ACCESS Newswire
12 Apr 2021, 17:32 GMT+10
Fair value of November 2020 acquisition confirmed at $169,711
DOVER, DE / ACCESSWIRE / April 12, 2021 / Hero Technologies (OTC PINK:HENC) (Twitter: @heroicmindtech), a cannabis company focused on a vertically integrated strategy, today announced that it has received an independent third-party valuation and purchase price allocation for its acquisition of the assets of V Broker LLC dba Veteran Hemp Co.
Founded by U.S. military veterans, Veteran Hemp Co. is a Colorado-based online retailer and wholesaler of hemp and cannabinoid products. Hero Technologies acquired Veteran Hemp Co. in November 2020. The acquired assets are valued at $169,711.
The acquisition improved Hero Technologies' balance sheet with $140,805 in total tangible assets, $71,526 in net tangible assets, and $98,195 in intangible assets, including trade names, customer base, and Goodwill.
The valuation and purchase price allocation were calculated by Doty Scott Enterprises, a well-respected provider of financial and business advisory services, including corporate valuations.
'We are pleased that an independent review has confirmed the fair value of our Veteran Hemp Co. asset acquisition,' said Hero Technologies' CEO Gina Serkasevich. 'As we continue to develop and execute our integrated ‘seed to sale' market strategy for cannabis products, we strive to make wise investment decisions. Our carefully considered purchase of Veteran Hemp Co. benefits our balance sheet, our market reach-both retail and wholesale-and our shareholders.'
About Hero Technologies Inc.
Hero Technologies Inc. is a cannabis company working toward a vertically-integrated business model. The company owns a majority stake in BlackBox Systems and Technologies LLC, an aeroponic cannabis cultivation system that provides optimal growing conditions to enhance photosynthesis and cultivation of large flowering plants, creating increased harvest efficiencies. The company's strategic business plan includes cannabis genetic engineering, farmland for both medical and recreational cannabis cultivation, production licenses, distribution licenses, consumer packaging, and retail and dispensary operations that make the company a multi-state operator (MSO).
Forward-Looking Statements
This press release contains 'forward-looking statements' within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include: management plans relating to the proposed project; the expected timing of the completion of the proposed project; the ability to complete the proposed project; any statements of the plans and objectives of management for future operations, products or services, including the execution of plans proposed project; any statements of expectation or belief; projections related to certain financial metrics; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are typically identified by words such as 'anticipate,' 'believe,' 'could,' 'estimate,' 'expect,' 'forecast,' 'intend,' 'may,' 'outlook,' 'plan,' 'project,' 'seek,' 'should,' 'target,' 'will,' 'would' and other similar words and expressions or negatives of these words. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking statements speak only as of the date they are made. Neither Hero Technologies Inc. nor its holding company or subsidiaries assumes any duty and does not undertake to update any forward-looking statements. Because forward-looking statements, by their nature, are uncertain or assumptive to varying degrees, actual results or future events could differ, possibly materially, from those that Hero Technologies Inc., its holding company or subsidiaries anticipated in the forward-looking statements, and future results could differ materially from historical performance.
Hero Technologies Contact:
Ms. Gina Serkasevich, CEO
(302) 538-4165 | [email protected]
Brokers and Analysts:
Chesapeake Group
(410) 825-3930 | [email protected]
SOURCE: Hero Technologies Inc.
Get a daily dose of Memphis Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Memphis Sun.
More InformationISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
VENICE, Italy: Over the weekend, hundreds of protesters marched through the narrow streets of Venice to voice their opposition to billionaire...
PARIS, France: France is taking stronger steps to reduce smoking. A new health rule announced on Saturday will soon ban smoking in...
WASHINGTON, DC - U.S. President Donald Trump on Tuesday claimed Elon Musk's success has been built on government subsidies. Without...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
NEW YORK, New York - U.S. stocks diverged on Wednesday for the second day in a row. The Standard and Poor's 500 hit a new all-time...
NEW YORK CITY, New York: The U.S. dollar continues to lose ground, weighed down by growing concerns over Washington's fiscal outlook...
KABUL, Afghanistan: Afghanistan, long associated with war and instability, is quietly trying to rebrand itself as a destination for...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...