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ECGI Announces Definitive Agreement to Acquire East West Pharma Group
ECGI Announces Definitive Agreement to Acquire East West Pharma Group.
About this update from Ecgi Holdings Inc.
[{"type":"text","content":"\n\n\n\nECGI Announces Definitive Agreement to Acquire East West Pharma Group\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nECGI Announces Definitive Agreement to Acquire East West Pharma Group\nPR Newswire\nLOS ANGELES, Feb. 16, 2023\n\n\n\nLOS ANGELES, Feb. 16, 2023 /PRNewswire/ -- ECGI HOLDINGS INC. (OTC: ECGI) (ECGI or the Company), D/B/A Elite Cannabis Group Incorporated, a Nevada-based portfolio company pivoting into the legal cannabis and cannabinoid marketplace, is excited to announce the signing of a Definitive Agreement (the \"Agreement\") to acquire East West Pharma Group, Inc. (\"EWPG\"), a Wyoming corporation with specialized equipment and experienced personnel, including leaders in the cannabinoid extraction and product manufacturing space.\nAs discussed in the ECGI's release dated February 8, this acquisition represents a shift in the Company's strategy by becoming part of the $2.7 Billion Cannabis Manufacturing, Extract, and Concentrates marketplace.\nThrough the Agreement, the Company is acquiring specialized equipment. According to East West Pharma Group, the extraction equipment was custom built to process very large volumes of industrial hemp (up to 500 pounds per hour) and distill crude material through a high-volume liquid to liquid (L2L) process designed to generate optimal refined product.\nAssuming, outdoor prices quoted by CannabisBenchMarks.com's Feb 3, 2023, outdoor spot price at $417 per pound, the equipment can process up to $208,500 of material per hour.\nThe acquisition also includes key personnel, including Dr. Zhihong Zhou, Ph.D., the dean of extraction of Yunnan University, School of Traditional Chinese Medicine (TCM). Yunnan University is considered the foremost research facility of TCM in China, and perhaps the top TCM facility in the world.\nStanley Zhang, an expert in cannabis extraction and processing, and Sam Lai, an engineer with a focus on liquid-to-liquid extraction of cannabis cannabinoids and manufacturing of finished goods, will also be joining ECGI as part of the acquisition deal.\n\"Now that the Agreement is in plac...