Phoenix, AZ -- May 8, 2017 -- InvestorsHub NewsWire -- NOHO,
Inc. (OTC
PINK: DRNK), a Wyoming corporation (the
"Company"), announced the following:
NOHO Inc.'s newly formed financial services division has signed
a Memorandum of Understanding with Greenfield Farms Food Inc.
(OTCPink:
GRAS) as its first transaction partner.
The agreement will mark the launch of an insurance syndication
where companies having net operating losses with medium to large
employee bases will offer life insurance coverage to their
mid-level and lower-level employees and pay their premiums for two
years. NOHO will match target entities that satisfy these criteria
with insurers in a rate arbitrage where employers will use their
accumulated losses to offset tax liabilities.
David Mersky, NOHO, Inc.'s CEO, stated, "This is a wonderful
opportunity we have been incubating for months. We have identified
an insurance program that will leverage our marketing abilities to
identify and pair employee bases with target companies under a
co-employment relationship and offer employees life insurance as a
401(k) alternative. It's a great value for these employees which
will provide them coverage for two years while we take advantage of
the operating losses to earn tax free profits on the commissions.
It's ironic, but the bigger the loss the company has, the greater
the income opportunity. It's a win-win for all parties."
Pursuant to the terms of the Memorandum, NOHO has formed Cherry
Hill Financial, LLC ("Cherry Hill"), an Arizona limited liability
company, as its sole member. The transaction contemplates GRAS
acquiring a 100% membership interest in Cherry Hill in exchange for
49% of the issued and outstanding shares of GRAS. The agreement
will call for GRAS to divest itself of its restaurant assets as
well as all current operations in anticipation of bringing in new
staff and brokers to facilitate the enrollments. As the pilot
transaction, this is anticipated to be the first of numerous future
transactions of its kind for NOHO.
"We have identified an immediate revenue model by combining our
ability to deliver large bases of employees and efficiently enroll
them into free life insurance policies while generating profits for
NOHO as the facilitator. Under this model, NOHO will acquire stock
in many of these target companies. These assets will be booked
corporately in NOHO's investment account, as negotiable securities,
providing potential income and liquidity, as we continue to
identify and bring value to our shareholders," NOHO's CEO, David
Mersky, said.
For additional information on NOHO please visit www.nohodrink.com and our full product site at
www.imbutek.com and at www.instagram.com/nohodrink,
as well as at www.twitter.com/nohodrink
Cautionary Note Regarding Forward-Looking
Statements.
This press release contains statements that constitute
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
appear in a number of places in this release and include all
statements that are not statements of historical fact regarding the
intent, belief or current expectations of the Noho, Inc. (the
Company), its directors or its officers with respect to, among
other things: (i) financing plans; (ii) trends affecting its
financial condition or results of operations; (iii) growth
strategy and operating strategy. The words "may", "would",
"will", "expect", "estimate", "can", "believe", "potential" and
similar expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, many of which are
beyond the Companys ability to control, and actual results may
differ materially from those projected in the forward
looking statements as a result of various factors. You should
not place undue reliance on forward-looking statements since they
involve known and unknown risks, uncertainties and other factors,
which are, in some cases, beyond the Company's control and which
could, and likely will, materially affect actual results, levels of
activity, performance or achievements. The Company assumes no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future. Important factors that could cause actual
results to differ materially from the company's expectations
include, but are not limited to, those factors that are disclosed
under the heading "Risk Factors" and elsewhere in documents filed
by the company from time to time with the United States Securities
and Exchange Commission and other regulatory authorities.
Investor/Media Contact:
info@nohodrink.com
