WILMINGTON, Del., May 15, 2015 (GLOBE NEWSWIRE) -- Redux Holdings, Inc. (OTC:RDXH) is pleased to announce that the Company has accomplished a number of milestones over the last month.
Since installation of the Company's commercial-grade A3 Vertical System™, through on-the-field enhancements to the System, the Company had been able to further increase growth efficiency by 8.8%, which yields a greater potential return on investment for end-users based on area-of-use and expansion capabilities.
Within the next 10 days, the Company expects to move the plants it has been cultivating from the hothouse to the System and the Company intends to provide visual confirmation of this development at its website www.leotechholdingsinc.com as well as on its social media destinations at Facebook, Twitter and LinkedIn.
The Company has received an initial investment from a strategic private equity investor in Florida who is interested in the development, marketing and sale of smaller scale vertical growing systems to expand our product line. This investor has already made a definitive commitment to provide additional financing based on achievement of certain milestones surrounding expansion of our intellectual property portfolio and an impact assessment of a specific direct marketing opportunity. Our Company was selected by this investor after significant due diligence based upon which the investor concluded that our Company's technology was superior to competing technology that it considered.
The Company retained Michael N. Brette, J.D., as an advisor to the Company. Mr. Brette has many years of experience assisting emerging companies with growth strategies and we welcome him to our team.
As the Company is preparing to expand its sales efforts, the Company has secured product liability insurance through the Essex Insurance Company. The insurance 'Certificate Holder' is Loco Foods, which has an office and place of business at 229 N. U.S. Highway 287, Fort Collins, CO 80524. Loco Foods intends to purchase Company-grown produce and we are pleased to have secured Loco Foods as a potential buyer.
Company CEO Alexander Woods-Leo said of the progress made this past month, "Management has been able to make important strides both with respect to building the Company's infrastructure as well as securing additional financing, solid capital markets and sales advice, and approval of the first buyer of our produce."
Forward-Looking Statements
This press release contains statements, which may constitute "forward looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act. The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees as of 1995. Those statements include statements regarding the intent, belief or current expectations of Redux Holdings, Inc., and members of its Management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Such risks include, but are not limited to the possibility that (1) Redux Holdings, Inc. may experience delays in the commercial operations of its A3 Vertical System™; and (2) the Company is the process of securing its intellectual property; and (3) sales expectations may not be realized. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.