Greenfield Farms (GRAS)
The company, through Cherry Hill Financial, LLC, has completed the Asset Purchase Agreement with Greenfield Farms Food Inc. (OTC PINK: GRAS).
Pursuant to the deal, Cherry Hill's membership interest was acquired in exchange for 49% of GRAS' common stock. As the first of a series of anticipated transactions, the model places NOHO in control of the board of directors of the target.
The agreement requires GRAS to divest itself of its prior operations and bring in a new staff of licensed brokers and support personnel to begin marketing its pre-paid life insurance program to employees of staffing companies throughout the country. Ronald Heineman, GRAS' CEO will remain in place and rely on his years of experience in the staffing industry to access nearly 24,000 employees for enrollments.
The insurance program will pair employee bases with target companies under a co-employment relationship and offer employees life insurance as a 401(k) alternative, providing pre-paid coverage for up to three years.
David Mersky, NOHO, Inc.'s CEO, stated, "We have finally put all the pieces together to complete the acquisition of GRAS so we can begin to put the operations in place to start selling policies. It is a highly specialized and niche insurance offering that requires very particular components. We've got the secret sauce."
GRAS' shares will be booked corporately in NOHO's investment account.
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