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Airware Labs Completes Acquisition of Item 9 Labs
Airware Labs Completes Acquisition of Item 9 Labs.
About this update from Item 9 Labs Corp.
[{"type":"text","content":"\n\n SCOTTSDALE, Ariz., March 21, 2018 (GLOBE NEWSWIRE) -- Airware Labs Corporation (OTC:AIRW) (“Airware” or the “Company”) today announced the closing of its acquisition of BSSD Group, LLC, doing business as Item 9 Labs, completed through a share exchange agreement. The Company previously announced its intention to acquire Item 9 Labs in a non-binding letter of intent. As part of the transaction, Airware closed on a material definitive financing agreement in the principal amount of $1 million. The gross proceeds will be used by the Company for general working capital purposes.\n Item 9 Labs owns the largest approved manufacturing and cultivation area in the U.S. with 50 acres in Southern Arizona. Currently, Item 9 is utilizing five acres and intends to implement the remaining 45 acres in accordance with its three-year strategic plan. The property includes a 10,000 square foot, state-of-the-art manufacturing facility with 10,000 square feet of additional capacity already under construction. The additional capacity will include a commercial kitchen for infused co-branded products. As part of its growth strategy, the Company is in the process of opening additional cultivation and extraction locations in Massachusetts. Presently, Item 9 has an annualized revenue run rate of approximately $3 million. Bryce Skalla, Co-Founder & CEO of Item 9 Labs, commented, “We are pleased to have closed on our previously announced transaction with Airware Labs, combining a high-quality, medical-grade product, with a unique, proprietary delivery platform, for the first time in the industry. Item 9 will utilize Airware Labs proprietary technology to create a first to market medicated nasal delivery device that provides specific cannabinoid dosing utilizing the nasal mucus-membrane. The groundbreaking method of administration will revolutionize the Cannabis sector, positioning Item 9 as an industry leader in the Cannabis Bio-Medical space.” “Since its inception, Airware has developed a comprehensive array of air filtration and nasal dilation products utilizing our patented IP as a nasal delivery device to effectively deliver Cannabinoids into the human body. We look forward to collaborating with the Item 9 team and their proven high quality medical marijuana products. Together, we will continue to pro...