EVIO, Inc. Successfully Completes Debt Restructuring of Leaf Detective Note

HENDERSON, NV / ACCESSWIRE / November 3, 2022 / EVIO, Inc. (OTC PINK:EVIO) is pleased to announce that it has successfully completed a restructuring (the “Debt Restructuring”) and settled approximately $596,000 (the “Deferred Amount”) of the Company’s outstanding debt for approximately $205,000.

Over the next year, EVIO plans to execute on a cost reduction strategy in order to become profitable. The strategy consists of several phases and the Company plans to issue updates on the process over the coming months. This Debt Restructuring transaction is the first step of the multi-phase cost reduction strategy and falls in-line with the management team’s plan to reduce historical debt, minimize dilution, and strengthen the balance sheet.

This debt was associated with the acquisition of Leaf Detective, LLC, on April 25, 2018. EVIO Inc. guaranteed this debt on behalf of its wholly owned subsidiary EVIO Labs Humboldt, LLC. The lawsuit associated with this transaction dated April 24, 2020, in which Creditors filed a complaint for breach of contract against EVIO, Inc., in the Superior Court of California for the County of Humboldt, under Case No. CV2000495 (the “California Lawsuit”), in the amount of $500,000 plus interest will be satisfied and fully dismissed upon payment per the terms of this agreement.

“We’re actively pursuing initiatives to reduce both expenses and debt,” said EVIO CEO, William Waldrop. “This settlement is a crucial step in the process of cleaning up EVIO’s Balance Sheet and optimizing Cash Flows in order to better position the Company to raise capital, continue executing our fundamental strategy, and provide the necessary scale to fuel the growth we believe we’re capable of achieving.”

The proceeds for the settlement came from the sale of the EVIO Labs Portland’s assets to PREE Laboratories. No new shares of common stock were issued as part of this settlement.

About EVIO

EVIO, Inc. (“EVIO”) is a diversified holding company, focused on Construction Services and Pharmaceutical Testing. In Florida, the Company offers general contractor services serving the residential and commercial construction industry. In Canada, via its ownership in Keystone, the Company provides pharmaceutical, environmental, stability and analytical testing.

For more information, visit www.evioinc.com

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Any statements in this press release that are not statements of historical fact may be considered forward-looking statements pertaining to anticipated or projected plans, performance, and developments, as well as other statements relating to future operations and results. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only, and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, the Company’s ability to complete product testing and launch product commercially, the acceptance of product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in Company reports available at www.evioinc.com.

For more information:

EVIO Inc.
William Waldrop, CEO
Email: info@evioinc.com
Phone (702) 748-9944

SOURCE: EVIO, Inc.

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Pursuant to an agreement between Spotlight Media Corp. and EVIO Inc. (EVIO) we have been hired for a period of 90 days beginning October 12, 2022 and ending January 12, 2023 to publicly disseminate information about EVIO including on the Website and other media including Facebook and Twitter. We are being paid $5,000 per month by EVIO and were paid “ZERO” shares of unrestricted or restricted common shares. We plan to sell the “ZERO” shares of EVIO that we hold during the time the Website and/or Facebook and Twitter Information recommends that investors or visitors to the website purchase without further notice to you. We may buy or sell additional shares of EVIO in the open market at any time, including before, during or after the Website and Information, provide public dissemination of favorable Information.

This article contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “expects”, “does not expect”, “is expected”, “believes”, “intends”, “anticipates”, “does not anticipate”, “believes” or variations of these words, expressions or statements, that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, state, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate and expand the Company’s facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal, state and provincial legalization, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company’s limited operating and profitability track record; dependence on management; the Company’s need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the impact of the Russia-Ukraine conflict on the global economy; the continued impact of the COVID-19 pandemic; and the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company’s efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws.

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Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

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