ONTARIO,
Calif., July 24, 2024 /PRNewswire/ -- Nature's Miracle Holdings Inc. (NASDAQ: NMHI)
("Nature's Miracle" or the "Company"), a leader in vertical farming
technology and infrastructure, today announced that it has received
a $2.4 million purchase order of
Efinity LED grow lights from a top indoor grower based in
California. The payment for the order will begin by
October 1, 2024 with a delivery date
in late November 2024.
Nature's Miracle is thrilled to add one of the
largest growers in California as
its primary customer. This order is
a testament to the efforts of the Nature's Miracle team to garner
relationships that form an industry network that fuel the Company's
revenue growth objectives. This order further solidifies Efinity's
leading position in the indoor grow light industry. The
$2.4 million sales order will
increase the Company's fourth quarter 2024 revenue by the same
amount.
Management Comments
James Li, Chairman and Chief
Executive Officer of Nature's Miracle, commented, "Today, we've
announced the largest single order of Efinity's grow light in the
history of Nature's Miracle, demonstrating the depth and quality of
Nature's Miracle's products and focus on best in class service to
its customer base in the indoor growing industry. The $2.4 million sales order, which will be recorded
in the fourth quarter of 2024, reflects a significant increase in
revenue growth multiple from the Company's first quarter 2024
recorded quarterly revenue totaling $2.2
million. We appreciate our customer's interest and
confidence in our Efinity product and adjacent services."
About Nature's Miracle Holdings Inc.
Nature's Miracle (www.Nature-Miracle.com) is a growing
agriculture technology company providing equipment and services to
growers in the Controlled Environment Agriculture ("CEA") industry
which also include vertical farming in North America. Nature's Miracle offers
hardware to design, build and operate various indoor growing
settings including greenhouse and indoor-growing spaces. Nature's
Miracle, through its two wholly-owned subsidiaries (Visiontech
Group, Inc. and Hydroman, Inc.), provides grow lights as well as
other hydroponic products to hundreds of indoor growers in
North America. Nature's Miracle
has also developed a robust pipeline to build commercial-scale
greenhouse in the U.S. and Canada
to meet the growing needs of fresh and local vegetable products.
Nature's Miracle has established its first manufacturing footprint
in North America with its
grow-light assembly plant in Manitoba,
Canada and is expected to set up additional
manufacturing/assembly facilities in North America.
Forward-looking Statements
Except for historical information contained herein, this press
release contains certain "forward-looking statements" within the
meaning of the federal U.S. securities laws with respect to the
proposed business combination between Lakeshore and Nature's
Miracle, the benefits of the transaction, the amount of cash the
transaction will provide Nature's Miracle, the anticipated timing
of the transaction, the services and markets of Nature's Miracle,
our expectations regarding future growth, results of operations,
performance, future capital and other expenditures, competitive
advantages, business prospects and opportunities, future plans and
intentions, results, level of activities, performance, goals or
achievements or other future events. These forward-looking
statements generally are identified by words such as "anticipate,"
"believe," "expect," "may," "could," "will," "potential," "intend,"
"estimate," "should," "plan," "predict," or the negative or other
variations of such statements, reflect our management's current
beliefs and assumptions and are based on the information currently
available to our management. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual results or developments to differ materially from
those expressed or implied by such forward-looking statements,
including but not limited to: (i) the risk that the transaction may
not be completed in a timely manner or at all, which may adversely
affect the price of Lakeshore's securities; (ii) the risk that the
transaction may not be completed by Lakeshore's business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by
Lakeshore; (iii) the failure to satisfy the conditions to the
consummation of the transaction, including the approval of the
business combination agreement by the stockholders of Lakeshore,
the satisfaction of the minimum cash amount following any
redemptions by Lakeshore's public stockholders and the receipt of
certain governmental and regulatory approvals; (iv) the lack of a
third-party valuation in determining whether or not to pursue the
proposed transaction; (v) the occurrence of any event, change or
other circumstance that could give rise to the termination of the
business combination agreement; (vi) the effect of the announcement
or pendency of the transaction on Nature's Miracle's business
relationships, operating results and business generally; (vii)
risks that the proposed transaction disrupts current plans and
operations of Nature's Miracle; (viii) the outcome of any legal
proceedings that may be instituted against Nature's Miracle or
Lakeshore related to the business combination agreement or the
proposed transaction; (ix) the ability to maintain the listing of
Lakeshore's securities on a national securities exchange; (x)
changes in the competitive industries in which Nature's Miracle
operates, variations in operating performance across competitors,
changes in laws and regulations affecting Nature's Miracle's
business and changes in the combined capital structure; (xi) the
ability to implement business plans, forecasts and other
expectations after the completion of the proposed transaction, and
identify and realize additional opportunities; (xii) the risk of
downturns in the market and Nature's Miracle's industry including,
but not limited to, as a result of the COVID-19 pandemic; (xiii)
costs related to the transaction and the failure to realize
anticipated benefits of the transaction or to realize estimated pro
forma results and underlying assumptions, including with respect to
estimated stockholder redemptions; (xiv) risks and uncertainties
related to Nature's Miracle's business, including, but not limited
to risks relating to the uncertainty of the projected financial
information with respect to Nature's Miracle; risks related to
Nature's Miracle's limited operating history, the roll-out of
Nature's Miracle's business and the timing of expected business
milestones; Nature's Miracle's ability to implement its business
plan and scale its business; Nature's Miracle's ability to develop
products and technologies that are more effective or commercially
attractive than competitors' products;; risks relating to Nature's
Miracle's being unable to renew the leases of their facilities and
warehouses; Nature's Miracle's ability to grow the size of its
organization and management in response of the increase of sales
and marketing infrastructure; risks relating to potential tariffs
or a global trade war that could increase the cost of Nature's
Miracle's products; risks relating to product liability lawsuits
that could be brought against Nature's Miracle;; Nature's Miracle's
ability to formulate, implement and modify as necessary effective
sales, marketing, and strategic initiatives to drive revenue
growth; Nature's Miracle's ability to expand internationally;
acceptance by the marketplace of the products and services that
Nature's Miracle markets; and government regulations and Nature's
Miracle's ability to obtain applicable regulatory approvals and
comply with government regulations. The foregoing list of factors
is not exclusive. You should carefully consider the foregoing
factors and the other risks and uncertainties described in the
"Risk Factors" section of proxy statement, when available, and
other documents filed by Lakeshore from time to time with the SEC.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date on which they
are made, and neither Nature's Miracle nor Lakeshore assume any
obligation to update or revise any forward-looking statements or
other information contained herein, whether as a result of new
information, future events or otherwise. You are cautioned not to
put undue reliance on these forward-looking statements. Neither
Lakeshore nor Nature's Miracle gives any assurance that either
Lakeshore or Nature's Miracle, or the combined company, will
achieve its expectations.
Contacts
George
Yutuc
Chief Financial Officer
George.Yutuc@nature-miracle.com
MZ North America
Shannon
Devine / Rory Rumore
Main: 203-741-8811
NMHI@mzgroup.us
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SOURCE Nature's Miracle Holding Inc.