ONTARIO,
Calif., Jan. 21, 2025 /PRNewswire/ -- Nature's
Miracle Holding Inc. (OTC PINK: NMHI) ("Nature's Miracle" or the
"Company"), a leader in vertical farming technology and
infrastructure, today announced that on January 19, 2025, it has signed a non-binding
letter of intent ("LOI") to acquire 100% of Pangea Global
Technologies, Inc. ("Pangea"), a leading manufacturer of LED
lighting and technology solutions provider. If completed, the
acquisition is intended to create synergies and unlock growth
opportunities by leveraging Pangea's distribution network in the
U.S. and over two decades of experience in the Company's core
business of LED lighting and technology.
Pursuant to the LOI, Nature's Miracle would provide a total
consideration of 3,500,000 shares. Additionally, Nature's Miracle
would agree to provide Pangea with $2.0
Million in working capital pursuant to this transaction. The
LOI is a non-binding expression of the parties' mutual intent and
does not constitute a legally enforceable obligation to consummate
the proposed transaction. Any binding agreement will result only
from the execution of definitive transaction documents subject to
terms and conditions satisfactory to both parties.
Based in California and with
manufacturing facilities in Mexico, Pangea delivers technology solutions
and high-performance, specification grade LED lighting through its
three brands: Visionaire Lighting, LLC, RapidGrow LED Technologies
and Pangea Software Inc. Pangea reported audited revenues of
$38.5 million and adjusted EBITDA of
$2 million for 2023. With more than
350,000 square feet of research and development, testing, and
manufacturing facility space in Mexico, Pangea is a vertically integrated
operation that produces all of its products in-house. It also
offers PANGEA SaaS platform, which allows for advanced lighting
controls and energy management solutions. Pangea's sales network
makes use of 48 agencies with over 600 sales representatives
throughout the U.S. Pangea's customers include well-known
retailers such as Walmart, Target, Top Golf, Best Buy, and Lowe's,
as well as government agencies such as NASA. Pangea's software
solutions cater to clients such as Toyota, Vance Airforce Base, and
Central Florida Express Authority.
Mr. James Li, Chairman and CEO of
Nature's Miracle, commented, "We are extremely excited about the
potential of this strategic acquisition, which aligns with our
commitment to becoming a leader in LED lighting and vertical
farming. By combining forces, we anticipate accelerated growth with
a strengthened balance sheet, reduced costs, optimized supply
chain, and broader product offerings. We are confident that the
acquisition, when consummated, can significantly advance our
leadership in vertical farming infrastructure and improve our
shareholder value creation. We also expect to further explore
strategic partnerships and M&A opportunities to facilitate our
relisting effort with Nasdaq. We appreciate Pangea's efforts in
developing cutting-edge lighting technologies and we look forward
to working with Pangea's talented team to bring our shared vision
of sustainable value creation to life."
Bryan Fried, CEO of Pangea,
stated, "We believe the potential combination of Pangea with
Nature's Miracle poses significant growth opportunities for both
parties as it will promote synergies, reducing costs for our
Mexico operations through an
optimized supply chain. We are thrilled to join forces with
Nature's Miracle to deliver enhanced value to our clients, improve
our competitive advantages, and drive sustainable growth in the
industry."
About Nature's Miracle Holding Inc.
Nature's Miracle (www.Nature-Miracle.com) is a growing
agriculture technology company providing products and services to
growers in the Controlled Environment Agriculture ("CEA") industry
around the world. The company has recently launched EV and
bitcoin businesses, all energy dependent as CEA.
About Pangea
PANGEA Global Technologies, Inc. is a leading manufacturer of
LED lighting and technology solutions provider. PANGEA Global
Technologies contains three brands: Visionaire Lighting, LLC,
RapidGrow LED Technologies and Pangea Software Inc. With more than
350,000 square feet of research and development, testing, and
manufacturing facility space in North
America, PANGEA Global Technologies is a vertically
integrated operation that produces all products in-house and is the
provider of the PANGEA SaaS platform. Visionaire Lighting,
established in 2000, has accumulated total sales more than
$725 million since its inception.
Visionaire specializes in LED lighting for commercial &
industrial and public sector industries. RapidGrow LED Technologies
produces and sells LED lighting to the emerging indoor farming
industries. Pangea Software is a SaaS platform created with the
idea that lighting is the most universally powered location in the
outdoor world and therefore a logical place to deliver a software
solution. The platform, at its core, allows for advanced lighting
controls and energy management solutions. Pangea has developed
integrations and features that include preventative maintenance
alerts, energy monitoring and reduction tools, environmental data
collection, camera integration and other features integrating
artificial intelligence.
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to, statements regarding expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
"anticipate," "believe," "contemplate," "continue," "could,"
"estimate," "expect," "forecast," "intends," "may," "will,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements in this press release may include, for example: the
intended use of proceeds from the offering; successful launch and
implementation of Nature's Miracle's joint projects with
manufacturers and other supply chain participants of steel, rubber
and other materials; changes in Nature's Miracle's strategy, future
operations, financial position, estimated revenues and losses,
projected costs, prospects and plans; Nature's Miracle's ability to
develop and launch new products and services; Nature's Miracle's
ability to successfully and efficiently integrate future expansion
plans and opportunities; Nature's Miracle's ability to grow its
business in a cost-effective manner; Nature's Miracle's product
development timeline and estimated research and development costs;
the implementation, market acceptance and success of Nature's
Miracle's business model; developments and projections relating to
Nature's Miracle's competitors and industry; and Nature's Miracle's
approach and goals with respect to technology.
These forward-looking statements are based on information
available as of the date of this press release, and current
expectations, forecasts and assumptions, and involve a number of
judgments, risks and uncertainties. Accordingly, forward-looking
statements should not be relied upon as representing views as of
any subsequent date, and no obligation is undertaken to update
forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws. As a result of a number of known and
unknown risks and uncertainties, actual results or performance may
be materially different from those expressed or implied by these
forward-looking statements. Some factors that could cause actual
results to differ include: the ability to maintain the listing of
the Company's shares on Nasdaq; changes in applicable laws or
regulations; the effects of the coronavirus (COVID-19) and any
future outbreaks on Nature's Miracle's business; the ability to
implement business plans, forecasts, and other expectations, and
identify and realize additional opportunities; the risk of
downturns and the possibility of rapid change in the highly
competitive industry in which Nature's Miracle's operates; the risk
that Nature's Miracle's and its current and future collaborators
are unable to successfully develop and commercialize Nature's
Miracle's products or services, or experience significant delays in
doing so; the risk that the Company may never achieve or sustain
profitability; the risk that the Company will need to raise
additional capital to execute its business plan, which may not be
available on acceptable terms or at all; the risk that the Company
experiences difficulties in managing its growth and expanding
operations; the risk that third-party suppliers and manufacturers
are not able to fully and timely meet their obligations; the risk
that Nature's Miracle's is unable to secure or protect its
intellectual property; the possibility that Nature's Miracle's may
be adversely affected by other economic, business, and/or
competitive factors; and other risks and uncertainties described in
Nature's Miracle's filings from time to time with the SEC.
For more information, please contact:
Nature's Miracle Holding,
Inc.
Chris Wang, CFO
Chris.Wang@nature-miracle.com
Ascent Investors Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
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SOURCE Nature's Miracle Holding Inc.
