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Ecofibre (ASX:EOF) - CEO, Eric Wang - The Market Herald
CEO, Eric Wang
Source: The Australian
  • Ecofibre (EOF) has completed the purchase of textile business, TexInnovate, to support the commercialisation of Hemp Black
  • Last month, the company announced it will purchase TexInnovate for US$42 million (around A$58 million)
  • Hemp Black is a hemp-made textile that can be used for a wide range of industries such as clothing and healthcare
  • Ecofibre says the success of Hemp Black relies on education
  • The combined business is well-positioned to be a high-quality supply chain for customers who place a high value on corporate responsibility and environmental sustainability
  • On the market this afternoon, Ecofibre remains steady and trading for $2.75 per share

Ecofibre (EOF) has completed the purchase of textile business, TexInnovate, to support the commercialisation of Hemp Black.

Last month, the company announced it will purchase TexInnovate for US$42 million (around A$58 million). Which was an "incredibly important strategic move" for Ecofibre.

The combined business is well-positioned to be a high-quality supply chain for customers who place a high value on corporate responsibility and environmental sustainability.

Hemp Black

Hemp Black is a hemp-derived textile that can be used across a wide range of industries, such as clothing and healthcare.

"Hemp Black’s vision is to improve our global environment by embedding its sustainable technology in a wide range of industries, including high-performance
apparel, personal protection, military, healthcare and travel," CEO Eric Wang said.

“This is a bold vision, but we have a strong conviction that Hemp Black’s value proposition resonates across industries and geographies," he added.

Ecofibre says Hemp Black is a more sustainable, natural source of anti-microbial and conductive properties. It replaces or compliments the heavy metals and precious metals that are currently used as an anti-microbial or conduct.

The company's feedstock is from hemp, which is a highly sustainable crop that consumes less water than other comparable crops. The hemp in Hemp Black is grown without herbicides or pesticides.

Hemp Black President Jeff Bruner said he is very confident with the ability to deliver outstanding technical properties of hemp to premium markets across a range of industries.

“I am personally very excited at the breadth of opportunities that will benefit my existing commercial relationships as well as the healthcare relationships of Ecofibre," he said.

"Our team looks forward to an exciting long-term journey that will, in my view, be a game-changer to an industry that I have been a part of for over 40 years," he added.

Ecofibre says the success of Hemp Black relies on education. The company will need to educate consumers, businesses and regulatory bodies on the benefits of hemp.

“I believe this education process will result in hemp leading one of the most important shifts in product sustainability as the world looks to find alternatives to heavy and precious metals, chemicals and agricultural inputs that require significant amounts of water, herbicides and pesticides," Eric said.

On the market this afternoon, Ecofibre remains steady and trading for $2.75 per share at 3:33 pm AEST.


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