ECGI Announces Fully Executed LOI Toward Acquisition of
East West Pharma Group
LOS ANGELES, CA -- February 8, 2023 -- InvestorsHub NewsWire
-- ECGI HOLDINGS INC. (OTC:
ECGI) (ECGI or the Company), D/B/A Elite Cannabis Group
Incorporated, a Nevada-based portfolio company pivoting into the
legal cannabis and cannabinoid marketplace, is pleased to announce
the signing of a Letter of Intent (the “LOI”) between East West
Pharma Group, Inc. (“EWPG”), a Wyoming corporation, and ECGI
outlining the terms under which ECGI will acquire the key
personnel, intellectual property, and current and future business
operations of EWPG.
“This is a key talent and asset acquisition that will expand our
network of potential investors through the lead operations team we
get as part of the deal,” noted ECGI CEO, Danny Wong. “East West
has extensive knowledge and proprietary technology/processes within
the CBD & eastern medicine field, and we will gain a tremendous
base of specialized equipment as well as key personnel that include
leaders in the cannabinoid extraction and product manufacturing
Management notes that this acquisition is a shift in the
Company’s strategy by becoming part of the Cannabis Manufacturing,
Extract and Concentrates market – a $2.7 Billion dollar industry in
ECGI's goal is to pair the vast cannabis space network and
knowledge capital already at ECGI with EWPG's talent and equipment
to drive rapid growth as an emerging leader in the California
cannabis manufacturing space.
According to East West Pharma Group, the extraction equipment
was custom built to process very large volumes of industrial hemp
(up to 500 pounds per hour) and distill crude material through a
high-volume liquid to liquid (L2L) process designed to generate
optimal refined product. Assuming, outdoor prices quoted by
CannabisBenchMarks.com’s Feb 3, 2023, outdoor spot price at $417
per pound, the equipment can process up to $208,500 of material per
The rare combination of industrial scale processing with fine
quality distillation was the design brainchild of Dr. Zhihong Zhou,
Ph.D., the dean of extraction of Yunnan University, School of
Traditional Chinese Medicine (TCM). Yunnan University is considered
the foremost research facility of TCM in China, and perhaps the top
TCM facility in the world.
Key personnel assets incorporated into the acquisition include
Dr. Zhou, Stanley Zhang, and Sam Lai.
Dr. Zhou has taught thousands of students and trained many
university professors in plant extraction. He currently owns and
operates several large industrial scale extraction facilities in
China, and he will bring his many years of expertise in plant
extraction to cannabis and industrial hemp for ECGI pending the
Stanley Zhang is a University of California at Berkely graduate
with a degree in Engineering and expertise in cannabis extraction
as well as the entire spectrum of processing, including
distillation, isolation, terpene extraction, cold pressing,
isomerism, and other complex processes.
Sam Lai is a UC Berkely engineering graduate with a focus on
liquid-to-liquid extraction of cannabis cannabinoids and on
manufacturing of finished goods, including experience in vape,
edibles, and pre-rolls. He also has strong experience in factory
set-up, machinery, and compliance.
ECGI Holdings, which plans to operate as Elite Cannabis Group,
is reorganizing as an acquisition-oriented corporation with
California-based targets including undercapitalized and distressed
licensed cannabis assets, properties zoned for cannabis cultivation
and processing, and cannabis companies operating in market sectors
with nationwide expansion possibilities.
For additional information, please contact us at firstname.lastname@example.org.
Forward Looking Statements
This release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements also may be included in other publicly available
documents issued by the Company and in oral statements made by our
officers and representatives from time to time. These
forward-looking statements are intended to provide management's
current expectations or plans for our future operating and
financial performance, based on assumptions currently believed to
be valid. They can be identified by the use of words such as
"anticipate," "intend," "plan," "goal," "seek," "believe,"
"project," "estimate," "expect," "strategy," "future," "likely,"
"may," "should," "would," "could," "will" and other words of
similar meaning in connection with a discussion of future operating
or financial performance. Examples of forward-looking statements
include, among others, statements relating to future sales,
earnings, cash flows, results of operations, uses of cash and other
measures of financial performance.
Because forward-looking statements relate to the future,
they are subject to inherent risks, uncertainties and other factors
that may cause the Company's actual results and financial condition
to differ materially from those expressed or implied in the
forward-looking statements. Such risks, uncertainties and other
factors include, among others such as, but not limited to, economic
conditions, changes in the laws or regulations, demand for products
and services of the Company, the effects of competition and other
factors that could cause actual results to differ materially from
those projected or represented in the forward-looking statements.
Any forward-looking information provided in this release should be
considered with these factors in mind. We assume no obligation to
update any forward-looking statements contained in this
For more information, please contact:
SOURCE: ECGI HOLDINGS, INC.
ECGI (PK) (USOTC:ECGI)
Historical Stock Chart
From Mar 2023 to Apr 2023
ECGI (PK) (USOTC:ECGI)
Historical Stock Chart
From Apr 2022 to Apr 2023