~ The Third Company in U.S. to Launch Dehumidifier Product Offering for the Indoor Growing Market ~
~ The Efinity Dehumidifier Meets the More Stringent R-32 Environmentally Friendly Standard ~
~ The Global Dehumidifier Market Anticipated to Grow at a CAGR of 6.8% from 2023 to 2030 ~
ONTARIO,Calif.,May 28,2024 -- Nature's Miracle Holdings Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"),a leader in vertical farming technology and infrastructure,today announced the launch of the Company's efinity brand name dehumidifier. With today's launch,Nature's Miracle is one of only three companies in the U.S. to service the indoor growing market. This dehumidifier product is a complementary product under the umbrella of its efinity LED lighting business for a cross sell opportunity to the brand's solid customer base.
The initial roll out of the efinity dehumidifier includes two models: the 345-pint-per-day SJD-07EG model and the 506-pint-per-day SJD-10EG model while the company is working on the even more powerful 876-pint-per-day model. Efinity dehumidifiers adopt R-32 AIM (The American Innovation and Manufacturing Act) standard which reduces the usage of hydrofluorocarbons (HFCs) and has less global warming potential (GWP).
The efinity dehumidifier will be available for shipping starting in Q3 of 2024 and we expect the annual revenue from the sales of this product to exceed $20 million in the $500 million industrial dehumidifier market in the U.S.
Management Comments
James Li,Chairman and Chief Executive Officer of Nature's Miracle,commented,"We have achieved $2.2 million of revenue and 14% gross margin during Q1 of 2024,primarily from the sales of grow light. The addition of the efinity dehumidifier will enhance both our topline growth and margin expansion. In addition,Nature's Miracle can offer a full range of indoor growing products including the industry-leading efinity grow light,MiracleTainer container farm system,efinity dehumidifier and growing medium including Dutch Coco,Dutch Wool. With indoor farming continuing its upward trajectory,Nature's Miracle will continue to enhance its position as a one-stop shopping provider of technology,product and solution for the industry."
The Product Offering
Include 345 pint model and 506 pint model
Meet AIM R-32 standards
Smart dehumidifier with powerful dehumidifying capacity
LCD humidity display,be able to set humidity 10-95%,with a timer function
Specific to memory,automatic restart after power restored to the pre-set power state
Self-defrost function
With compressor protection to ensure safety,with the fault display function,easy to operate
Special design for greenhouse to reduce humidity
efinity
efinity
About Nature's Miracle Holdings Inc.
Nature's Miracle (www.Nature-Miracle.com) is a growing agriculture technology company providing equipment and services to growers in the Controlled Environment Agriculture ("CEA") industry which also include vertical farming in North America. Nature's Miracle offers hardware to design,build and operate various indoor growing settings including greenhouse and indoor-growing spaces. Nature's Miracle,through its two wholly-owned subsidiaries (Visiontech Group,Inc. and Hydroman,Inc.),provides grow lights as well as other hydroponic products to hundreds of indoor growers in North America. Nature's Miracle has also developed a robust pipeline to build commercial-scale greenhouse in the U.S. and Canada to meet the growing needs of fresh and local vegetable products. Nature's Miracle has established its first manufacturing footprint in North America with its grow-light assembly plant in Manitoba,Canada and is expected to set up additional manufacturing/assembly facilities in North America.
Forward-looking Statements
Except for historical information contained herein,this press release contains certain "forward-looking statements" within the meaning of the federal U.S. securities laws with respect to the proposed business combination between Lakeshore and Nature's Miracle,the benefits of the transaction,the amount of cash the transaction will provide Nature's Miracle,the anticipated timing of the transaction,the services and markets of Nature's Miracle,our expectations regarding future growth,results of operations,performance,future capital and other expenditures,competitive advantages,business prospects and opportunities,future plans and intentions,results,level of activities,goals or achievements or other future events. These forward-looking statements generally are identified by words such as "anticipate," "believe," "expect," "may," "could," "will," "potential," "intend," "estimate," "should," "plan," "predict," or the negative or other variations of such statements,reflect our management's current beliefs and assumptions and are based on the information currently available to our management. Forward-looking statements are predictions,projections and other statements about future events that are based on current expectations and assumptions and,as a result,are subject to risks and uncertainties. Many factors could cause actual results or developments to differ materially from those expressed or implied by such forward-looking statements,including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all,which may adversely affect the price of Lakeshore's securities; (ii) the risk that the transaction may not be completed by Lakeshore's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Lakeshore; (iii) the failure to satisfy the conditions to the consummation of the transaction,including the approval of the business combination agreement by the stockholders of Lakeshore,the satisfaction of the minimum cash amount following any redemptions by Lakeshore's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the lack of a third-party valuation in determining whether or not to pursue the proposed transaction; (v) the occurrence of any event,change or other circumstance that could give rise to the termination of the business combination agreement; (vi) the effect of the announcement or pendency of the transaction on Nature's Miracle's business relationships,operating results and business generally; (vii) risks that the proposed transaction disrupts current plans and operations of Nature's Miracle; (viii) the outcome of any legal proceedings that may be instituted against Nature's Miracle or Lakeshore related to the business combination agreement or the proposed transaction; (ix) the ability to maintain the listing of Lakeshore's securities on a national securities exchange; (x) changes in the competitive industries in which Nature's Miracle operates,variations in operating performance across competitors,changes in laws and regulations affecting Nature's Miracle's business and changes in the combined capital structure; (xi) the ability to implement business plans,forecasts and other expectations after the completion of the proposed transaction,and identify and realize additional opportunities; (xii) the risk of downturns in the market and Nature's Miracle's industry including,but not limited to,as a result of the COVID-19 pandemic; (xiii) costs related to the transaction and the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions,including with respect to estimated stockholder redemptions; (xiv) risks and uncertainties related to Nature's Miracle's business,including,but not limited to risks relating to the uncertainty of the projected financial information with respect to Nature's Miracle; risks related to Nature's Miracle's limited operating history,the roll-out of Nature's Miracle's business and the timing of expected business milestones; Nature's Miracle's ability to implement its business plan and scale its business; Nature's Miracle's ability to develop products and technologies that are more effective or commercially attractive than competitors' products;; risks relating to Nature's Miracle's being unable to renew the leases of their facilities and warehouses; Nature's Miracle's ability to grow the size of its organization and management in response of the increase of sales and marketing infrastructure; risks relating to potential tariffs or a global trade war that could increase the cost of Nature's Miracle's products; risks relating to product liability lawsuits that could be brought against Nature's Miracle;; Nature's Miracle's ability to formulate,implement and modify as necessary effective sales,marketing,and strategic initiatives to drive revenue growth; Nature's Miracle's ability to expand internationally; acceptance by the marketplace of the products and services that Nature's Miracle markets; and government regulations and Nature's Miracle's ability to obtain applicable regulatory approvals and comply with government regulations. The foregoing list of factors is not exclusive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of proxy statement,when available,and other documents filed by Lakeshore from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date on which they are made,and neither Nature's Miracle nor Lakeshore assume any obligation to update or revise any forward-looking statements or other information contained herein,whether as a result of new information,future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements. Neither Lakeshore nor Nature's Miracle gives any assurance that either Lakeshore or Nature's Miracle,or the combined company,will achieve its expectations.
Contacts
George Yutuc
Chief Financial Officer
MZ North America
Shannon Devine / Rory Rumore
Main: 203-741-8811
