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Hemp Technology Inc. Signs Definitive Agreement to Acquire Pettanicals Pet Treats Inc.

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LOUISVILLE, KY, Sept. 18, 2019 /CNW/ - Hemp Technology Inc. ("HempTech" or the "Company") (OTC:CPOW), Hemp Technology Inc. is pleased to announce that the Company has entered into an agreement to purchase Pettanicals Pet Treats Inc., a leading Canadian-based company in the nutritional pet supplement business. "We intend to utilize the well-established Pettanicals' branded products to introduce cannabidiol (CBD) infused high performance nutritional pet health supplements to international markets," stated Michael Shenher, CEO. 

Hemp Technology Inc. (CNW Group/Hemp Technology Inc.)

Under the terms of the Agreement HempTech will issue $102,000 of restricted common shares as a deposit, and to pay cash of $153,000 upon closing. At the time of signing, Pettanicals' net assets were valued by management at:

Inventory

$ 144,000

Trademarks, brands, customer lists

$ 150,000

Liabilities

($   39,000)

Total Net Assets

$ 255,000

 

"This furthers my vision to grow the Pettanicals' brand by making its high-quality products available on a global scale. With the strategic acquisition of Pettanicals, HempTech will focus its efforts to position the Pettanicals' brand as a leader in the emerging international market for CBD infused pet supplements," stated Chad Costa, President. "Given the strong global demand for CBD products, we expect to successfully establish Pettanicals' product line in the pet nutrition market by leveraging its innovative science-based formulas."

Chad Costa
President
Hemp Technology Inc.

About Hemp Technology Inc.
Hemp Technology Inc. (OTC:CPOW) is striving to become the largest vertically-integrated producer, manufacturer, and distributor of hemp-derived high-value phytocannabinoids in the world. The Company is a B2B, bulk and wholesale supplier of hemp-derived CBD isolate established to serve the rapidly growing global market. HempTech has the executive expertise, and product research and development capabilities to expand its hemp-derived CBD product lines on a global scale.

Forward Looking Information

This news release contains "forward-looking statements" within the meaning of applicable securities legislation, such as section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934, including estimates of future sales, cash flows, business plans, the estimated amounts and timing of capital expenditures, the assumptions upon which estimates are based and related sensitivity analyses, and other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "2019E" "anticipates" or "does not anticipate", "plans", "estimated" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved).  By their nature, such forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements, including those material risks discussed in the Company's Form 10, and in our Management's Discussion and Analysis.  The material assumptions are disclosed in the Management's Discussion and Analysis. In addition, with respect to forward-looking information contained in this presentation, assumptions have been made regarding, among other things: CBD and Hemp commodity pricing, manufacturing efficiency, future interests rates, currency exchange rates and future costs, and availability of financing. These assumptions, risks and uncertainties could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements. The impact of any one assumption, risk, uncertainty or factor on a particular forward looking statement is not determinable with certainty as these are interdependent. Except as required by law, Hemp Technology Inc. assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Certain information contained herein has been prepared by third-party sources. To the extent such estimates constitute a "financial outlook" or "future oriented financial information" in this presentation, as defined by applicable securities legislation, such information has been approved by management of Hemp Technology Inc. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/hemp-technology-inc-signs-definitive-agreement-to-acquire-pettanicals-pet-treats-inc-300921098.html

SOURCE Hemp Technology Inc.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2019/18/c6836.html

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