FRMA 10 Q filed for first quarter of 2015
From another Posting
"In 2014 the Company negotiated and closed the acquisition of a significant business opportunity related to the “SmartPac TM ” technology. In early 2015, the Company negotiated the acquisition of Sicilian Sun Ltd., LLC (“SSL”) and its foreign subsidiary. SSL is finalizing reaching certain milestones and with the satisfaction of certain key conditions of the acquisition agreement to close. Although the Company started taking control of the SSL in April2015 certain significant milestones have not yet been met and the acquisition is not yet closed, although we anticipate closing this acquisition in the second quarter of 2015.
The Company will now operate with three subsidiary companies in three segments. Gracepoint Mining, LLC will hold the Company’s mining assets; SmartPac Global, LLC will hold the SmartPac TM technology; Sicilian Sun Ltd., LLC will hold the food manufacturing and sales business. Changes to our internal organizational structure will include Firma ensuring all relevant assets related to the above business segments are contained in the appropriate company listed above and put the parent company as a true holding company.
Each acquisition above was made with a strategic focus on a combination of instant revenue, scalable revenue, and exponential valuation growth potential. The result is that the Company now has three distinct divisions: mining, packaging technology, and food manufacturing.
As the mining division of the Company continues to explore options to advance all projects, the Company took advantage of an opportunity to sell the Dixie Mining district in February 2015 for $450,000 and the assumption of certain payables related to doing business in the state of Idaho. Additionally, we continue to actively look for strategic partners to restart the operations at the Company’s Don Roman processing plant in Mexico and/or further develop the property.
In the first Quarter of 2015, the Company has seen an increase in interest from parties exploring opportunities at both Don Roman and Picacho. In addition to equity interests, there have been interests in production tolling at the Don Roman milling facility, which could result in revenue generating opportunities.
The packaging technology division can be used for the preservation and protection of fresh fruit, vegetables, and flowers during extended periods of shipping and storage. The packaging technology, currently named SmartPac TM , is comprised of patents, trademarks and other intellectual property pertaining to systems and methods for packaging bulk quantities of fresh produce and flowers incorporating modified atmosphere packaging.
SmartPac Global has engaged the services of a global distribution and logistics expert to introduce and enlist end users to its patented SmartPac TM Systems solution. These included introductions to major destination importers, retailers and food service distributors, in both Europe and Asia. These customers predominately import high value fresh fruit and vegetables from long distances, including the U.S., Mexico, Peru, and Chile. As a result of these meetings, the Company was engaged to demonstrate the product performance by shipping asparagus, avocados, limes, and honeydew melons, in SmartPac’s, to Japan and Europe. Avocado fruit shipped to Japan was evaluated upon arrival by both the importer and Firma. The avocado fruit using SmartPac TM technology was found to have arrived in superior condition, and with increased yields when compared to cartons not packed using SmartPac TM technology. This has resulted in requests for additional shipments and preparations being made for meeting scaled demand. The Company now has the opportunity to begin SmartPac TM sales and continue to build out sales channels.
With these demonstrations, Firma has confirmed that the market demands an effective "per carton" solution that enables the retailer to capture and eliminate the costs associated with transportation and spoilage generated in their fruit and vegetable supply chains. As a result, in addition to seeking to fulfill current market requests and developing custom packaging, the Company is currently expanding its global dynamic demonstrations.
Lastly, the Company is in negotiations with a number of parties for regional strategic alignments that would incorporate use of the SmartPac TM technology."
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