ONTARIO, Calif., July 25, 2024 /PRNewswire/ -- Nature's Miracle Holdings Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"), a leader in vertical farming technology and infrastructure, today announced that it has signed a sales order agreement for $5.1 million of grow light products for use by the U.S. energy rebate market with What Rebates LLC ("What Rebates"), a utility rebate company specializing in product offerings for the agricultural sector.   Supported by the Inflation Reduction Act (IRA) implemented by the U.S. Government, 78% of the U.S. is covered by an active commercial lighting rebate program. The business of Nature's Miracle and What Rebates remain direct beneficiaries given the support measures and government resources. 

Due to our focus on sales growth and marketing, Nature's Miracle continues to receive significant demand for our Efinity brand grow lights and remains firmly positioned to be a leading provider of energy efficient lighting and other products in the indoor grow market. The order by What Rebates is expected to be delivered in late 2024 and will increase Nature's Miracle's 2024 gross revenue by $5.1 million.

The Inflation Reduction Act of 2022 by the U.S. Government was implemented to make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. Under this Act, FY2022 Budget Reconciliation bill will invest approximately $300 billion in Deficit Reduction and $369 billion in Energy Security and Climate Change programs over the next ten years.  Based on this Act, 78% of the US is covered by an active commercial lighting rebate program. The rebates come from multiple sources such as utility companies, municipalities, states, and non-profit organizations and can help offset the initial cost of installing energy-saving LED lighting. 

Management Comments

James Li, Chairman and Chief Executive Officer of Nature's Miracle, commented, "We are excited to continue our partnership with What Rebates offering a range of Nature's Miracle energy-saving products, including grow lights and dehumidifiers, to qualified commercial indoor growers in the U.S.  Nature's Miracle is proud to help indoor growers lower their operating costs by reducing their energy bills, energy usage and carbon emission."

Shawn Brissette, Founder and CEO of What Rebates, commented, "The energy rebate market is becoming an important evolving industry over the next ten years. We are working with Nature's Miracle to deliver quality energy saving solutions and products to commercial growers in order to assist them in achieving cost reduction and energy independence. We are proud to assist our partners to be able to offer their clients incentives."

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 includes 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.  

About What Rebates LLC

What Rebates LLC (www.whatrebates.com) is a dynamic and innovative utility rebate company specializing in the agricultural sector. What Rebates is being led by highly experienced professionals in the indoor grow industry. The company is driven by a clear mission: to simplify the process of accessing financial incentives and rebates for farmers, agribusinesses, and agricultural equipment manufacturers as well as their distributor and consulting firms.  The company has established partnerships with major utility companies across the United States and Canada. Its unique position as a trusted trading ally and contractor enables the company to expedite verification processes with these utilities, setting a new industry standard for efficiency.

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, performance, 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 the 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.

ContactsGeorge YutucChief Financial OfficerGeorge.Yutuc@nature-miracle.com

Shawn Brissette Chief Executive Officermedia@whatrebates.com

MZ North AmericaShannon Devine / Rory RumoreMain: 203-741-8811NMHI@mzgroup.us