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Veritas Group acquires Hawaii company

Pritchardia hillebrandii or Loulu lelo is also known as the Molokai fan palm, and is endemic to the island of Molokai (File photograph)

Veritas Group Limited, the Bermuda company, has acquired Loulu Palm Farms LLC, a company based in Hawaii, for consideration of 200,000 Veritas common shares.

A filing with the Bermuda Stock Exchange said the acquisition was approved by the Veritas board on March 8, with subsequent ratification at the annual meeting.

Loulu Palm Farms is an agricultural enterprise renowned for cultivating loulu palm trees, the only truly native palms in Hawaii, with 24 recognised species, several of which are rare and endangered.

Loulu Palm Farms has recently expanded its operations to include an aerial spraying division, which focuses on the dispersion of organic fertilisers, specifically NPK75, across the Hawaiian islands using focused aerial-spraying techniques.

Veritas said this method optimises the delivery of essential nutrients to the plants but also significantly minimises environmental impact.

Stephen H. Smoot, CEO of Veritas Group, said: “By supplying plants with 78 trace minerals through aerial application, Loulu Palm Farms is pioneering a sustainable approach to agriculture that reduces potential damage to marine ecosystems and represents a substantial advancement in eco-friendly farming practices. “

During calendar year 2023, Loulu Palm Farms produced net income of $16,000 on revenues of $869,000 and had a net asset value of minus $25,000.

Veritas is described as an innovative clean technology company offering novel solutions for the global problem of sustainable water and energy supply.

The company says it strives to revolutionise global agricultural practices by facilitating the transition from chemically dependent crops and depleted soils to robust organic systems enriched with minerals and nutrients.

Investments in green initiatives include NPK75, their signature enhanced organic fertiliser product, as well as potential sister entities in areas such as crop dusting, sustainable living and recreation, renewable energy generation and innovative construction.

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Published April 10, 2024 at 11:47 am (Updated April 10, 2024 at 7:29 pm)

Veritas Group acquires Hawaii company

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