CORRECTION FROM SOURCE: Hempacco partners with Simtech Vending to create Celebrity Vending
Rhea-AI Summary
Hempacco Co, Inc. (NASDAQ: HPCO) has announced a partnership with Simtech to create Celebrity Vending. The agreement includes the acquisition of 124 Nayxs and customer managed vending machines and over 77 active sales booths across the country. Hempacco's subsidiary, Hempbox Vending, Inc., will be rebranded as "Celebrity Vending" and will contribute over 100 vending machine kiosks.
The new entity, Celebrity Vending, will have licenses to sell Hempacco's celebrity-branded products and VDL tribe approval for casinos. This partnership aims to expand Hempacco's market presence and diversify its product offerings through innovative vending solutions.
Positive
- Acquisition of 124 Nayxs and customer managed vending machines
- Over 77 active sales booths acquired across the country
- Hempacco contributing over 100 vending machine kiosks
- Licenses to sell celebrity-branded products
- VDL tribe approval for casinos
Negative
- None.
Insights
The partnership between Hempacco and Simtech Vending represents an important strategic acquisition that can potentially increase revenue streams and market penetration for Hempacco. The acquisition of 124 Nayxs and customer-managed vending machines, along with 77 active sales booths, positions the company to leverage Simtech's existing distribution network. This move can lead to a significant increase in sales as the company now has more direct consumer touchpoints. Rebranding Hempacco's subsidiary to 'Celebrity Vending' and integrating celebrity-branded products further enhances the marketability and appeal of its offerings. From a financial perspective, these changes suggest an increase in operational capabilities and revenue potential.
The vending machine market is evolving, with a growing demand for innovative and convenient solutions. Hempacco's partnership with Simtech positions it well within this trend. The addition of over 100 vending machine kiosks and the rebranding to 'Celebrity Vending' is a smart move to attract consumers who are looking for unique and accessible products. The involvement of celebrity-branded products can significantly enhance consumer interest and drive traffic to these vending solutions. Moreover, acquiring VDL tribe approval for casinos opens up an entirely new demographic—those visiting gaming establishments—providing another avenue for revenue growth.
The integration of Simtech's vending technology into Hempacco's operations may provide a technological edge in the vending machine market. The acquisition of Nayxs vending machines suggests a move toward more advanced, possibly cashless and networked vending solutions that align with current consumer preferences for convenience and speed. This can streamline operations and reduce maintenance costs, enhancing overall efficiency. The strategic implementation of these technological advancements in high-traffic areas such as casinos can lead to improved sales performance and customer satisfaction.
Hempacco partners with Simtech Vending, Paving the Way for Innovative Vending Solutions and Broader Product Offerings
San Diego, California--(Newsfile Corp. - July 23, 2024) - Hempacco Co, Inc. (NASDAQ: HPCO) ("Hempacco"), a renowned innovator in functional product manufacturing and development, is excited to announce the combination of certain assets from Simtech LLC.
The agreement, signed by Hempacco's CEO, Sandro Piancone, and David Simchon, Chief Executive Officer of Simtech LLC, delineates the following terms of the acquisition.
Agreement Highlights:
- Parties: Hempacco and Simtech LLC, and Bear Air, LLC.
- Assets: The acquisition includes 124 Nayxs and customer managedvending machines and over 77 active sales booths across the country.
- Hempacco's Contribution: Hempacco's subsidiary, Hempbox Vending, Inc., will be rebranded as "Celebrity Vending" and will transfer over 100 vending machine kiosks.
- Post-Acquisition Operations: Celebrity Vending will have licenses to sell Hempacco's celebrity-branded products and VDL tribe approval for casinos.
Sandro Piancone, CEO of Hempacco, expressed enthusiasm about the partnership, stating, "This agreement marks a significant step towards expanding our market presence and diversifying our product offerings."
David Simchon, CEO of Simtech LLC, shared similar sentiments, stating, "I am very excited to be apart of this movement and help insure progress."
About Hempacco
Hempacco Co., Inc.'s goal is Disrupting Tobacco's™ nearly
Hempacco is a majority-owned subsidiary of Green Globe International Inc. (OTC Pink: GGII), a fast-moving consumer goods incubating company.
Hempacco's operating segments include:
- Manufacturing of vapes, hemp smokables, and hemp rolling paper
- Manufacturing of cosmetics and nutraceutical products
- The Real Stuff™ brand of functional smokables and rolling paper
- Functional Mushroom product development using patented solubility technology
- Celebrity-branded gummies and smokable products from Rick Ross and Snoop Dogg.
Learn more at www.hempacco.com
Learn more at www.ggiigroup.com
Order products at www.realstuffsmokables.com
About Simtech, LLC
Simtech LLC is a leading vending solutions provider specializing in innovative technologies and strategic partnerships. Simtech is committed to delivering exceptional value to its customers through cutting-edge vending solutions and unparalleled service.
For investor inquiries, please contact:
Sandro Piancone, CEO
Investor Relations: ir@hempaccoinc.com
619-779-0715
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including our financial performance and projections, revenue and earnings growth, and business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: (i) potential failure to meet projected development and related targets; (ii) changes in applicable laws or regulations that may impact our products and business; (iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the "SEC ") by the Company. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release, and other statements made from time to time by us or our representatives might not occur.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217532
FAQ
What is the partnership between Hempacco and Simtech Vending?
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