Ecofibre Acquires TexInnovate To Accelerate Commercialization Of Hemp Black

AUSTRALIA:  Ecofibre Limited has completed the acquisition of TexInnovate, a portfolio of five businesses with deep technical expertise across a broad range of high-performance textile disciplines for a total consideration of $21 million comprising 50% in cash and 50% in shares , a news release said.

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.”

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.”

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.

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.

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.

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