Taking the PR at its word, it clearly states that Sigma Labs and Arete Innovative Solutions have made an agreement to create a joint venture:
It does not appear that the joint venture has been actually created at the current time.
The PR does not seem to imply that the joint venture will have a focus on marketing the IPQA that Sigma Labs has developed, but rather it will offer design, prototyping and manufacturing services much more like Morris Technologies offered before being acquired by GE. Thus, I believe that it is unlikely that sales of PR3D are going to be booked through Arete-Sigma LLC or that the revenue from PR3D will accrue to either Arete Innovative Solutions or Arete-Sigma LLC:
My speculation is that the new entity, "Arete-Sigma LLC" is going to be a wholly owned subsidiary of Sigma Labs, Inc and Arete Innovative Solutions LLC, with the division of ownership being according to the joint venture agreement, whether it is a 50-50 or other proportional ownership scheme, with the likelihood that revenues will be divided according to the ownership percentages. It appears most likely to me that Sigma sought out the joint venture to capture Mr. Herman's experience and expertise in contract printing and Arete Innovative Solutions sought to gain access to PR3D without having to come up with the purchase price and licensing fees.
Arete-Sigma LLC is not the title I would expect for it to be a publicly traded company, so I do not believe that there will stock issued for this joint venture.
It appears to me that all of the details have yet to be determined. The earnings report in for Q2 in mid-August will allow an opportunity to ask direct questions which may shed light.
I think your GE/Morris consideration is spot on. There are whole cities surrounding Boeing reliant on their production. GE will want their subs close and trustworthy.
Another possibility is Herman thought it was time to venture out and do his own thing. Maybe the subcontracts and consulting will be more income than he was previously given.