LAS VEGAS, Oct. 2, 2013 /PRNewswire/ -- Hemp, Inc., (OTC:PK HEMP) is pleased to announce it has completed a letter of intent to sell the assets of its subsidiary, BioSwan, Inc., to BioAdaptives, Inc. in an all-stock deal. It is expected to complete the transaction over the next few weeks.
Bruce Perlowin, CEO of Hemp, Inc., stated "The process of shedding non-core business and focusing on our core hemp business while giving the shareholders of Hemp, Inc. an opportunity for a great return has been much more time consuming than originally anticipated. While we expected it to move more quickly, we are now on track to complete the process and maintain an extremely diverse set of opportunities for the shareholders in Hemp, Inc."
David Tobias, President of Hemp, Inc., went on to say "BioAdaptives, Inc. is a fully reporting development stage company that is committed to the further advancement of powerful stem cell enhancing nutraceuticals and Hemp, Inc. retains the right to sell the products through its Herbagenix division. It's the best of both worlds for Hemp, Inc. which can now focus more effectively on hemp-based products while maintaining diverse benefits for Hemp, Inc. shareholders."
Hemp, Inc.'s TRIPLE BOTTOM LINE
Hemp, Inc. (OTC:PK HEMP) seeks to benefit many constituencies, not exploit or endanger any group of them. Thus, the publicly-traded company believes in "upstreaming" of a portion of profit from the marketing of their finished hemp goods back to its originator. By Hemp, Inc. focusing on comprehensive investment results—that is, with respect to performance along the interrelated dimensions of people, planet, and profits— our triple bottom line approach can be an important tool to support sustainability goals.
SOURCE Hemp, Inc.