OWVI news>>> One World Ventures Signs LOI to Acquire Hydrobotanical Engineering
2010-10-28 09:30 ET - News Release
LAS VEGAS, NV -- (MARKET WIRE) -- 10/28/10
One World Ventures, Inc. (PINKSHEETS: OWVI) is pleased to announce that, effective October 28, 2010, it has entered into a Letter of Intent (the "LOI") with Hydrobotanical Engineering, LLC, a Limited Liability Company duly organized and existing under the laws of the State of California, whereby the Company proposes to acquire all of the issued and outstanding capital stock of Hydrobotanical Engineering, LLC. During the month October, 2010, the company has already booked over $1 Million dollars in sales.
In accordance with the terms of this Letter of Intent, One World Ventures, Inc. and Hydrobotanical Engineering, LLC, wish to memorialize the understanding with respect to One World Ventures, Inc. acquiring Hydrobotanical Engineering, LLC, as a 100% Wholly Owned Subsidiary of One World Ventures, Inc. This Letter of Intent, which on behalf of the parties, sets forth the basic terms and conditions for the preparation and execution of an Acquisition Agreement upon which the parties have agreed.
Stephen Prior, CEO, One World Ventures, Inc. said, "This pending acquisition is accretive and consistent with our recently-announced strategy to grow shareholder value by acquiring reputable, innovative and, most importantly, profitable companies operating in this expanding growing space."
Scott Rettberg, CEO, Hydrobotanical Engineering, stated, "This transaction will transform our company, giving us the resources to capitalize immediately on this rapidly developing market in providing equipment that is safe and secure to a fully automated organic farming supply chain."
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