ONTARIO,
Calif., July 25, 2024 /PRNewswire/ -- Nature's
Miracle Holdings Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the
"Company"), a leader in vertical farming technology and
infrastructure, today announced that it has signed a sales order
agreement for $5.1 million of grow
light products for use by the U.S. energy rebate market with What
Rebates LLC ("What Rebates"), a utility rebate company specializing
in product offerings for the agricultural sector.
Supported by the Inflation Reduction Act (IRA) implemented by the
U.S. Government, 78% of the U.S. is covered by an active commercial
lighting rebate program. The business of Nature's Miracle and What
Rebates remain direct beneficiaries given the support measures and
government resources.
Due to our focus on sales growth and marketing, Nature's Miracle
continues to receive significant demand for our Efinity brand
grow lights and remains firmly positioned to be a leading provider
of energy efficient lighting and other products in the indoor grow
market. The order by What Rebates is expected to be delivered in
late 2024 and will increase Nature's Miracle's 2024 gross revenue
by $5.1 million.
The Inflation Reduction Act of 2022 by the U.S. Government was
implemented to make a historic down payment on deficit reduction to
fight inflation, invest in domestic energy production and
manufacturing, and reduce carbon emissions by roughly 40 percent by
2030. Under this Act, FY2022 Budget Reconciliation bill will invest
approximately $300 billion in Deficit
Reduction and $369 billion in Energy
Security and Climate Change programs over the next ten years.
Based on this Act, 78% of the US is covered by an active commercial
lighting rebate program. The rebates come from multiple sources
such as utility companies, municipalities, states, and non-profit
organizations and can help offset the initial cost of installing
energy-saving LED lighting.
Management Comments
James Li, Chairman and Chief
Executive Officer of Nature's Miracle, commented, "We are excited
to continue our partnership with What Rebates offering a range of
Nature's Miracle energy-saving products, including grow lights and
dehumidifiers, to qualified commercial indoor growers in the
U.S. Nature's Miracle is proud to help indoor growers lower
their operating costs by reducing their energy bills, energy usage
and carbon emission."
Shawn Brissette, Founder and CEO
of What Rebates, commented, "The energy rebate market is becoming
an important evolving industry over the next ten years. We are
working with Nature's Miracle to deliver quality energy saving
solutions and products to commercial growers in order to assist
them in achieving cost reduction and energy independence. We are
proud to assist our partners to be able to offer their clients
incentives."
About Nature's Miracle Holdings Inc.
Nature's Miracle (www.Nature-Miracle.com) is a growing
agriculture technology company providing equipment and services to
growers in the Controlled Environment Agriculture ("CEA") industry
which also includes vertical farming in North America. Nature's Miracle offers
hardware to design, build and operate various indoor growing
settings including greenhouse and indoor-growing spaces. Nature's
Miracle, through its two wholly-owned subsidiaries (Visiontech
Group, Inc. and Hydroman, Inc.), provides grow lights as well as
other hydroponic products to hundreds of indoor growers in
North America. Nature's Miracle
has also developed a robust pipeline to build commercial-scale
greenhouse in the U.S. and Canada
to meet the growing needs of fresh and local vegetable products.
Nature's Miracle has established its first manufacturing footprint
in North America with its
grow-light assembly plant in Manitoba,
Canada and is expected to set up additional
manufacturing/assembly facilities in North America.
About What Rebates LLC
What Rebates LLC (www.whatrebates.com) is a dynamic and
innovative utility rebate company specializing in the agricultural
sector. What Rebates is being led by highly experienced
professionals in the indoor grow industry. The company is driven by
a clear mission: to simplify the process of accessing financial
incentives and rebates for farmers, agribusinesses, and
agricultural equipment manufacturers as well as their distributor
and consulting firms. The company has established
partnerships with major utility companies across the United States and Canada. Its unique position as a trusted
trading ally and contractor enables the company to expedite
verification processes with these utilities, setting a new industry
standard for efficiency.
