GEORGETOWN, Ky.— Ecofibre has entered into an Asset Sale Agreement (ASA) to acquire the businesses and assets of TexInnovate which is a portfolio of five businesses that work as an integrated manufacturing platform and will drive innovation and delivery for a range of products envisaged for Hemp Black.

Ecofibre CEO Eric Wang stated, “This is an incredibly important strategic move for Ecofibre as we accelerate the transition of Hemp Black from R&D to commercialization. For the past two years we have worked with Thomas Jefferson University, led by Hemp Black chief innovation officer Mark Sunderland, to develop a platform of intellectual property that allows us to sustainably deliver the natural anti-microbial and conductive properties of hemp into existing manufacturing supply chains for textiles, composites, coatings, paints and other industries.”

“Through this period Jeff Bruner, president of TexInnovate, has been a very close partner in co- developing IP, building processes to deliver Hemp Black capabilities at industrial scale, designing and acquiring specialist equipment and developing / manufacturing the recently launched Hemp Black face mask to market.”

“Over the past 18 months, Jeff has introduced Ecofibre and its Hemp Black technology to his existing core customer base who operate at the premium end of their respective industries. I am particularly excited at the potential of working closely with Jeff to bring Hemp Black to fruition with such a high- quality group of partners.”

TexInnovate president Jeff Bruner stated, “Two years ago when I was introduced to the concept, research and patents being developed by Hemp Black, I quickly became a significant shareholder. Since 2018, I continue to see the very strong commercial potential for this technology to not only solve problems that our customers find today, but more importantly advance the quality and technical aspects of a very wide array of products.”

“I am very excited to enter the commercial phase of Hemp Black with Eric and his team and help innovate the high-performance textile industry to another level. During my career there have been several innovations that led to step function shifts in our industry. I believe Hemp Black has the technology to underpin another step function shift in how textiles can enable and perform.”