Crest Resources Signs MOU on Generative Development Project; Appoints Jonas Lauren Norr to the Board of Directors, and Acquires Key Investments
Crest Resources, Inc. is pleased to announce it has signed a Memorandum of Understanding with Ethos Real Assets, Inc. to co-develop deep tech ecosystems generating venture-backed solutions in food, agriculture, and energy.
MOU with Ethos Real Assets
Crest Resources and Ethos Real Assets will collaborate with select industry partners to jointly develop deep tech ecosystems for the specific sectors listed above. The project will utilize an innovative, integrated platform model including:
For the first year, the partnered companies must demonstrate prototypes of their respective products, technologies, and business models. These prototypes must be based on scientific data from lab-scale production systems and incorporate manufacturing processes found in the relevant sectors. These prototypes are expected to be ready for commercialization within 18 months. The MOU is subject to negotiation around the specifics of the production components, timeline, and business model elements.
In addition to co-developing the deep tech ecosystems, Crest will invest up to $2 million in Ethos Real Assets for a 9% interest in two of its portfolio companies. These investments are subject to due diligence, legal agreements, and formal shareholder approval. The Company will have an option to increase its ownership interest over time based on performance and progress milestones as outlined in a Strategic Development Agreement (SDA).
Board Appointment of Jonas Lauren Norr
The Company has further expanded its corporate governance by appointing Jonas Lauren Norr to the Board of Directors. Mr. Norr has a long track record of success in developing technologies with the successful market roll-out and licensing. He is an expert in Seed to Sale tracking software, having developed automated tracking systems for cannabis and hemp companies. He was recently appointed as Chief Operating Officer of Cann Search Holdings, Inc., a publicly traded company dealing with mobile applications for the cannabis industry. Mr. Norr is also a founder/managing member of the Virtus Group, Inc. (“Virtus”), a technology incubator. Through Virtus, he was responsible for the launch of industry-leading products and services for emerging cannabis industry verticals, including – software for tracking cannabis and hemp products through the entire supply chain; automation tools used to manage growing operations; and specific software tools for the growing, harvesting and packaging of medical cannabis.
Investment in Ore Capital Partners Ltd.
Crest Resources, Inc. has invested strategically in Ore Capital Partners Ltd, a private placement. The Company will acquire a convertible debenture of $2 million in exchange for 6% equity and a warrant to increase that holding to 15%. The investment is subject to due diligence, legal agreements, and formal shareholder approval.
About Crest Resources, Inc.
Crest Resources Inc. is a Vancouver, British Columbia-based natural resources company focused on developing mining-related technology. The management team comprises professionals with extensive experience in natural resource exploration, mining, and development.