Source: wsj.com
LAS VEGAS, July 3, 2014 (GLOBE NEWSWIRE) -- Hemp, Inc. (OTC:HEMP) has purchased a whole line of automated Temafa decortication equipment designed to separate the fiber from the core of the hemp plant through a process known as decortication. The Temafa decortication line of equipment, the only one of its kind in the United States, purchased by Hemp, Inc. will now enable the company to process raw hemp for American farmers into two valuable base products (fiber and hurd) that can both yield hundreds of products. The equipment is currently located at a plant in North Carolina. Hemp, Inc. is set to move the equipment to a more suitable location such as South Carolina, North Carolina, or the Georgia area. Click here to see video of the processing plant.
"This purchase of decortication equipment was a critical step in order for Hemp, Inc. to help Americans transition from non-sustainable synthetic solutions to a hemp-based green solution. We are very excited at what we'll be able to achieve once our manufacturing facility ramps its hemp production volume up over the next few years," said Perlowin, CEO of Hemp, Inc. (OTC:HEMP).
Now that Hemp, Inc. has purchased the only decortication equipment of this scale in the country, executives said they are looking forward to purchasing the American farmers' hemp for processing which would allow the farmers to benefit from the move to a more sustainable, beneficial, and faster growing biomass supplied through hemp.
Up until a short time ago the Temafa decortication equipment had been in use in North Carolina for processing kenaf (Hibiscus cannabinus which is a plant in the Malvaceae family) ... a substance similar to hemp, often called Ambari Hemp and Deccan Hemp.
Due to the similarities of kenaf and hemp, the same equipment can process both raw materials. Appraised as "very good" condition, the decortication equipment was originally purchased for over $10,000,000. The recent purchase made by Hemp, Inc. (OTC:HEMP) not only included the machinery, but also included roughly 15 million pounds of raw and processed kenaf which can be sold to the automotive, paper, oil drilling, textile industries and as construction materials. The kenaf was an important source of bast or cordage fibers used in the manufacturing of rope, bagging and other coarse fiber products.
Since purchasing its line of automated decortication equipment and accompanying kenaf, Hemp, Inc. (OTC:HEMP) has already made its first sale of its raw and processed kenaf in the United States.
According to Hemp, Inc. executives, a developer in Kingman, Arizona purchased approximately 12,000 pounds of raw kenaf and approximately 15,000 pounds of finished kenaf fiber for inclusion in the concrete and/or stucco home building materials for their environmentally sound eco-community.
Bruce Perlowin, CEO of Hemp, Inc. said, "Our first sizable sale was done just 3 weeks after the purchase of the decortication equipment."
"The kenaf will be incorporated as the base for the construction material to build out 4,500 acres for the Arizona Kins Domain. The kenaf is currently being used in lieu of hemp until our American farmers can increase their hemp crop(s) or until we import it from an outside source, such as China. Since the kenaf is a natural material, we are helping American farmers, and Americans in general, transition from non-sustainable synthetic solutions to a more environmentally friendly hemp-like solution," continued Perlowin.
"This first order reaffirms Hemp, Inc.'s long-term business goals of a hemp presence on two continents."
According to Perlowin, disassembling the decortication machinery has been successfully progressing and has put Hemp, Inc. ahead of schedule of moving the machinery to a suitable location for a facility, or plant. One Industry expert stated, "Hemp grows better in a hot and humid climate, similar to the climate favored by cotton, so the Southeastern part of the United States makes an ideal location. And since this decortication line of equipment is the only one of its kind in the United States, it has put Hemp, Inc. at a strong advantage."
Hemp, Inc. has not only received requests for samples of the kenaf, but has also since received a potential order for 200,000 pounds of kenaf. Other potential buyers of the kenaf are currently testing the kenaf and if it suits their needs, may purchase the entire inventory, according to Hemp, Inc. CEO, Bruce Perlowin. The kenaf is expected to be an easy sell. It has a history of being an important source of bast or cordage fibers used in the manufacturing of rope, bagging and other coarse fiber products.
Hemp, Inc. has been doing exceptionally well according to its executives. The company's first-quarter 2014 sales revenue of $5,490,874 (derived primarily from consulting fees through Hemp, Inc.'s wholly owned subsidiary, The Industrial Hemp and Medical Marijuana Consulting Company (IHMMCC) and its "Community of Companies") resulted in a net income for the quarter, alone, of $2,606,782, surpassing previous high marks for revenue, in any one quarter, since inception. (See Hemp, Inc. Reports 2014 First Quarter Results -- 5/21/2014)
Last year (2013) sales, from nutraceuticals, were $2,357,266 which represented an increase of 26,359% over the previous year (2012). (See Hemp, Inc. Reports Full Year and Fourth Quarter 2013 Results -- 4/8/2014). It was also the year Hemp, Inc. went from a developmental stage company to an operating company with stable, consistent growth through each quarter.
"Simply put, our divisions are strong. Now with a hemp processing plant of this caliber and magnitude, we expect over the long term our efforts will have positioned us to drive growth and increased value to our shareholders," concluded Perlowin. "Our new hemp processing plant is expected to be the most profitable division of Hemp, Inc. yet."
Bruce Perlowin, CEO of Hemp, Inc. said, "Hemp, Inc. is the pioneer of the Industrial Hemp industry. We are also advocators and educators who have promulgated for years hemp's viability as a sustainable resource. The possibilities are endless. Industrial Hemp is a burgeoning, relentless industry bursting at the seams. Its strength is in numbers and more people are demanding it as a greener alternative. Hemp, Inc. is now in the position to supply that demand. The future couldn't be more bright."
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