ORLANDO, Fla., April 09, 2024 (GLOBE NEWSWIRE) -- Sustainable Green Team, Ltd. (OTCQX: SG™) ($SG™), a leading provider of sustainable and eco-friendly products, signed a Letter of Intent (LOI) to expand its global presence in Jamaica, Trinidad, Bahamas, and Barbados. The LOI outlines the proposed terms of a manufacturing, distribution, and sales relationship between the two parties.
Under the terms of the LOI, Sustainable Green Team, Ltd. will grant its exclusive right to manufacture, distribute, and sell its flagship products, HUMISOIL ®, XLR8 ®Bio, and other mutually agreed-upon products in the designated territories. Upon closing on a Definitive Agreement, SG™'s subsidiary SG™-VRM, LLC and the Caribbean Partner ("Partner") will work to establish manufacturing facilities, implement marketing and distribution strategies, and ensure the successful launch of the products in the market.
The collaboration agreement has three phases:
PHASE I: Developing and testing a sales, marketing, and distribution strategy for Humisoil and XLR8 in the designated territories. Partner will purchase a standard package of SG™-VRM products to begin the manufacturing process, expect PHASE 1 completion by the end of Q2-2024.
PHASE II: Knowledge and technology transfer from SG™ to Partner, enabling and establishing the infrastructure for manufacturing, distribution, and sales of HUMISOIL ® and XLR8 ®Bio, within the territories. The expectation of PHASE II completion is by the end of Q3-2024.
PHASE III: Scaling up the manufacturing, sale, and distribution of SG™-VRM products, focusing on waste mitigation, odor elimination, bio-cleaning, and soil regeneration. PHASE III expects to commence by August 2024, with a projected revenue of over $80M from July 2024 to June 2027.
The pricing structure will involve the Caribbean Partner purchasing SG™'s manufactured products wholesale. At the same time, the Partner will pay SG™ a revenue share or licensing fee for any products the Partner manufactures.
This LOI establishes an initial term of five years from the execution of the Definitive Agreement, with automatic one-year renewals based on mutually agreed-upon thresholds. The Definitive Agreement will outline the obligations and terms of the relationship, including a manufacturing, sale, and distribution agreement and a license agreement.
Tony Raynor, CEO/President of SG™, states, "The signing of this LOI reflects SG™'s commitment to expanding its global footprint and delivering sustainable solutions to the Caribbean market. The Caribbean Partner's expertise and local presence in the designated territories will play a significant role in driving the success of this agreement."
For media inquiries or further information, please contact Tony Raynor at 1-407-886-8733 and traynor@sgtmltd.com.
About Sustainable Green Team, Ltd. (OTCQX: SG™) ($SG™):
Sustainable Green Team, Ltd. (OTCQX: SG™) ($SG™) is a leading Company in climate reversing technologies, a provider of sustainable solutions to improve environmental health, promote sustainable practices, and deliver eco-friendly products and services. SG™ aims to make significant contributions to global sustainability; learn more by visiting the Company website, https://thesustainablegreenteam.com/, SG™'s YouTube Channel, corporate commerical - https://www.youtube.com/watch?v=d_0rLESvJJ0, corporate video - https://www.youtube.com/watch?v=xJ7Dp9Coi88&t=1s and SG™'s Blogs - https://thesustainablegreenteam.com/sgtm-blog.
BLOOMBERG TV COMMERCIAL VIDEO LINK: https://www.youtube.com/watch?v=d_0rLESvJJ0
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products, and services, competitive positions, growth opportunities, plans and objectives of Management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. The Company cautions readers not to rely on any such forward-looking statements, which speak only as of the date made. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
Tony Raynor, CEO Sustainable Green Team, Ltd. (OTCQX: SG™) ($SG™) www.sustainablegreenteam.com Traynor@sgtmltd.com 407-886-8733
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A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b6c8f10c-95a9-4d34-895f-084009c898ba