BioNeutral Group, Inc., a chemical technology-based Life Science company with novel combinational chemistry, announced today that it has signed a Letter of Intent (LOI) to acquire Orient Arts Inc., a manufacturer of fibers, textiles and finished goods. BioNeutral Group plans to acquire the company through an issuance of common shares.
Orient Arts and its affiliated companies are focused on manufacturing, designing and producing finished goods in Asia, the worldâ€™s largest and most populous continent. Generating collective annual sales of more than $10 million, Orient Arts and its affiliate companies have licensing agreements in place with several celebrities.
Stephen J. Browand, President and CEO of BioNeutral Group, Inc. commented, “Mahesh Lala is a seasoned executive in the field and we are fortunate that Mahesh has agreed to stay on board and continue to run Orient Arts. The company is interested in applying BioNeutral’s proprietary chemical formulations to the fabric and finished goods presently offered as well as to expand the business of the company to markets in the broader healthcare field where certain product characteristics are important.â€
He added, â€œThe objective is to develop added value treatments for fabric, fibers and finished goods for consumers, industry and those used by healthcare personnel in hospitals, nursing homes, doctor/dental/veterinary offices, diabetics, home health and wound care, while controlling the means of production.”
Mahesh Lala, President of Orient Arts Inc. stated, “I have long wanted to sell differentiated fabric and garments to the broader healthcare industry and to have an ongoing means for generating revenue after the initial sale takes place. Being an existing shareholder of BioNeutral Group, I am excited about the potential opportunities that may arise from joining with BioNeutral and incorporating their proprietary chemical formulations which will certainly set us apart from the rest of the textile and finished goods manufacturing industry.â€