Saint Petersburg, FL, Nov. 02, 2017 (GLOBE NEWSWIRE) -- HempTech Corp. (OTC PINK: HTCO), a provider of advanced Controlled Environment Agriculture (CEA) with sophisticated automation and analytical tools for the cultivators of legal industrial hemp and marijuana, announces the following;
On November 1, 2017, HempTech implemented a holding company reorganization pursuant to the Agreement and Plan of Merger, dated as of November 1, 2017, among HempTech, Nuvus and NUV SUB Inc., a Nevada corporation (“Merger Sub”), which resulted in Nuvus owning all of the outstanding capital stock of HempTech. Pursuant to the Nuvus Merger, HempTech surviving as a direct, wholly owned subsidiary of Nuvus. Each share of each class of HempTech stock issued and outstanding immediately prior to the Nuvus Merger automatically converted into an equivalent corresponding share of Nuvus stock, having the same designations, rights, powers and preferences and the qualifications, limitations and restrictions as the corresponding share of HempTech stock being converted. Accordingly, upon consummation of the Nuvus Merger, HempTech’s stockholders immediately prior to the consummation of the Nuvus Merger became stockholders of Nuvus. The stockholders of HempTech will not recognize gain or loss for U.S. federal income tax purposes upon the conversion of their shares in the Nuvus Merger.
The directors and Officers of the Company (HempTech) in office immediately prior to the Effective Time shall be the directors of the Surviving Corporation (Nuvus) and will continue to hold office from the Effective Time until the earlier of their resignation or removal or until their successors are duly elected or appointed and qualified in the manner provided in the Surviving Corporation Charter and Surviving Corporation Bylaws, or as otherwise provided by law.
As a result of the Merger, HempTech became a wholly owned subsidiary of Nuvus. Our corporate website and contact information will stay the same until changed appropriately in coming weeks.
The Company is planning to file with FINRA for a name change including a new CUSIP number as soon as possible. A ticker change may be considered by the board of directors.
We will inform shareholders that hold physical certificates information as to the process of exchange from HempTech shares to Nuvus shares shortly. If your shares are held at a brokerage firm or at DTC, or if you bought your shares online, you do not have to do anything.
Nuvus Corp Plans Ahead
After the merger, Nuvus will be comprised of the following business units;
- HempTech Corp – This unit will become technology provider for the Hemp industry only, realigning its current technologies for the Hemp farmers, processors and distributors
- Nuvus Soft –Software & Technology Unit - CognetiX, Verecis, GrowFacility
- Nuvus Power - Energy Management Unit – SmartEnergy
- Nuvus Tech - Cultivation Automation Unit - Grow.Droid, Automated Commercial Grow Systems
- Nuvus Grow - Cultivation Products Unit - HempTech Agripods, AgronetiX Fresh Harvest, Mithra
- Nuvus Consulting - Consultant Services Unit - GrowComm Engineering & Consulting
- Nuvus Finance – Financing, Leasing and Capital Formation
- Nuvus Farms – Cultivation and Grow facilities Owned and Managed by Nuvus
- Nuvus.IO – Blockchain and Cryptocurrency Division of Nuvus
"We are on mark to finish 2017 with great advances; from our merger, long expected sales, renowned product categories and expanding opportunities, we are poised to chart great success in years to come," said COO John Verghese. "With expected legal and recreational cannabis market to reach billions of dollars in coming years, we will be ready to capitalize on this tremendous opportunity."
Nuvus is committed to bring cutting edge technology to cannabis growers everywhere. The perfect blend of technology and human experience, we bring you the best in automation systems.
For more information on the grow-droid™ and other products offered by Nuvus, please contact us at 727-474-1810 or firstname.lastname@example.org.
About Nuvus Corp
Nuvus Corp (OTC PINK: HTCO), a Nevada Corporation, through its business units and subsidiaries, provides Advanced Controlled Environment Agriculture (CEA), Precise Cognitive Automation, Sophisticated Analytics, Artificial Intelligence (AI) Grow Systems, Modular Grow facilities, Power & Energy Services, Consulting Services and Financing for the cultivators and Medium to Large Scale Growing Facilities.
To request further information about HempTech, please email us at email@example.com, log onto our website at http://www.nuvuscorp.com or visit us at our Facebook page https://www.facebook.com/hemptechcorp or on Twitter @nuvuscorp.
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets. This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.