Greenfield Farms Food Inc. Announces Signing of Asset Purchase Agreement
January 05 2018 - 9:30AM
InvestorsHub NewsWire
Greenfield Farms Food Inc.
Announces Signing of Asset Purchase Agreement
Company also Spins Out prior
business, to now focus on the
automotive technology sector
DALLAS, TX --
January 5,
2018 --
InvestorsHub NewsWire -- Greenfield Farms Food, Inc. ("GRAS" or the
"Company") (OTC
PINK: GRAS) today
announced that it has closed the Asset Purchase Agreement
and
has acquired
certain
assets of Ngen Technologies USA,
Corp.
("Ngen"). The assets acquired center around Ngen's
automotive technologies
business. Pursuant to the Agreement,
the Company issued
in
the aggregate 1,000 shares of its Series E Preferred Stock
that
is
convertible, on
a post conversion basis, into
85% of the issued and outstanding common stock of the
Company.
Jason
Koo,
CEO
stated,
"I am very excited
to
have acquired
the
automotive
technology
business that Ngen has developed. The
Company has now
divested
Carmela's Pizzeria Co, Inc. ("Carmela's")
including
all of Carmela's liabilities as well as approximately $193,000 of
convertible debt."
Koo
continued,
"We
are looking forward to continue to restructure the Company not only
to meet our public filing requirements, but as importantly to work
with our customers and vendors, with the goal of bringing
meaningful value to all our shareholders."
Dr.
Koo,
also
stated,
"My team is laser
focused about
producing
and delivering our
state
of the art automotive technology
products
to the marketplace. We
are excited to have the automotive technology business as the
centerpiece of Greenfield
Farms. We look forward to keeping
our shareholders informed as developments occur in the
business."
About
Greenfield Farms Food,
Inc.
Greenfield
Farms
Food, Inc. is
a publicly-traded nominally capitalized company that
recently
acquired assets
related to the automotive technology business. The Company
designs,
develops and manufactures state of the art automotive technologies
including our
muffler/silencer systems
that relieves the back-pressure
issue of trucks
and automobiles allowing the engine and transmission to perform at
maximum efficiency which increases fuel mileage while extending
engine and transmission life.
Safe Harbor
for Forward-looking Statements
This
news release may contain forward-looking statements that are made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. While these statements are made to
convey to the public the company's progress, business opportunities
and growth prospects, they are based on management's current
beliefs and assumptions as to future events. However, since the
company's operations and business prospects are always subject to
risk and uncertainties, the forward-looking events and
circumstances discussed in this news release might not occur, and
actual results could differ materially from those described,
anticipated or implied. For a more complete discussion of such
risks and uncertainties, please refer to the company's filings with
the Securities and Exchange Commission.
For
more information call Edward Carter at 980-348-8825