US Highland/CRUZANI (OTC: UHLN), a franchise development company that builds and acquires popular franchise concepts, and other related businesses, throughout the United States as well as International markets, has announced that it has completed legalities to receive possession of key food manufacturing assets and intellectual property from Toronto’s Supreme Sweets bakery, as transacted in the second quarter.
Oventa Foods, a new subsidiary of US Highland/CRUZANI has been created and has been put into place for implementation of new business operations that the transaction provides to UHLN.
According to the company’s press release, the acquisition is an important development for the company because 1) The transaction provides UHLN with an immediate and substantial increase of net assets of approximately $8mm, that are accretive to the balance sheet. These will be reported formally in the Q2 2018 filings; and 2) The transaction also provides a physical manufacturing basis for UHLN to generate and report new sales revenue to shareholders going forward, by means of trend-setting artisan food production, with experienced management.
The Phase 1 goal of Oventa Foods is to move annual sales from its starting point of $1 million a year to $25 million a year as soon as possible.
President of Oventa Foods, Mario Parravano, commented, “We have a company to build together. I can draw on past successes and industry experience at the plant level to lift US Highland/CRUZANI shareholder value. We have the combination of cool products, top-quality customers and a vast market sector to make a lot of money together. It will be fun because we satisfy people with delicious food products at the same time. It comes down to that. I’m very practical. I know that this is what we have to achieve. I am really looking forward to showing the team what my colleagues and I can do for US Highland/CRUZANI shareholders, now that we are partners.”
CEO of US Highland/CRUZANI, Everett Dickson, stated, “We have a lot to be proud of. UHLN has not only attained the Current Information designation at OTC Markets, but is also fully reporting to SEC standards with audited financial statements. This sets US Highland/CRUZANI far above the usual standard of companies in our tier. Our next filings will show substantial new assets that considerably increase the book value of UHLN, immediately, so there is a large net accretive asset benefit to UHLN in this transaction.”
He added, “Furthermore, UHLN is now in a position to start reporting sales revenue commencing with filings for the Q3 operating period. These sales are of great consumable products to high-quality North American commercial accounts – plus we have experienced management. It’s rare that this combination of quality factors come together so efficiently. These developments are predictive of success. They demonstrate that we are ambitious for UHLN to achieve impressive progress – and it’s now happening. We are vastly undervalued presently, and this will become apparent in our filings.”