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 wi
|SOURCE Mach One Corporation|
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