BELGIUM, Wis., Jan. 9 /PRNewswire-FirstCall/ -- Mach One Corporation (Pink Sheets: MNCN), a biological solutions company that develops products that produce a positive long term benefit to the agricultural and consumer market, announced today that it has entered into a non-binding letter of intent dated January 7, 2009 related to a proposed transaction with Ceres Organic Harvest, Inc. (the "Seller") to acquire all of the outstanding shares of the Seller.
The proposed transaction is subject to satisfactory completion of due diligence by the Purchaser, the execution of a definitive agreement and the approval of both the board of directors.
The non-binding terms of the letter of intent provide that the Seller would receive a convertible note from the Purchaser in exchange for 100% of the stock of Seller The conversion terms include conversion rights at .50 per share in Mach One Corporation common stock.
There can be no assurance that any definitive agreement will be entered into, that any proposed transaction will be approved by the board of Seller or that any transaction will be completed as a result of the execution of the letter of intent.
Monte Tobin, CEO of Mach One Corporation commented, "This proposed acquisition of Ceres Organic Harvest, Inc., a company with 20 million in annual revenues with a platform in organic agricultural products, will allow Mach One a broader market penetration in the agricultural sector. Our potential customer base and Ceres customer base are aligned perfectly."
"We are excited about the possibility of working with Mach One's management team to further expand our North American field operations and international trade," said Brittin Eustis, Founder and CEO of Ceres Organic Harvest, Inc.
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 (www.machonecorp.com) currently manufactures and sells Bridge(TM), a colostrums replacement, supplement and prophylactic, in sterile powder form, which can be administered orally or intravenously. Mach One is also further developing a proprietary procedure to allow for large scale manufacturing of colostral replacement products for market that includes an added ingredient for elimination of mastitis and Johnnes disease.
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|
Copyright©2009 PR Newswire.
All rights reserved