Eco Innovation and Marijuana Company of America Deepen Partnership Around Supercritical Extraction Technology Through Share Exchange Agreement
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VAN NUYS, Calif., March 04, 2021 (GLOBE NEWSWIRE) -- Eco Innovation Group, Inc. (OTC: ECOX) ("ECOX" or the "Company"), an innovative company aggregating investments in new technologies that promote environmental and social well-being and the advancement of green energy solutions, is pleased to announce the signing of a Share Exchange Agreement (the “Agreement”) with Marijuana Company of America (OTC: MCOA) (“MCOA”).
The Agreement represents the shared commitment by both companies to drive further strategic value by deepening the cooperative relationship between the two companies through a mutual investment. Board votes were unanimously in favor of the Agreement for both companies.
This Agreement follows the Company’s January 28, 2021 announcement of the signing of an exclusive license agreement with Glytech, LLC (“Glytech”) to use and market Glytech’s specialized supercritical extraction technology for bioactive compounds.
Glytech’s technology has strong application for CBD and licensed marijuana extraction and utilizes a non-CO2 solvent to extract valuable bioactive compounds from plant-based materials to create a fluid output that is superior in viscosity to the output of standard CO2-based extraction methods. The nontoxic and natural focus of this extraction methodology is in-line with ECOX’s core philosophy of promoting social well-being and environmentally friendly technology.
“We see a number of strong synergies to be gained from a deeper strategic association with MCOA and its wide distribution footprint and commercial engagement with natural wellness including hemp-based extraction,” noted Julia Otey-Raudes, President and CEO of Eco Innovation Group. “Our recent exclusive license agreement with Glytech has opened the door to an expanded range of strategic options with companies, both in the US and Canada, seeking an edge in market-leading extraction technology for products derived from CBD and licensed marijuana. This gives us exposure to a rapidly growing space while making use of our proprietary licensed technology.”
According to the Agreement, Marijuana Company of America issued $650k in MCOA common stock to Eco Innovation Group on March 1, 2021 in exchange for $650k in ECOX common stock, with the number of shares being determined by a reference price based on recent trading activity, as established in the Agreement. Please review the 8-K filing that both Company’s made with the Securities and Exchange Commission at the following links for more details: https://www.sec.gov/Archives/edgar/data/1144169/000107997321000139/ecox_8k.htmhttps://www.sec.gov/Archives/edgar/data/1078799/000107997321000131/mcoa_8k-030221.htm
About Eco Innovation Group
Eco Innovation Group was founded by Inventors and Business Professionals to help nurture and catalyze the most innovative and impactful products and services, and to deliver those innovations to the world, improving the quality of life in our communities and the world around us, while delivering value to our shareholders. At ECOX, we are dedicated to developing and commercializing successful products. But we will never lose sight of the fact that we exist, first and foremost, to help people and improve life on the planet we all share. We take our Social Responsibility Contract seriously in all our endeavors. It is not only what we do. It is who we are. For more information, visit www.ecoig.com.
FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
Public Relations:EDM Media, LLChttps://edm.media(800) 301-7883
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