BELGIUM, Wis., Feb. 24 /PRNewswire-FirstCall/ -- Mach One Corporation (Pink Sheets: MNCN), is pleased to announce that it has closed the purchase of Ceres Organic Harvest, Inc. an organic grain and grain-based company that supplies ingredients to the food, feed and dairy industries. Ceres Organic Harvest had 2008 revenues (unaudited) of approximately $20,000,000.
Mach One acquired 100% of the stock of Ceres for $8 million in a combination of common and preferred stock. 50% of the purchase price was paid in common stock of Mach One with a valuation set at 50 cents per share with the remaining 50% of the purchase price taken by Ceres shareholders in the form of preferred convertible voting securities with a conversion price of 50 cents per share. Ceres Organic Harvest, Inc. will continue its operations as a subsidiary.
Monte Tobin, CEO of Mach One Corporation commented, "This combination of resources and personnel between Mach One and Ceres Organic Harvest, Inc. will position us to capitalize on the work Ceres has done over the years in delivering high quality food ingredients and animal feed products. We in turn are excited to bring to Ceres the part of our technology that pertains to supplements and additives with the goal of delivering tremendous advancement in human and animal nutrition."
Britt Eustis, CEO of Ceres commented, "Mach One offers a good platform for further growth in the sustainable food and grain sector along with an expansion of our offerings and supply lines into the organic feed industry."
About Ceres Organic Harvest, Inc.
Ceres Organic Harvest, Inc. and its subsidiary Organic Grain and Milling, Inc. supply organic grain and grain-based ingredients to the food, feed and dairy industries, including varieties of wheat, flour, oats, corn, flax, barley and other products. Ceres is currently launching a number of oat-based products using a proprietary oat cultivar with substantially higher fiber and beta-glucan content. Ceres/OGM operates a grain elevator in North Dakota, with corporate offices in St. Paul, Minnesota. More info: http://www.ceresorganic.com.
About Mach One Corporation:
Mach One Corporation (www.machonecorp.com) is a global wellness company that provides biotechnology based solutions to help address one of the world's most pressing and costly needs--positive, long-term health and longevity benefits for humans and disease-threatened animals of commercial operations. Mach One provides targeted, broad spectrum immunoglobulins (IgGs) for nutraceutical products that offer a new level of cost effectiveness, improved health and ease of administration--with an initial focus on the dairy and beef industry. Mach One intends to fully leverage the potential of its breakthrough solutions--breakthroughs that one day will also include human consumer applications.
Cautionary Statement: This news release may include certain "Forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act, as amended. All statements, other than statements of historical fact, included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. This notice expressly qualifies all forward-looking statements in this release.
|SOURCE Mach One Corporation|
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