Greenfield Farms
Food, Inc.
Announces Signing of
Asset Purchase Agreement
Company
acquires assets that generated $19 million of sales in
2017
Dallas,
TX
-- January
18, 2018 -- InvestorsHub
NewsWire -- Greenfield Farms Food, Inc. ("GRAS" or
the "Company") (OTC
PINK: GRAS) today announced that on January 16, 2018, it closed
an Asset Purchase Agreement and has acquired certain assets of Ngen
Technologies USA Corp. ("NUSA") and NUSA's wholly owned subsidiary,
Ngen Technologies Korea, LTD ("NKOR"). NKOR is in the business of research, design and
manufacturing of proprietary 3D mobile display module for the
smartphone and other telecom OEM's. The 3D module once installed
during the MCD or OLED manufacturing stage, allows the display of
3D content without the use of 3D glasses (the "NKOR Business"). NUSA and NKOR are entities controlled by
our officers and directors.
The assets acquired as of the closing date of the Asset
Purchase Agreement include the proprietary technology,
manufacturing know-how, purchase orders, contracts, inventory,
accounts receivable and fixed assets related to the NKOR Business, which
generated approximately $19 million (unaudited) in revenues in
2017. To acquire the
assets, GRAS issued a $7 million promissory note with a balloon
payment due on January 16, 2022. The Note carries a 5% per annum
interest rate, with interest payments due
quarterly.
Dr. Jason Koo, CEO
stated, "I am very excited to have acquired the mobile 3D
technology business that Ngen has developed. The technology is well
poised to capture opportunities in the mobile gaming, movie
streaming and other consumer applications." The acquisition of
these assets brings immediate revenue into GRAS and combined with
our unique automotive technology business, we anticipate
significant revenue growth and profitability."
About
Greenfield Farms Food, Inc.
Greenfield Farms Food,
Inc. is a publicly-traded nominally capitalized company that
recently acquired assets to two technologies; automotive technology
and 3D mobile display modules for smartphones and other OEM's
products. 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. The 3D module once installed during
manufacturing, allows the display of 3D content without the use of
3D glasses.
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