Acacia Diversified Holdings, Inc. acquired substantially all of the assets of Red Phoenix Extracts, Inc. for $0.5 million.
The seller also executed a non-competition agreement with Acacia limiting the Red Phoenix's involvement in restricted competitive ventures with Acacia for five years following the closing. Pursuant to the transaction, Acacia will retain a number of the original Red Phoenix employees, including, among others, its President, William J. Howe, and its Operations Manager, Clarence Shivers, who will now be appointed to serve as President and Vice President, respectively, of the new Red Phoenix. The deal is subject to due diligence, approval of Board of Directors of Acacia, consent of shareholders and Board of Directors of Red Phoenix Extracts, receipt of an environmental site assessment report with respect to Red Phoenix's facilities, requisite notice periods under the Worker Adjustment and Retraining Notification Act having been expired, employment agreements having been executed with employees acceptable to Acacia and receipt of necessary licenses, permits, accreditations and governmental authorizations. Adam S. Tracy acted as the legal advisor to Acacia.
Acacia Diversified Holdings, Inc. (OTCPK:ACCA) completed the acquisition of substantially all of the assets of Red Phoenix Extracts, Inc. on July 10, 2013.