CAVE CREEK, AZ--(Marketwired - Oct 25, 2016) - Endexx Corporation (OTC PINK: EDXC), a provider of innovative phyto-nutrient based food and nutritional products, is excited to announce it has entered into a Memorandum of Understanding (the "MOU") to acquire Phyto Labs, LLC., the owner of Amrita™, and their proprietary formulas for flavored CBD beverages.
Endexx markets and distributes a unique line of CBD products including oils, tinctures, isolates and capsules through its online presence and a national distribution and food broker network under the CBD Unlimited brand. With the acquisition of Phyto Labs, LLC., Endexx will be able to further develop proprietary formulas for flavored CBD beverages which is projected to distribute 32,000 bottles per month in 2017/2018.
The Parties wish to explore implementing practical steps towards an acquisition of Phyto Labs as a wholly owned subsidiary of Endexx. The purpose of the proposed acquisition is to leverage through Endexx, the public entity, the combined products and revenue from Phyto Labs along with products and sales of CBD Unlimited, to become the top performing company in the CBD distribution space.
Endexx CEO Todd Davis stated, "Phyto Labs management team is an established group with nearly 10 years of experience, developing and producing products in the CBD space. The products they have developed are in the market and ready to scale up for mass production and distribution. The brand name Amrita™ is fantastic, meaning: "Nectar of the Gods."
Besides Amrita™, there are additional products and revenue streams the companies will explore and grow together. This transaction will greatly increase distribution channels and cross over customers bases, leading to a dramatic increase in sales. Through our new product offerings and improved cash flow, we will be able to rapidly grow our operations and expand marketing efforts, creating tremendous value for our shareholders."
Endexx provides innovative inventory management and technology solutions. Endexx, with its collaborative partners and consultants, develops and distributes two consumable product lines derived from industrial hemp, which is organic and naturally rich in phytocannabinoids. The company has two technology products and services that launched in 2014 -- the M3hub and the Autospense™. Both products provide essential solutions to promote regulatory compliance and full accountability through "seed to sale" inventory management and an, "End of Sale," technology integration. Based on principles developed by the pharmacological industry, the M3hub platform is the first standardized software solution for tracking pharmaceutical grade marijuana that maintains compliance with federal, state and local regulations. It is intended to provide a smooth transition to eventual federal mandates. The Autospense™ is a commercial grade inventory control and dispensing device that provides up-to-the-minute accounting details and ensures both product and patient security. By automating the dispensing process, Autospense™ increases productivity and reduces costs for marijuana retailers, while enhancing their service quality by reducing transaction time for customers. Websites include: www.cbdunlimited.com, www.endexx.com, www.m3hub.com.
Safe Harbor Notice
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.