MRX Xtractors and EVIO Labs Team Up to Form Strategic Alliance
BEND, Ore., June 28, 2018 /PRNewswire/ -- EVIO Inc. ("EVIO" or the "Company"), (OTCQB: EVIO), a leading provider of cannabis testing and scientific research for the regulated cannabis industry in North America, is pleased to announce that it has entered into an asset purchase agreement with MRX Labs, LLC, an Oregon-based, award-winning testing lab. The Company has also formed a strategic alliance with MRX Xtractors, leveraging the two leading companies' respective strengths, to develop and expand growth in existing and new markets.
MRX Labs, LLC has a state-of-the-art testing facility and is highly respected for its excellent customer service and efficiency. As part of the acquisition, EVIO Labs Portland will relocate to the former MRX Labs location, and the new lab will operate as EVIO Labs Portland. This move will provide EVIO additional operational capacity, as well as an extensive book of business that extends across the state.
"We are excited about the opportunity to further expand our reach and solidify our position as the dominant testing lab in Oregon," said William Waldrop, CEO of EVIO. "As the Oregon market matures, there is a consolidation of the marketplace occurring, and this alliance is a win-win for both of our companies and our customers."
MRX Labs, LLC and MRX Xtractors, founded by Paul Tomaso, CEO and CTO, and Jonah Barber, President, have been research and development, design and engineering pioneers in both analytical testing and extraction technologies. "This relationship with EVIO affords MRX Xtractors an opportunity for us to focus on the global expansion of our extraction technologies, and to unite our testing lab with a company of scientists and professionals whom we trust will take great care of our loyal lab customers and employees," said Barber. "We are thrilled with our newly formed alliance that give us great confidence to refer our extraction customers, across the US and Canada, to EVIO's network of labs and vice-versa."
Transaction Details Pursuant to the Agreement, EVIO Inc. will purchase 100% of the assets of MRX Labs, LLC including equipment, real estate, customer lists, customer contracts, rental agreements, and equipment leases. EVIO Labs Portland will relocate its personnel and license to the Tigard facility. The transaction is expected to close on or before July 11, 2018.
About EVIO Inc. EVIO Inc. is a leading provider of cannabis testing and scientific research for the regulated cannabis industry. The Company's EVIO Labs division operates coast-to-coast providing state-mandated ancillary services to ensure the safety and quality of the nation's cannabis supply. The Company's EVIO Biosciences Division is dedicated to the scientific, medical, and psychosocial exploration of clinical cannabis, cannabinoids, and the endocannabinoid system. For more information, visit www.eviolabs.com.
About MRX Labs MRX Labs, LLC is a premier cannabis and hemp services company based in Tigard, Oregon. MRX Labs offers full-spectrum bio-analytical services for all testing needs. Our highly trained professionals and cutting-edge testing procedures have set the standard for precision and quality. MRX Labs was named "The Best Testing Facility in Oregon" in 2016 and 2017 by Dope Magazine. For more information, visit www.mrxlabs.com.
About MRX Xtractors Based in Canby, Oregon, MRX Xtractors is the market leader in commercial Co2 and ethanol extraction systems for the cannabis and hemp industries. The MRX leadership has an extensive analytical testing background which continues to drive their innovation and design. With a growing list of award-winning customers, MRX has become the most respected manufacturer of extraction technologies. For more information, visit www.mrxxtractors.com.
Safe Harbor Statement Any statements in this press release that are not statements of historical fact maybe considered to be forward-looking statements. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at www.sec.gov or www.eviolabs.com.
CONTACT INFORMATION Company Contact: Cheryl Kramp Director of Marketing EVIO Inc. 888.544.EVIO [email protected]