WEST PALM BEACH, Fla., Dec. 05, 2017 (GLOBE NEWSWIRE) -- Greenfield Farms Food, Inc. (OTC PINK:GRAS) is issuing the following update to shareholders. On December 1, 2017, the Company filed Current Report on Form 8-K, disclosing the following:
- The Company entered into a Letter of Intent (the "LOI) to acquire certain assets of Ngen Technologies USA, Corp. ("Ngen"). The assets to be acquired center around Ngen's automotive technologies business. Pursuant to the LOI, the Company will issue a new class of Preferred Stock that will convert to 85% of the issued and outstanding common stock of the Company at the time of the conversion.
- In conjunction with the LOI, Ronald Heineman resigned as Chief Executive Officer ("CEO"), Chief Financial Officer ("CFO") and Secretary of the Company. Mr. Jason Koo was named CEO, Mr. Clifford Rhee was named Chairman and interim CFO. Mr. David Lithwick was named Chief Technologies Officer and Mr. Edward Carter was appointed to the BOD and named Secretary of the Company.
- The Company has engaged VStock Transfer, LLC as the Company's new transfer agent and has appointed D. Brooks and Associates CPA's P.A. as the Company's new independent certified accounting firm.
Ronald Heineman, Director, stated, "I am very pleased to have signed the LOI to acquire the automotive technology business that Ngen has developed. The previous Asset Purchase Agreement related to the insurance syndication business never closed and the Company has not divested Carmela's Pizzeria Co, Inc. ("Carmela's") and is still operating Carmela's as our wholly owned subsidiary. Furthermore, there has been no restructuring of debt as originally contemplated." Heineman continued, "We have recently begun the process of getting the Company current in its reporting obligations, including getting reinstated in the State of Nevada. I feel strongly that the transaction scheduled to close on or before January 8, 2018, will bring shareholder value to our stakeholders, and I am looking forward to working with the new management team."
Jason Koo, CEO, stated, "My team is very excited about our state of the art automotive technology business to be part of the public entity under Greenfield Farms. We look forward to keeping our shareholders informed as developments occur in the business, as well as to meet our reporting requirements under SEC rules and regulations."
About Greenfield Farms Food, Inc.
Greenfield Farms Food, Inc. is a publicly-traded nominally capitalized company operating through its wholly-owned subsidiary Carmela's Pizzeria Co, Inc. through the Carmela's Pizzeria Dayton restaurant locations that include pizza buffets, alcohol service, delivery and carry-out depending on the location.