PITTSBURGH, PA--(Marketwired - Mar 1, 2017) - REAC Group Inc. (OTC: REAC) announced that its wholly owned subsidiary Patriot Bioenergy Corporation has acquired Pikeville, Kentucky based Charro Development, LLC.
The merger expands the strategic capabilities of Patriot as it will provide the company access to woody biomass that will be utilized in addition with hemp in a new proprietary solidification product. This product has been in development to answer the absorption, solidification and stabilization needs of the oil and gas drilling, hydro-excavation, wastewater management and demolition industries.
The acquisition will also provide feedstock for the company's bioenergy operations. The acquisition of Charro will expand the company's assets and timber leases, which are up to 3,000 acres with additional timber lease negotiations underway for up to 15,000 acres within the next 12 to 18 months.
"We are excited to add Charro Development to our operations. From the standpoint of access to available feedstock for bioenergy production, Charro's strategic plan is a perfect fit for what REAC Group's vision is to create vertical integration for biomass-based development. The integration of resources from hemp, woody biomass, and other biomass will provide a strategic vision that moves REAC Group and Patriot forward for a variety of end products from hemp extracts to industrial composites to energy products," said Patriot CEO Roger Ford.
Patriot is a leader in the development of hemp for use in the conversion and production of energy products, nutraceuticals, and industrial composites. Patriot is moving forward on several fronts to develop projects in Kentucky and elsewhere related to the use of industrial hemp.
Safe Harbor: This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly revise any forward-looking statements.