LAS VEGAS, Oct. 29, 2013 /PRNewswire/ -- Hemp, Inc., (OTC PINK: HEMP) on October 25, 2013 solidified its all-stock deal with BioAdaptives, Inc. by selling the assets of its subsidiary, BioSwan, Inc. According to Hemp, Inc., the deal distributes 2,000,000 shares of BioAdaptives common stock to Hemp, Inc. shareholders. The distribution to Hemp shareholders will be based on percentage of ownership of common stock held and not applicable to preferred stock ownership. This distribution is at no cost to the Hemp, Inc. shareholders and the ex-dividend date is expected to be within the next three weeks.
According to David Tobias, President of Hemp, Inc., "This sale of the assets of BioSwan is beneficial to Hemp, Inc. shareholders in two ways. First, it allows Hemp management to focus on our core business and not be distracted by non-hemp related business and second, the shareholders receive free stock in a new fully reporting, development stage company, with an excellent future."
Bruce Perlowin, CEO of Hemp, Inc., also noted "This has taken much longer than expected but it has been well worth the wait, especially for our shareholders. BioAdaptives has assembled a great team of Doctors and Scientists to direct the research of life-changing products. The development stage company is fully reporting to the SEC with all filings up-to-date. Part of the agreement with BioAdaptives calls for the filing of a registration statement covering the shares that will be distributed to the Hemp, Inc. shareholders."
Hemp, Inc.'s TRIPLE BOTTOM LINE
Hemp, Inc. (OTC PINK: 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.