NOHO SIGNS MEMORANDUM OF UNDERSTANDING WITH GREENFIELD FARMS FOOD, INC. FOR INSURANCE SYNDICATION

 

Phoenix, AZ -- May 8, 2017 -- InvestorsHub NewsWire -- NOHO, Inc. (OTC PINK: DRNK), a Wyoming corporation (the "Company"), announced the following:

NOHO Inc.'s newly formed financial services division has signed a Memorandum of Understanding with Greenfield Farms Food Inc. (OTCPink: GRAS) as its first transaction partner.

The agreement will mark the launch of an insurance syndication where companies having net operating losses with medium to large employee bases will offer life insurance coverage to their mid-level and lower-level employees and pay their premiums for two years. NOHO will match target entities that satisfy these criteria with insurers in a rate arbitrage where employers will use their accumulated losses to offset tax liabilities.

David Mersky, NOHO, Inc.'s CEO, stated, "This is a wonderful opportunity we have been incubating for months. We have identified an insurance program that will leverage our marketing abilities to identify and pair employee bases with target companies under a co-employment relationship and offer employees life insurance as a 401(k) alternative. It's a great value for these employees which will provide them coverage for two years while we take advantage of the operating losses to earn tax free profits on the commissions. It's ironic, but the bigger the loss the company has, the greater the income opportunity. It's a win-win for all parties."

Pursuant to the terms of the Memorandum, NOHO has formed Cherry Hill Financial, LLC ("Cherry Hill"), an Arizona limited liability company, as its sole member. The transaction contemplates GRAS acquiring a 100% membership interest in Cherry Hill in exchange for 49% of the issued and outstanding shares of GRAS. The agreement will call for GRAS to divest itself of its restaurant assets as well as all current operations in anticipation of bringing in new staff and brokers to facilitate the enrollments. As the pilot transaction, this is anticipated to be the first of numerous future transactions of its kind for NOHO.

"We have identified an immediate revenue model by combining our ability to deliver large bases of employees and efficiently enroll them into free life insurance policies while generating profits for NOHO as the facilitator. Under this model, NOHO will acquire stock in many of these target companies. These assets will be booked corporately in NOHO's investment account, as negotiable securities, providing potential income and liquidity, as we continue to identify and bring value to our shareholders," NOHO's CEO, David Mersky, said.

For additional information on NOHO please visit www.nohodrink.com and our full product site at www.imbutek.com and at www.instagram.com/nohodrink, as well as at www.twitter.com/nohodrink

Cautionary Note Regarding Forward-Looking Statements.
This press release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Noho, Inc. (the Company), its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may", "would", "will", "expect", "estimate", "can", "believe", "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Companys ability to control, and actual results may differ materially from those projected in the forward looking statements as a result of various factors. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the company from time to time with the United States Securities and Exchange Commission and other regulatory authorities.

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