LAGUNA BEACH, Calif., June 27, 2016 /PRNewswire/ -- Code Green Apparel Corp. (OTC Pink: CGAC) today announced the completion of an Asset Purchase Agreement resulting in Code Green acquiring the assets of the 10Star Apparel ("10Star"), a leading corporate apparel sales and marketing organization based in Grand Prairie, TX.
"In addition to enhancing our revenue generating capabilities, the acquisition of 10Star is strategically important to Code Green on several levels," said George J. Powell III, CEO of Code Green Apparel. "The synergies between Code Green and 10Star have proven very evident over these past several months and completing the acquisition of 10Star is truly great news for our company."
Code Green had previously signaled its intention to acquire 10Star Apparel after both parties signed an LOI earlier this year. Code Green intends to operate 10Star as a wholly owned division of the company and to develop and market apparel products under both the Code Green and 10Star banners.
Chase Daniel, the founder / former CEO of 10Star Apparel and currently an NFL quarterback with the Philadelphia Eagles commented, "We reached some truly amazing milestones at 10Star in a relatively short time. Our executive team led by Aaron Luna and J.B. Hill did an outstanding job in what proved to be an ultra-competitive market. It was actually our rapid success that made us realize the need to align ourselves strategically with an organization that could help continue the growth."
As an integral part of the transaction Mr. Daniel has agreed to serve on the Code Green Board of Directors. Daniel stated, "I am excited about joining the Board with George Powell and Tom Witthuhn and 'opening up the playbook'."
Mr. Powell further commented, "Adding Chase to our Board of Directors and Aaron and J.B. to the Code Green corporate management team demonstrates our commitment to our Strategic Plan and to driving success."
Powell continued, "We are working diligently to remake and reposition our company for success. Our recent announcement of achieving 'Form Effect' status after an arduous S1 Registration process should not be undervalued. It positioned Code Green to enter the revenue generating phase of our strategic plan. The acquisition of 10Star demonstrates and proves our intent to aggressively compete in the corporate apparel market."
10Star Apparel was a Grand Prairie, Texas based apparel company that specializes in embellished corporate and athletic apparel. 10Star markets primarily to commercial customers offering customized apparel through direct and E-commerce venues.
About Code Green Apparel Corporation:
Code Green Apparel Corp. is focused on bringing Sustainable Textile Solutions to the "Corporate Marketplace" through development and marketing of uniforms and corporate logo apparel formulated from Recycled and Regenerated textiles. Code Green is leading the charge into this very important and emerging market segment. The company is located in Laguna Beach California. For further questions or comments, please feel free to email our investor relations department (email@example.com).
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SOURCE Code Green Apparel Corp.