward in preparation for the formal closing. In the coming weeks, we look forward to sharing operational strategies as production transitions into the new facility, additional equipment assets are acquired and activated, and the hiring of key personnel critical to the organization are put into place.

The combined organization is successfully capitalizing on the momentum established by The Plant over the course of the past few years. Powered by the influx of $1.1M of interim capital, the organization has been able to onboard new sales agreements, develop and manufacture additional products and services, and scale existing production capabilities. The Company is positioned for production across a suite of several new complimentary products, and is poised to accommodate additional client demand. The interim capital has already empowered the generation of significant additional revenue with more growth on the horizon. Sherratt Reicher, The Plant's Sr. Vice President of Business Development says, "We have been encouraged and excited about the immediate results and synergies of both organizations working together so far." Geoff Bazegian, NutraNomics' President and CRO states, "These immediate results are defining a prosperous future, with outstanding prospects for collaboration on future growth. We couldn't be better positioned."

The Plant and its subsidiaries have been diligent, responsive and impactful in the years prior to the engagement with NutraNomics. The Plant's raising of capital for the construction of the 28,000 sq. ft. manufacturing facility, the pursuit of premier licensing, the acquisition of essential production equipment, and the on-boarding of key partners and personnel, have all led up to the formation of something very special coming into the acquisition. The millions of dollars of combined capital infusion by The Plant and NutraNomics will prove to be the spring board to net positive results in 2022 and 2023. Jonathan Bishop, CEO and Chairman of NutraNomics states, "This will be the catalyst that will drive the organization to be among an elite group of the most innovative cannabis manufacturers and cultivators in the State of California and across the country"

More details to come throughout the month of April.

Forward-Looking Statements

Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

Contact: Geoff Bazegian, IR@nutranomics.com

SOURCE: NutraNomics, Inc.

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https://www.accesswire.com/696057/NutraNomics-Inc-Announces-Developments-Relating-To-Acquisition-of-DHS-Development-dba-The-Plant

FAQ

What is the significance of NutraNomics' acquisition of DHS Development?

The acquisition enhances NutraNomics' production capabilities and market presence.

How much interim capital was raised for the merger?

NutraNomics raised $1.1M in interim capital to support the merger and business growth.

What are the expected outcomes from the acquisition for NNRX?

NutraNomics anticipates significant revenue growth and enhanced product offerings due to the merger.

When was the acquisition of The Plant announced?

The acquisition of DHS Development, Inc. was announced on April 5, 2022.