Steep Hill, Inc. completed the acquisition of unknown minority stake in C3 Labs, LLC from EVIO, Inc..
September 29, 2020
Share
Steep Hill Labs, Inc. entered into non-binding Letter of Intent to acquire unknown minority stake in C3 Labs, LLC from EVIO, Inc. (OTCPK:EVIO) on June 28, 2020. In consideration Steep Hill will provide certain laboratory assets and cash to C3 Labs in exchange for minority ownership interest of C3 Labs. C3 Labs will assume from Steep Hill certain liabilities, including the leased property at 2448 Sixth St. Berkeley, CA. On or about September 8, 2020, EVIO entered into a contribution exchange agreement with Steep Hill. As a result of the transaction, EVIO and Steep Hill, will jointly operate a medical and adult use cannabis testing and analytical testing laboratory at 2448 Sixth Street, Berkeley, CA 94710. The joint venture company C3 Labs, LLC, was previously a wholly owned subsidiary of EVIO Inc. Under terms of the agreement, Steep Hill will contribute specific assets to C3 Labs for 161,429 Class A units constituting a 49% percent interest of C3 Labs. In conjunction with the contribution exchange agreement, Steep Hill Inc. has entered into a promissory note to pay C3 Labs, LLC, $0.32 million.
Steep Hill, Inc. completed the acquisition of unknown minority stake in C3 Labs, LLC from EVIO, Inc. (OTCPK:EVIO) in September 2020.
EVIO, Inc. is a diversified holding company. The Company provides analytical testing services to the agricultural and pharmaceutical industries, primarily for cannabis, hemp, and related products. The Company offers residential and commercial construction services. The Company also offers research and development and consulting services for participants in the cannabis and hemp industries. The Company tests products to verify the regulatory requirements for sale. Its subsidiaries include Smith Scientific Industries, LLC; Greenhaus Analytical Labs, LLC; Viridis Analytics, LLC; EVIO Labs OR, Inc.; C3 Labs, LLC; EVIO Labs Humboldt, LLC and Keystone Labs, Inc.