Hemp Technology Inc Closes True Leaf Pet Acquisition
September 15 2020 - 2:28PM
InvestorsHub NewsWire
Hemp
Technology Inc. Closes True Leaf Pet Assets
Acquisition
Revenue
Producing, Established Brand Complements Hemp Tech’s Growth
Strategy to Increase Shareholder Value, Provides Potential for
Expansive
Growth
Los
Angeles, CA -- September 15, 2020 -- InvestorsHub NewsWire
-- Hemp
Technology Inc. (HPTY:
OTCBB), (“HPTY”), a vertically integrated, publicly traded
holding company operating in the hemp industry, had successfully
entered into a purchase and sale agreement dated August 11,
2020, to acquire substantially all of the assets of True Leaf Pet
Inc. ("TLP").
We are
pleased to advise that we have closed the bulk asset purchase
acquisition effective Friday September 11,
2020.
The
closing of the transaction pursuant to the Sale Agreement (the
"Transaction") was subject to approval by the Court of the
Transaction within 30 days of the execution
date. The
Transaction closed September 11,
2020.
“We are
very pleased to advise that we have closed the acquisition of our
bulk asset purchase of True Leaf Pet and we are eager to execute on
the opportunities that presents” said Michael Shenher, Chairman and
CEO.
“We will
operate using the True Leaf Pet brand world-wide, under our wholly
owned subsidiary of Hemp Tech, Pet Health Technology Inc.” stated
Chad Costa,
President.
Hemp
Technology Inc. will commence reporting revenue in this subsidiary
in the second quarter 2020
financials.
Hemp
Technology Inc. operates and intends to further obtain a
diversified portfolio of subsidiary companies. With a variety of
assets, products, and ancillary offerings in the hemp and related
industries, the Company’s fluid business model is positioned to
capitalize on, and quickly adapt to, changing market
conditions.
The
Company is continually seeking growth opportunities and strategic
acquisitions that support its vertically integrated business model
and maintain alignment with the dynamic industry
environment. HPTY has
employees/consultants, operations, and subsidiaries in the hemp,
and ancillary product industry in both Canada the US and Europe.
The company has broad experience with supply chain networks and
distribution frameworks in hemp and related product supply,
packaging supply, and accessory
supply.
Hemp
Technology is comprised of a highly experienced executive team with
decades of combined business experience. With expertise spanning
strategy, branding, business and product development, revenue
generation, finance, and corporate governance, they have had
demonstrated success launching profitable start-ups and shaping
emerging
markets.
TLP, the
company has over 40 products and we intend to sell globally,
primarily North America and Europe via e-commerce, distributors,
wholesalers, and in retail stores. Our bulk asset purchase of TLP
opens the door to over 3,500 stores and provides potential
distribution reach of over 20,000 additional stores via True Leaf’s
current distribution
network.
HPTY
shares TLP’s original long-term vision and strategy for continued
growth. With an existing similar pet product division Pettanicals
Performance pet supplements and a team that has direct experience
with comparable products in the hemp for pet’s industry, HPTY’s
understanding of the market is integral to the continued
development and support of the True Leaf Pet brand and its goals
for product distribution and line
expansion.
About Hemp
Technology
Inc.
A
vertically integrated, publicly traded holdings company, Hemp
Technology Inc, (HPTY:OTCBB)
operates and intends to further obtain a diversified portfolio of
subsidiary companies. With a variety of assets, products, and
ancillary offerings in the hemp and related industries, HPTY’s
fluid business model is positioned to capitalize on, and quickly
adapt to, changing market
conditions.
The
Company is continually seeking opportunities and strategic
acquisitions that support its business model and maintain alignment
with the dynamic industry
environment.
About True
Leaf Pet
True Leaf
Pet Inc., is a global pet care company offering high quality
plant-focused wellness products that improve the quality of life
for companion animals. The company is guided by its mission to
"Return the Love" which was inspired by the unconditional love that
pets give us every day.
www.trueleaf.com
The
information contained herein contains “forward-looking statements”
within the meaning of applicable securities legislation.
Forward-looking statements relate to information that is based on
assumptions of management, forecasts of future results, and
estimates of amounts not yet determinable. Any statements that
express predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance are not
statements of historical fact and may be “forward-looking
statements.” Forward-looking statements are subject to a variety of
risks and uncertainties that could cause actual events or results
to differ from those reflected in the forward-looking statements.
Investors are cautioned against attributing undue certainty to
forward-looking statements. These forward-looking statements are
made as of the date hereof, and the Company does not assume any
obligation to update or revise them to reflect new events or
circumstances. Actual events or results could differ materially
from the Company’s expectations or
projections.
###
For more
information, please
contact:
Inquiries
and Investor
Relations
1.437.230.7399
ir@hemptechinc.com