Forward-looking Statements
Except for historical information contained herein, this press
release contains certain "forward-looking statements" within the
meaning of the federal U.S. securities laws with respect to the
proposed business combination between Lakeshore and Nature's
Miracle, the benefits of the transaction, the amount of cash the
transaction will provide Nature's Miracle, the anticipated timing
of the transaction, the services and markets of Nature's Miracle,
our expectations regarding future growth, results of operations,
performance, future capital and other expenditures, competitive
advantages, business prospects and opportunities, future plans and
intentions, results, level of activities, performance, goals or
achievements or other future events. These forward-looking
statements generally are identified by words such as "anticipate,"
"believe," "expect," "may," "could," "will," "potential," "intend,"
"estimate," "should," "plan," "predict," or the negative or other
variations of such statements, reflect our management's current
beliefs and assumptions and are based on the information currently
available to our management. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual results or developments to differ materially from
those expressed or implied by such forward-looking statements,
including but not limited to: (i) the risk that the transaction may
not be completed in a timely manner or at all, which may adversely
affect the price of Lakeshore's securities; (ii) the risk that the
transaction may not be completed by Lakeshore's business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by
Lakeshore; (iii) the failure to satisfy the conditions to the
consummation of the transaction, including the approval of the
business combination agreement by the stockholders of Lakeshore,
the satisfaction of the minimum cash amount following any
redemptions by Lakeshore's public stockholders and the receipt of
certain governmental and regulatory approvals; (iv) the lack of a
third-party valuation in determining whether or not to pursue the
proposed transaction; (v) the occurrence of any event, change or
other circumstance that could give rise to the termination of the
business combination agreement; (vi) the effect of the announcement
or pendency of the transaction on Nature's Miracle's business
relationships, operating results and business generally; (vii)
risks that the proposed transaction disrupts current plans and
operations of Nature's Miracle; (viii) the outcome of any legal
proceedings that may be instituted against Nature's Miracle or
Lakeshore related to the business combination agreement or the
proposed transaction; (ix) the ability to maintain the listing of
Lakeshore's securities on a national securities exchange; (x)
changes in the competitive industries in which Nature's Miracle
operates, variations in operating performance across competitors,
changes in laws and regulations affecting Nature's Miracle's
business and changes in the combined capital structure; (xi) the
ability to implement business plans, forecasts and other
expectations after the completion of the proposed transaction, and
identify and realize additional opportunities; (xii) the risk of
downturns in the market and Nature's Miracle's industry including,
but not limited to, as a result of the COVID-19 pandemic; (xiii)
costs related to the transaction and the failure to realize
anticipated benefits of the transaction or to realize estimated pro
forma results and underlying assumptions, including with respect to
estimated stockholder redemptions; (xiv) risks and uncertainties
related to Nature's Miracle's business, including, but not limited
to risks relating to the uncertainty of the projected financial
information with respect to Nature's Miracle; risks related to
Nature's Miracle's limited operating history, the roll-out of
Nature's Miracle's business and the timing of expected business
milestones; Nature's Miracle's ability to implement its business
plan and scale its business; Nature's Miracle's ability to develop
products and technologies that are more effective or commercially
attractive than competitors' products;; risks relating to Nature's
Miracle's being unable to renew the leases of their facilities and
warehouses; Nature's Miracle's ability to grow the size of its
organization and management in response of the increase of sales
and marketing infrastructure; risks relating to potential tariffs
or a global trade war that could increase the cost of Nature's
Miracle's products; risks relating to product liability lawsuits
that could be brought against Nature's Miracle;; Nature's Miracle's
ability to formulate, implement and modify as necessary effective
sales, marketing, and strategic initiatives to drive revenue
growth; Nature's Miracle's ability to expand internationally;
acceptance by the marketplace of the products and services that
Nature's Miracle markets; and government regulations and Nature's
Miracle's ability to obtain applicable regulatory approvals and
comply with government regulations. The foregoing list of factors
is not exclusive. You should carefully consider the foregoing
factors and the other risks and uncertainties described in the
"Risk Factors" section of the proxy statement, when available, and
other documents filed by Lakeshore from time to time with the SEC.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date on which they
are made, and neither Nature's Miracle nor Lakeshore assume any
obligation to update or revise any forward-looking statements or
other information contained herein, whether as a result of new
information, future events or otherwise. You are cautioned not to
put undue reliance on these forward-looking statements. Neither
Lakeshore nor Nature's Miracle gives any assurance that either
Lakeshore or Nature's Miracle, or the combined company, will
achieve its expectations.
Contacts
George
Yutuc
Chief Financial Officer
George.Yutuc@nature-miracle.com
Shawn Brissette Chief Executive Officer
media@whatrebates.com
MZ North America
Shannon
Devine / Rory Rumore
Main: 203-741-8811
NMHI@mzgroup.us
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SOURCE Nature's Miracle Holding Inc.