DOVER, DE / ACCESSWIRE / November 23, 2020 / On November 13, 2020, Hero Technologies Inc. ("Hero Technologies" or the "Company") (OTC PINK:HENC) finalized its name change with FINRA. The Company was formerly known as Holloman Energy Corporation.
Hero Technologies Inc. is an expanding vertically integrated, cannabis operator, focusing on high-growth markets. Hero Technologies Inc. pairs premier seed genetics and proprietary growing techniques, with plans to utilize and expand its growing technology/techniques to all its facilities and operations.
The Company's business model includes licensing operations, processing operations, processing facilities, sale of products, brand creation, and technology development. Ultimately, "Our intent is to become a low-cost national and internationally branded cannabis company. Through cost measurement methods, we will be able to measure costs of production by pound and generate data our competitors often do not have. With this information, we believe our target production costs could be $150 to $450 per lbs., and we anticipate selling our cannabis wholesale for between $2,400 and $3,600 per lbs. and retail for $4,000 to $7,000 per lbs."
The end goal is to become a true Multi-State Operator (MSO) that is fully vertically integrated from seed to sale with multiple cultivation, processing, and dispensary assets. The Company is targeting numerous assets in the United States and has already secured an operational group in Michigan through its BlackBox Systems subsidiary.
The Company recently executed an Acquisition and Operating Agreement in which it acquired a majority stake (56.420%) in BlackBox Systems and Technologies LLC ("Blackbox"). BlackBox is an aeroponic cannabis cultivation system that uses proprietary technology (BlackBox XL Systems and Grow MODULE) that provides optimal conditions to enhance photosynthesis and cultivation of large flowering plants, creating increased efficiencies. The BlackBox project consists of environmental growth chambers for the cultivation of large flowering plants based on proprietary aeroponic technology. BlackBox is in the process of qualifying for Michigan cannabis licenses. The Company plans to acquire significant greenhouse/warehouse space, develop that space for cannabis cultivation, and commence cultivation and retail operations. The Company plans to inject capital into BlackBox Systems and Technologies LLC in order to fund capital expenditures and operating expenses (for a one-year period) associated with the production and retail distribution of cannabis products. We anticipate the operation will produce approximately 6,240 lbs. of cannabis annually, generating approximately $21.84 million in revenue if sold at the whole price of $3,500 per lbs. or $43,680,000 if the cannabis produced is sold at retail for $7,000 per lbs. We expect the BlackBox operation will yield up to 1,560 plants in a 35,000 square feet facility.
These recent events, and opportunities, are consistent with the company's growth and development strategy. The Company seeks to use the financing capabilities as a public company to raise funds necessary to commence the BlackBox operation as well as a major outdoor cultivation operation and other accretive businesses in the near term.
ON BEHALF OF THE BOARD OF DIRECTORS
Hero Technologies Inc.
Hero Technologies Inc.
Gina Serkasevich, CEO
This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include: management plans relating to the proposed project; the expected timing of the completion of the proposed project; the ability to complete the proposed project; any statements of the plans and objectives of management for future operations, products or services, including the execution of plans proposed project; any statements of expectation or belief; projections related to certain financial metrics; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "seek," "plan," "may," "will," "should," "could," "would," "target," "outlook," "estimate," "forecast," "project" and other similar words and expressions or negatives of these words. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking statements speak only as of the date they are made. Neither Hero Technologies Inc. or BlackBox Systems and Technologies LLC assumes any duty and does not undertake to update any forward-looking statements. Because forward-looking statements are by their nature, to different degrees, uncertain and subject to assumptions, actual results or future events could differ, possibly materially, from those that Hero Technologies Inc. or BlackBox Systems and Technologies LLC anticipated in its forward-looking statements, and future results could differ materially from historical performance.
Pro Forma Information
This press release contains references to pro forma financial information, including with respect to pro forma revenues. Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. Pro forma financial information in this press release does not include anticipated costs and expenses to generate such revenue. Actual revenue depends on obtaining relevant licenses, acquiring greenhouse/warehouse space, and developing the greenhouse/warehouse to grow cannabis, as well as execution of our plan. The Company believes the pro forma results presented provide relevant and useful information for investors because they clarify the Company's operating performance, make it easier to compare the Company's results with those of other companies and allow investors to review performance in the same way as the Company's management. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, our reported results as indicators of the Company's performance, and they may not be comparable to similarly named measurements from other companies.
SOURCE: Hero Technologies Inc.