LOS ANGELES, Sept. 15, 2020 /PRNewswire/ -- Hemp Technology Inc. (OTCBB: HPTY), ("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.
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SOURCE Hemp Technology Inc.