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Ecofibre Limited completes acquisition of TexInnovate to accelerate commercialisation of Hemp Black

Industrial hempImagine a plant that could curb world hunger, clothe and heal the world and boost the economy. Turns out that plant already exists.

Industrial hemp refers to the non-psychoactive (less than 1% THC) varieties of Cannabis Sativa L. Over the years, hemp has been unjustly demonized due to its association with marijuana, but this good seed is shedding a bad name. As promising research and mass interest grows in what many are calling a “miracle plant,” hemp is making a comeback of global proportion.

Ecofibre Limited’s Announcement Submitted to the Australian Securities Exchange (ASX)

Ecofibre Limited (Ecofibre, Company) (ASX:EOF, OTC-NASDAQ Intl Designation: EOFBF) is pleased to announce that it has completed the acquisition of TexInnovate, a portfolio of five businesses with deep technical expertise across a broad range of high-performance textile disciplines.

Ecofibre Chairman Barry Lambert said, “I congratulate our CEO Eric Wang and his team for completing the acquisition of such an important asset that will underpin the future growth and success of Hemp Black.”

“On behalf of the Board, I would like to welcome Jeff Bruner and his highly skilled team and look forward to their continued success as part of the Ecofibre family.”

Acquisition underpins delivery of Hemp Black’s vision

Ecofibre CEO Eric Wang stated, “Hemp Black’s vision is to improve our global environment by embedding its sustainable technology in a wide range of industries, including high-performance apparel, personal protection, military, healthcare and travel.”

“This is a bold vision, but we have strong conviction that Hemp Black’s value proposition resonates across industries and geographies. Our initial focus will be on specific segments to ensure we deliver on shareholder commitments and grow responsibly.”

At its core, Hemp Black:

  • is a more sustainable, natural source of anti-microbial and conductive properties : replaces or compliments heavy metals and precious metals currently used as an anti- microbial or conductor; replaces chemicals currently used as an anti-microbial
  • is a highly attractive solution that meets the commercial needs of industry partners: Hemp Black delivers these technical properties into existing standard supply chains; has the ability to deliver these technical properties cost effectively

Hemp Black

A new era of advanced technologies

Hemp Black’s technologies are ushering in a new era of smart and functional performance apparel, footwear and fashion. By carbonizing a hemp bio-product, we unlock a host of advanced technologies that are intelligent, adaptive and evolutionary made possible by Hemp Black.

The combined business is well positioned to be a reliable, high quality supply chain partner for customers who place a high value on corporate responsibility and environmental sustainability.

Our feedstock is derived from hemp, a highly sustainable crop that consumes significantly less water than other comparable crops. Hemp used by Hemp Black is grown without herbicides or pesticides.

Hemp Black President Jeff Bruner said, “I am highly confident in our ability to deliver the outstanding technical properties of hemp to premium markets across a range of industries. Over the past 18 months we have worked closely with Ecofibre and developed the technical knowhow to do so.”

“I am personally very excited at the breadth of opportunities that will benefit my existing commercial relationships as well as the healthcare relationships of Ecofibre. Our team looks forward to an exciting long-term journey that will, in my view, be a game-changer to an industry that I have been a part of for over 40 years.”

Execution of Hemp Black strategic priorities underway

Eric Wang said, “Education is core to the growth and success of Hemp Black. Hemp Black will need to educate consumers, businesses and regulatory bodies on the benefits of hemp from an industrial, sustainability and supply chain viability perspective. This is similar to our Ananda Health business in the US, where we invest heavily to educate pharmacists, doctors and consumers on the safety and science behind CBD.

“I believe this education process will result in hemp leading one of the most important shifts in product sustainability as the world looks to find alternatives to heavy and precious metals, chemicals and agricultural inputs that require significant amounts of water, herbicides and pesticides.”

The strategic priorities for Hemp Black are:

  1. establish the right infrastructure to profitably commercialise Hemp Black intellectual property
  2. build brand
  3. develop use cases of our technology to educate new partners and customers
  4. profitably commercialise existing relationships

Mr Wang said “The acquisition completes our first strategic priority, and the team is now focused on completing integration and growing the combined business. Ecofibre will regularly update shareholders as we progress our strategy.”

About Ecofibre

Ecofibre is a provider of hemp products in the United States and Australia.

In the United States, the Ananda Health is the #1 provider of hemp-derived CBD for retail pharmacies. The Company produces nutraceutical products for human and pet consumption, as well as topical creams and salves. See www.anandahemp.com and www.anandaprofessional.com. The Company also supplies its leading Ananda Hemp CBD products to Australians via the SAS B program.

In Australia, the Company produces 100% Australian grown and processed hemp food products including protein powders, de-hulled hemp seed and hemp oil. See www.anandafood.com.

The Company is also developing innovative hemp-based products in textiles and composite materials in the United States.

The Company owns or controls key parts of the value chain in each business, from breeding, growing and production to sales and marketing.

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