West Palm Beach, FL -- December 05, 2017 -- InvestorsHub
NewsWire -- Greenfield Farms Food, Inc. ("GRAS" or the "Company")
(OTC PINK:
GRAS) is issuing the following update to shareholders. On
December 1, 2017, the Company filed Current Report on Form 8-K,
disclosing the following:
- The Company entered into a Letter of Intent (the "LOI) to
acquire certain assets of Ngen Technologies USA, Corp. ("Ngen").
The assets to be acquired center around Ngen's automotive
technologies business. Pursuant to the LOI, the Company will issue
a new class of Preferred Stock that will convert to 85% of the
issued and outstanding common stock of the Company at the time of
the conversion.
- In conjunction with the LOI, Ronald Heineman resigned as Chief
Executive Officer ("CEO"), Chief Financial Officer ("CFO") and
Secretary of the Company. Mr. Jason Koo was named CEO, Mr. Clifford
Rhee was named Chairman and interim CFO. Mr. David Lithwick was
named Chief Technologies Officer and Mr. Edward Carter was
appointed to the BOD and named Secretary of the Company.
- The Company has engaged VStock Transfer, LLC as the Company's
new transfer agent and has appointed D. Brooks and Associates CPA's
P.A. as the Company's new independent certified accounting
firm.
Ronald Heineman, Director, stated, "I am very pleased to have
signed the LOI to acquire the automotive technology business that
Ngen has developed. The previous Asset Purchase Agreement related
to the insurance syndication business never closed and the Company
has not divested Carmela's Pizzeria Co, Inc. ("Carmela's") and is
still operating Carmela's as our wholly owned subsidiary.
Furthermore, there has been no restructuring of debt as originally
contemplated." Heineman continued, "We have recently begun the
process of getting the Company current in its reporting
obligations, including getting reinstated in the State of Nevada. I
feel strongly that the transaction scheduled to close on or before
January 8, 2018, will bring shareholder value to our stakeholders,
and I am looking forward to working with the new management
team."
Jason Koo, CEO, stated, "My team is very excited about our state
of the art automotive technology business to be part of the public
entity under Greenfield Farms. We look forward to keeping our
shareholders informed as developments occur in the business, as
well as to meet our reporting requirements under SEC rules and
regulations."
About Greenfield Farms Food, Inc.
Greenfield Farms Food, Inc. is a publicly-traded nominally
capitalized company operating through its wholly-owned subsidiary
Carmela's Pizzeria Co, Inc. through the Carmela's Pizzeria Dayton
restaurant locations that include pizza buffets, alcohol service,
delivery and carry-out depending on the location.
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