Green Globe International (GGII) and Hempacco Announce Potential Consolidation
San Diego, California--(Newsfile Corp. - May 26, 2021) - Hempacco Co., Inc. ("Hempacco") and Green Globe International, Inc. (OTC PINK: GGII) ("Green Globe") are pleased to announce that Green Globe and a majority of the shareholders of Hempacco have entered into a share exchange agreement pursuant to which Green Globe would acquire Hempacco in consideration of the issuance of 70,312,160,174 shares of common stock of Green Globe to Hempacco's shareholders.
Shareholders representing 97.9757% of Hempacco's outstanding shares have signed the share exchange agreement, and Hempacco expects that the remaining Hempacco shareholders will sign the share exchange agreement in the coming days.
Hempacco is a leading manufacturer and marketer of Functional Smokes™ Fast Moving Consumer Goods (FMCG) flag shipped by Herb and Hemp Cigarettes. To further their mission of Disrupting Tobacco™, they are going public by "reverse acquisition" with Green Globe (assuming the transaction closes). This step should provide Hempacco with the means to raise capital and pursue potential acquisitions of promising hemp cigarette brands and other companies that can further their mission of Disrupting Tobacco™.
If the transaction closes, the Green Globe shares issued to Hempacco's shareholders would be restricted securities, and they could not be resold until the shares were either registered with the United States Securities and Exchange Commission (the "SEC"), or an exemption from registration were available to permit resale. The parties anticipate that the Rule 144 exemption from registration would not be available until one year following the date that Green Globe files registration-statement disclosure information regarding Hempacco, its business operations, and financial statements, with the SEC.
"Going public may allow Hempacco to raise capital and potentially acquire some great companies," said Sandro Piancone, Founder and CEO of Hempacco. "The top two reasons to take a company public are to raise capital and make acquisitions, and we believe we're well on our way to do both," Sandro concluded.
Hempacco operates its own smokables production facility and R&D center in San Diego, creating and manufacturing CBD, CBG, other cannabinoids, and herb smokables with the capacity to produce thirty million cigarettes per month per machine.
"Green Global's major asset is its investors," said Jorge Olson, Co-Founder, and CMO of Hempacco. "GGII has passionate and involved investors who we hope will help Hempacco sell more products and reach more people. We view GGII's investors as a marketing machine, capable of expanding our customer base using their online presence and networking circles," said Jorge.
Hempacco plans to create shareholder value in three ways:
- Joint Ventures with other great companies and entrepreneurs to develop a portfolio of herb and hemp smokables.
- Research and development of new products and intellectual property.
- Creating new brands and placing them in distribution, including wholesalers, retailers, direct to consumers and Hempacco's proprietary vending machines.
About Hempacco Co., Inc.:
Hempacco Co., Inc. is Disrupting Tobacco's™ nearly $1 Trillion industry with herb and hemp-based alternatives to nicotine cigarettes by manufacturing and marketing consumer goods including CBG and CBD hemp cigarettes. The company owns and licenses intellectual property, has conducted extensive research and development, and is engaged in manufacturing and sales of smokable hemp brands, including The Real Stuff™ Hemp Smokables. Hempacco Co., Inc. operational segments include joint-venture private label agreements and sales, Intellectual Property licensing, and the development and sales of inhouse brands using patented counter displays as well as six hundred planned Kiosk vending machines called HempBoxes™.
You can buy hemp cigarettes at: https://www.RealStuffSmokables.com
The Real Stuff™ Hemp Smokables
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Forward Looking and Cautionary Statements
This news release may include forward-looking statements including opinions, assumptions, estimates, and assessment of future plans and operations, including but not limited to statements concerning a potential acquisition of Hempacco by Green Globe (the "Company"). When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company and Hempacco. Forward-looking statements are subject to a wide range of risks and uncertainties, and although the Company and Hempacco believe that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: regulatory and third party approvals not being obtained in the manner or timing anticipated; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; and other factors more fully described from time to time in the reports and filings made by the Company with OTC Markets Group, Inc. and/or the securities regulatory authorities. Except as required by applicable laws, the Company and Hempacco do not undertake any obligation to publicly update or revise any forward-looking statements. They intend that all forward-looking statements be subject to the safe-harbor provisions of relevant securities laws, and to be considered forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended.
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