ECOFIBRE LIMITED – U.S. LAUNCH OF HEMP BLACK PPE FACEMASKS AND GUIDANCE UPDATE

5/7, 9:25 PM (Source: GlobeNewswire)

GEORGETOWN, KY, May 07, 2020 (GLOBE NEWSWIRE) -- Ecofibre Limited (Ecofibre, Company) has commenced distribution of Hemp Black facemasks across the United States.

Ecofibre has previously announced on March 16 and April 16, 2020 that its Hemp Black business would adjust and accelerate its product launch plans to shift capacity and meet developing demand for personal protection equipment (PPE). Over the past six weeks Hemp Black has designed and manufactured face masks to address the current shortage and future demand for quality face masks in the United States.

Ecofibre CEO Eric Wang stated, “In line with our capabilities, we have launched a high-quality washable mask featuring Hemp Black technologies. Whilst masks can be easily sold at this time, fair and sustainable pricing is critical. We expect the existing demand for protective facemasks to remain for the foreseeable future. At least 90% of our capacity will be made available to major healthcare supply distributors, and a small percentage of masks allocated to our direct to consumer channel and US state governments.”

David Neu, CEO of Ananda Health stated, “Given the shortage of quality personal protection equipment, providing masks to large distributors and related healthcare providers allows the broadest coverage of product to the industry channels and geographies that most need this critical product category. The major national distributors are in regular contact with retail, government and institutional markets and have an informed view of needs-based prioritization.”

Strategic partner TexInnovate manufacturing Hemp Black Fusion facemasks

In close collaboration with our business partner TexInnovate, located in Greensboro, North Carolina, the Company has developed a high-quality face mask with the following key components and features (see specifications in attachment below):

  • Anti-microbial copper technology yarns
  • Hemp Black / element infused adaptive fibers
  • Multi-layer 3D knitting
  • Reusable and machine washable up to 25 cycles
  • Seamless knitting for fit and comfort

The masks are not intended for clinical use and are not approved by the FDA for this purpose.

CEO Eric Wang stated, “TexInnovate has been a very close business and research partner for nearly two years on Hemp Black. They are an instrumental supply chain partner and have an equally deep commitment to innovation and quality.”

TexInnovate President Jeff Bruner stated, “We are very pleased to incorporate Hemp Black’s leading-edge technologies into PPE products. The alignment between form, fit, function and consumer safety will be key to the long-term value proposition in this newly forming product segment.”

Manufacturing capacity for the Hemp Black fusion facemask will be set at c.160,000 units per month by August 1, 2020.

For more information on Hemp Black Fusion Face Masks and Hemp Black’s technologies, visit www.hempblack.com.

Certain information set forth in this presentation contains “forward-looking information”, including “future oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.

These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.

Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

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About Ecofibre
Ecofibre is a provider of hemp products in the United States and Australia.

In the United States, the Company produces nutraceutical products for human and pet consumption, as well as topical creams and salves. See www.anandahemp.com and www.anandaprofessional.com.

In Australia, the Company produces 100% Australian grown and processed hemp food products including protein powders, de-hulled hemp seed and hemp oil. See www.anandafood.com.

The Company is also developing innovative hemp-based products in textiles and composite materials in partnership with TexInnovate in the United States. See www.hempblack.com.

The Company owns or controls key parts of the value chain in each business, from breeding, growing and production to sales and marketing. Our value proposition to customers is built on strong brands and quality products.

Attachment

Jonathan Brown
Ecofibre
investor-relations@ecofibre.com
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