Smokefree Innotec, Inc. Completes the Acquisition of Agrokings, Inc.
Smokefree Innotec, Inc. (OTC: SFIO) has successfully completed its acquisition of Agrokings, Inc., following its removal from the Caveat Emptor (CE) list and achieving Pink Current status earlier this May.
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Rhea-AI Summary
Smokefree Innotec, Inc. (OTC: SFIO) has successfully completed its acquisition of Agrokings, Inc., following its removal from the Caveat Emptor (CE) list and achieving Pink Current status earlier this May. SFIO now fully controls AGROKINGS, which operates multiple subsidiaries in New Zealand and Australia, including the Epiphany Café Franchise Group and Gorgeous Coffee Co. The acquisition aims to enhance SFIO's asset base through strategic investments and partnerships in five business divisions. A global fundraising campaign is also underway to support SFIO's expansion plans.
Positive
- Acquisition of Agrokings enhances SFIO's asset base and market presence.
- Strategic synergies expected from combining operations of SFIO and AGROKINGS.
- Global fundraising campaign initiated to support expansion and growth.
Negative
- None.
Details
News Market Reaction – SFIO
The recorded move for SFIO in the trading session of this news was +4.00%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HAMILTON, New Zealand, Aug. 23, 2021 (GLOBE NEWSWIRE) -- Smokefree Innotec, Inc. (OTC: SFIO) has finally completed its acquisition of Agrokings, Inc. (AGROKINGS), after removing its Caveat Emptor (CE) designation and achieving its Pink Current status in May of this year. SFIO now has full management and control over AGROKINGS and in the process of renaming the company.
AGROKINGS is a Delaware incorporated company with six New Zealand-based subsidiaries - Epiphany Café Franchise Group, Ardent Bakers, Gorgeous Coffee Co., A+ Electrical, Accord Investment Group and AG Architects - all of which currently have a strong presence in New Zealand and Australia.
SFIO has five strategic business divisions, namely franchising, food manufacturing, coffee business, property development, as well as technology and software development. The synergistic companies will enable SFIO to expand its asset base through mergers, strategic acquisitions, investments, and partnerships with companies that would increase the market value of SFIO, thus providing more value to its shareholders.
“In line with the business expansion plans, we will raise funds to enable the global expansion of SFIO and to support the growth of companies within the group, which are intended to provide added capabilities to enable a successful expansion of SFIO and to invest in each company for their internal growth,” says Jeths Lacson, Chairman of SFIO.
The global fundraising campaign of SFIO is underway. Further updates regarding each business division and companies within the group will be released soon.
About Smokefree Innotec, Inc.
Smokefree Innotec, Inc. is an Asset Management Company, and is a conglomerate of several companies with five strategic business divisions, namely: franchising, food manufacturing and distribution, coffee business, property development, as well as technology and software development – all of which currently have a strong presence in New Zealand and Australia.
About Agrokings, Inc.
Agrokings, Inc. is a wholly-owned subsidiary of SFIO, and the owner and operator of Epiphany Cafe Franchise Group, Ardent Bakers, Gorgeous Coffee Co., A+ Electrical and Accord Investment Group.
For media enquiries, please contact:
Craymond Yeong, PR & Marketing Specialist
Smokefree Innotec, Inc.
Phone: (+64) 21 0833 2966
Email: info@sfio.co.nz
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