LOS ANGELES--(BUSINESS WIRE)--Xtraction Services Holding Corp., (“Xtraction Services”, "XS" or the "Company") (CSE:XS) a specialty finance company engaged in equipment leasing in the United States, is pleased to announce that it has entered into a sale-leaseback agreement (the “Leaseback Agreement”), with Halo Labs Inc. (“Halo”) (NEO: HALO, OTCQX: AGEEF, Germany: A9KN), a leading cannabis extraction company that develops and manufactures quality cannabis oils and concentrates operating in California, Oregon and Nevada.
The Leaseback Agreement was provided against a variety of existing equipment including but not limited to; extraction, pre and post processing, freezers and security equipment, for USD$600,000 payable over a 3-year term. The Leaseback Agreement allows Halo to free-up invested capital to put towards their expansion plans with no disruption to their current operations.
David Kivitz, Chief Executive Officer of XS, commented, “We are very pleased to be working with Halo, a globally recognized and leading cannabis extraction company. Given its strong value proposition and blue-chip executive team, we feel Halo is well-positioned amongst its peers. With capital being extremely limited in the cannabis and hemp sectors, we continue to see a very robust pipeline of financing opportunities. XS is uniquely suited to provide flexible solutions to companies even in the current volatile environment.”
Kiran Sidhu, Chief Executive Officer of Halo, commented, “XS allows us the ability to tap funds quickly, leveraging our equipment allowing us to continue to build cash on our balance sheet. The XS team have been great partners over the years.”
About Xtraction Services
Founded in 2017, XS specializes in providing equipment leasing solutions in the United States to owner/operators of cannabis and hemp companies, including cultivators, oil processors, manufacturers, testing laboratories, among others. In addition, XS provides a full range of consulting services including equipment selection and procurement, through its network of preferred vendor partnerships with original equipment manufacturers and equipment distributors. Further, XS also provides a full range of all on-site support services including staff recruitment, process development, and product formulation. This powerful dynamic provides an end-to-end solution for customers which results in recurring revenues, strong profit margins, and a proven business model for XS stakeholders.
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This press release contains "forward-looking information" and may also contain statements that may constitute "forward-looking statements", collectively “forward-looking information”, within the meaning of applicable Canadian securities legislation. Such forward-looking information is not representative of historical facts or information or current condition, but instead represent the beliefs and expectations regarding future events about the business and the industry and markets in which Xtraction Services operates, as well as plans or objectives of management, many of which, by their nature, are inherently uncertain. Generally, such forward-looking information can be identified by the use of terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking information contained herein may include but is not limited to: any additional leasing opportunities and the ability to capitalize on such and the timing thereof.
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