GRANT, N.M., Nov. 16, 2023 (GLOBE NEWSWIRE) -- Bright Green Corporation (BGXX) (“BGXX”, “Bright Green” or the “Company”) today announced the Company’s new alliance with Asia Capital Pioneers Group Inc. (“ACPG”), an Asia-based investment firm with global investments within high growth industries. ACPG will be BGXX’s exclusive Asia partner, connecting the Company with investors that fulfill the requirements for permanent U.S. residency via an EB-5 Investment Visa in the Asia-Pacific region.
BGXX has an EB-5 investment project application on file with United States Citizenship and Immigration Services (“USCIS”) that projects the creation of enough jobs in a designated rural area to support up to 716 investors. Each investor will be required to invest $880,000 under the EB-5 investment project. BGXX’s designated rural project qualifies EB-5 investors for faster green card approval because of U.S. law preferences towards rural projects, including green card quota, government processing times and a lowered investment requirement. The parties believe that they will be able to complete a full capital raise of over $500 million to accommodate the construction of advanced agricultural growing facilities as defined in the BGXX US Citizenship and Immigration Services petitions.
The partnership comes in conjunction with Bright Green’s new EB-5 offering of 100,000 shares at a price of $8.80 per share and an initial 3-year lockup. The new program was proposed following the Company’s termination of its relationship with a rented regional center. The Company has since established Regional Center Bright Green to manage the processing of the EB-5 investments.
Bright Green’s CEO, Groovy Singh, spoke openly about his optimism for the opportunity the partnership will provide. “After 20 years forming deep connections with countless companies and funds within the Asia markets, I feel the partnership with ACPG is a phenomenal opportunity for Bright Green to present our new EB-5 offering to our Asia-based constituents”, Singh said Wednesday, “We look forward to opening access to this new evolution of pharmaceuticals across the globe.”
The move comes in support of Bright Green’s application for expansion of its cannabis business to now include the production of additional controlled substances in full compliance with state and federal laws. In preparation for upcoming government inspections, Bright Green’s Grants, New Mexico facility is undergoing the necessary changes to accommodate the expansion plans. Government inspections are expected to be conducted over the next month.
If Bright Green is able to secure approvals for these additional controlled substances, management believes it will put the Company in a position to capitalize on the recent support shown from U.S. Congress to eliminate the risks of foreign importation of Active Pharmaceutical Ingredients (“APIs”) in favor of manufacturing and distributing APIs within the U.S. Speaking on behalf of the Company, Mr. Singh stated that the capital Bright Green plans to raise from its new EB-5 program and partnership with ACPG will be used to apply to further expand the Company’s Board of Pharmacy licenses and DEA registrations to include production, manufacturing, and sale of additional plant-based drugs and APIs.
According to the Food and Drug Administration, approximately 72 percent of APIs used in the U.S. drug supply chain are manufactured in more than 150 countries. Mr. Singh said, “We’re confident that it is in the best interests of the U.S. to support our efforts to supply APIs made with consistent, safe materials—and where all production and manufacturing is conducted within the U.S.—to eliminate the supply chain risks that became evident during the pandemic, and mitigate concerns that drugs manufactured outside the U.S. may not always share similar standards and priorities.”
Once the facility expansion is complete and approvals for the additional substances is obtained, BGXX will have access to the established API market currently served by imports, estimated to be a $5 billion market by 2025. “Drugs made in America” is well supported by the U.S. Congress and creates a huge opportunity for the Company.
Under Rule 506(c), general solicitation of offerings is permitted, however, purchasers in a Rule 506(c) offering must be "accredited investors." This press release does not constitute an offer to sell nor a solicitation of an offer to purchase any securities in any jurisdiction in which such an offer or solicitation is not authorized and does not constitute an offer within any jurisdiction to any person to whom such offer would be unlawful. Further, the shares being offered under the EB-5 program have not been registered under the Securities Act of 1933, as amended, any state securities laws or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from the registration requirements.
Bright Green is one of the first companies selected and approved by the US government to legally grow, manufacture, and sell cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export under federal and state law. The approval, based on pre-agreed terms set by the US DEA, gives Bright Green the opportunity to advance the vision of improving quality of life through the opportunities presented by plant-derived therapies. To learn more, visit www.brightgreen.us.
About ACPG
ACPG, established since 2011, is an investment firm with global investments in high growth industries and actively seeks investments with strong potential and cross-synergies between its portfolio companies to generating above-market returns for its investors.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management as of such date. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control, including but not limited to, the inability of the Company to raise funds under the Company’s EB-5 program, and the impact that new officers, directors and employees may have on the Company and the Company’s business and results of operations. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as amended and supplemented, as well as other documents that may be filed by the Company from time to time with the SEC. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. The Company undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. Additional information regarding these and other factors that could affect the Company’s results is included in the Company’s SEC filings, which may be obtained by visiting the SEC’s website at www.sec.gov.
