Business
UPDATE: Efftec International, Inc. Announces Financial Restructuring and Provides Corporate Status Update
UPDATE: Efftec International, Inc. Announces Financial Restructuring and Provides Corporate Status Update.
About this update from Nexteligent Holdings Inc.
[{"type":"text","content":"This press release has been updated from the original release date of July 20, 2017.LAS VEGAS, NV / ACCESSWIRE / July 21, 2017 / Efftec International, Inc. (OTC PINK: EFFI or the \"Company\"), a holding company that focuses on sales of hardware, nutrients and professional consulting services into the hydroponics and indoor grow markets through various business segment activities, announced today that it is restructuring its businesses to better align with segment and managerial competencies. The Company's strategic direction has now been organized along the lines of the following three segments or verticals: Consumables: Red Light Bakers -- suppliers of specialty baking mixes; Hard Goods: Xe Lighting and private label lighting -- suppliers of lighting products and nutrients to the indoor grow markets and Budz Sunglasses -- manufacturer and distributor of specialty grow room safety sunglasses; and Professional Consulting Services: Consulting Partnership Group -- suppliers of turnkey solutions and consultation for indoor agriculture.The Company has developed and intends to further implement a technology-based \"incubator model\" for each of these business segments or verticals, along with possible future related businesses or activities, with an intent at some future date to either spin-off or sell each segment or vertical, either in whole or in part. The Company believes that this \"incubator model\" approach will maximize the Company's value by providing shareholders with the ability to participate in the ownership of any separate segment or vertical spinoffs.In terms of reporting upon the business and operational activities of the Company over the past year in light of this restructuring announcement, the Company provides the following status update.The Company, after significant review by management and outside legal counsel, has decided to divest itself of its ownership position in Hemplife Industries and the Company is presently in discussions to sell its ownership interest to a potential buyer. The Company has also decided to sell the suite of five individual industry-specific patents which focus on technologies and methodologies that improve the efficiency of gas discharge lighting systems, commonly known as HID and CFL lighting systems, that was acquired in April, 2016 since further development of these patents are no lon...